Nov. 21 (Bloomberg) -- Hundreds of apartment construction projects in Australia have been delayed even amid interest rate cuts and incentives from the federal and state governments, the Australian Financial Review said, citing Reed Construction Data.
More than 1,500 apartment and townhouse projects have been postponed this year, up from 316 in the same period a year ago, the newspaper reported, citing Reed. Projects in New South Wales and Queensland states have been most affected, it said.
The trend is likely to continue because of credit difficulties and a slowdown in demand, the Review said, citing Harley Dale, a Housing Industry Association economist. The freezing of mortgage fund accounts is also hurting developers, Dale said, according to the newspaper.
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