RESIDENTIAL PROPERTY
AUSTRALIA is set to fall short of the 1.2 million new homes built as part of the National Housing Accord, while the construction sector continues to...
New Australian Bureau of Statistics figures showed total dwellings approved in September fell 4.6% over the month to 13,144 – a 20.6% fall year-on-year...
Detached houses fell 4.6% over the month to 8,338, and apartments by 5.1% to 4,553. The annual fall has been driven by a 33.1% slump in apartment approvals...
Maree Kilroy, senior economist for Oxford Economics Australia, said the firm now expects dwelling commencements to slide below 150,000 this financial year...
“While underlying housing demand is receiving a boost from record migration, the housing supply environment remains very challenging. The mix of...
“There is movement on the housing policy front but planning lags mean it will take until the back half of the decade to see an activity boost.”...
Total dwelling approvals were driven down by falls in Western Australia (down by 11.0%), New South Wales (by 10.5%), and Victoria (by 8.9%). Rises were recorded in...
Construction imposts putting Housing Accord out of reach
Master Builders Australia CEO Denita Wawn said achieving the 1.2 million new homes in five years as envisaged under the Housing Accord will...
Master Builders is forecasting 2023-24 will see home starts decline by 2.1% to around 170,100. Getting the homes built is also becoming more difficult,...
For new townhouses, it now takes a total of 14.9 months from approval to completion, compared to 13.5 months in 2021-22...
Build times for apartments actually shortened, but from a record 30.6 months in 2021-22 to a still-high 28.8 months. Apartment building times are still far slower than...
“Over recent years, the delivery of the new homes we desperately need has been obstructed by the combination of labour shortages, broken supply chains and other COVID restrictions...
“This is on top of the already formidable set of impediments in the form of planning delays, insufficient land release and red tape...
“These unnecessary delays to construction ultimately drive up the cost of building which has already faced inflationary challenges with building product prices and...
Since the pandemic, building product prices have increased 33% and 4.4% in the last 12 months. There has been a stabilisation of some building product prices...
Wawn said the “destructive” industrial relations Bill currently before Parliament will see building costs and delays continue to worsen with increased risk of...
To meet growth projections and replace workers that leave the industry Master Builders estimates that 486,000 workers need to enter the building and...