【出版时间及名称】：2010年1月澳大利亚建材行业研究报告
        【作者】：德意志银行
        【文件格式】：PDF
        【页数】：41
        【目录或简介】：
Table of Contents
Key Points .......................................................................................... 3
What’s new?............................................................................................................................3
First home buyers have driven demand....................................................................................3
Investors are needed for sustained housing recovery ..............................................................4
Previous cyclical behavior implies FHB start to decline prior to end of the Grant.....................5
Some signs of investor improvement in NSW..........................................................................7
Is the economic backdrop right for investor participation? .......................................................8
Every state is different ............................................................................................................10
Earnings and housing starts ....................................................................................................11
Land supply still a constraint...................................................................................................19
Borrowing – only slightly more difficult...................................................................................20
Feedback from the road..........................................................................................................21
Company Exposure ......................................................................... 23
ABC and BLD have the highest exposure to the Australian residential market.......................23
Australian housing summary.......................................................... 25
Key state statistics ..................................................................................................................25
State summary................................................................................. 27
New South Wales ...................................................................................................................27
Victoria ...................................................................................................................................29
Queensland............................................................................................................................31
Western Australia....................................................................................................................33
South Australia.......................................................................................................................35
Valuation and risks.......................................................................... 37
Analysts’ Recognition .............................................................................................................38