Contacts in the Bank's liaison program indicate that demand for new houses and apartments has remained around the low levels of late 2018. The typical lags between the sale and construction of new dwellings imply that the decline in dwelling investment will continue for some time, despite the recent signs of stabilisation in the established housing market.
I have highlighted that the effect on https://www.rba.gov.au/speeches/2019/sp-dg-2019-10-17.html  15/17  10/17/2019  Housing and the Economy | Speeches | RBA  the economy is greater than the direct effect of the decline in construction, with significant spillovers to other parts of the economy and also inflation. 2020 looks like being the low year for the residential construction sector.