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The general cyclical pattern of new house commencements is illustrated by graph 20.8. Lows were recorded in 1990 and 1996, with peaks in 1994 and 1998. New house construction grew throughout 1992, 1993 and 1994, the number of commencements peaking in the June quarter 1994. New house commencements fell in each quarter of 1994-95 and 1995-96, but grew in each quarter of 1996-97. There was continued growth in the trend up to the June quarter 1998, although the rate of growth in the trend eased in the first half of 1998.
20.8 NEW HOUSES COMMENCED AND COMPLETED: Trend estimates
New house commencements are the major component of residential building activity, as shown in table 20.9. In 2001 new houses accounted for approximately 70% of new residential dwelling units commenced (i.e. excluding approvals for conversions). This proportion is similar for approvals and completions.
Table 20.9 also identifies that residential building activity is dominated by the private sector. In 2001 this sector accounted for around 98% of approvals, commencements and completions of new houses. The public sector was slightly more significant in 'new other residential building' work, accounting for at least 5% of approvals, commencements and completions.