Photo: 123RF
Master Builders say the industry is being held back by the ability to get finance for housing and major infrastructure developments like schools and hospitals.
A survey of more than 1000 homeowners and 300 builders ranked difficult financing as the number one issue, followed closely by weak consumer demand and the rising costs of construction.
Master Builders chief executive Ankit Sharma said the current economic conditions had resulted in a slowdown.
He said the highly conservative approach taken by the banking sector is a major barrier to the development of much needed housing and critical infrastructure.
"We need businesses and clients to have the confidence that they can access money for projects, because it sends the signal that the economy is going to recover, and that it's worth committing to the building process," he said.
"However, the highly conservative approach taken by the banking sector is a major barrier, especially given we can see the relief that an ease in interest rates will bring."
