In a report released by ANZ today they say that while the Australian economy looks to the non-mining sector to drive economic growth in the shadows of rapidly slowing mining construction, strong residential building has provided a flicker of hope. Lower interest rates have eased housing affordability constraints and provided some stimulus to the cyclical upturn in housing construction. However, the boom in residential development especially high-rise apartments in the major centres can be traced to funding from overseas, rather than it being related to low interest rates in Australia.
