Queensland's residential building housing sector seems to be standing its ground in the face of shaky turbulence.
It appears the sunshine state has managed to increase the volume of residential building work completed in the June 2012 quarter, according to preliminary figures from Australian Bureau of Statistics revealed on Wednesday (August 29).
Queensland's new home sales have risen 11.1 per cent in July, while the volume of residential construction work reduced in every other state.
This is great news for property investment in the state and may be the result of growth potential supported by the mining boom in the area.
However, Housing Industry Association chief economist Harley Dale expressed concern about the overall decline in construction work.
He commented that it may encourage state and federal governments to intervene to help the housing industry get back on track.
"Federal and state governments need to get out there and act on investment and reform initiatives to help revive the residential construction industry,” Mr Dale added on Wednesday (August 29).
He noted that new residential building work has now fallen to an eleven year low which appears to be is worse than during the Global Financial Crisis.
