Last week, we reported that the number of housing construction companies declared insolvent had reached a nine-year high, signaling an insolvency Armageddon for the countrys home builders.
According to Michael Bleby at The AFR, builders behind more than 5200 homes, worth a collective $2.2 billion, have collapsed since 2021.
So far this financial year alone, 1672 home builders have failed, the most since 2014, according to ASIC data:
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With two months left in the financial year, the number of insolvencies will most certainly exceed the amount recorded in 2014.
The Australian Bureau of Statistics (ABS) issued data on loans for the purchase and building of new homes on Friday, adding to the dismal news.
The number of loans prov…
Read the full article at: https://www.macrobusiness.com.au/2023/05/more-housing-dominos-tumble/