Oz property experts warn of bad times ahead

Australian real estate experts are crying out for help from federal, state and local governments to head off catastrophic conditions that could destroy the property industry for decades to come.

According to research recessional conditions are facing the nation’s residential real estate industry and unless government officials act now the housing shortage and unemployment figures are bound to explode.

Members of the Housing Industry Association fear for the future of the wider economy if the construction industry is allowed to slip into further decline. If nothing is done to help the new home sector then experts predict that housing starts will fall below 130,000 during the remainder of 2012 which would result in a shortfall of around 30,000 homes just to meet current levels of demand.

Governments are being urged to cut red tape surrounding new home construction and offer financial incentives designed to stimulate the new home developers to get building the homes for the future generations of the Australian populace.