Results from the Australian Bureau of Statistics (ABS) shows residential construction work may have peaked and is now on a steady decline.
The value of residential construction across Australia has decreased over the September 2017 quarter, according to new data released by the ABS.
The value of national residential construction work done fell by 0.3% to $18.1 billion in the quarter to September 2017. This was largely driven by the results in Victoria, with the value of construction falling by 3.1% over the same period.
From a peak of $18.7 billion in the June 2016 quarter, the value of construction work done across Australia has dropped by more than $700 million over the last 15 months.
Despite this, residential construction work done has remained well above the 10-year average of $15 billion over the last three years.