Although there has been a modest improvement in building approvals during the month of November, the overall state of Australia’s construction industry is still troubled. Australian residential building approvals had increased during November by 8.4 per cent to 11,424 units. This compared with an upwardly revised 10,539 units in October, seasonally adjusted. Economists expectations of this figure were [...] [...more]
October 2011 has brought with it a minor recover in the number of new home sales in Australia. This was at least a small improvement from the lowest result in more than a decade. The latest HIA – JELD-WEN New Home Sales Report found the number of new homes sold in the month of October [...] [...more]
According to the Australian Bureau of Statistics we are in the midst of a construction boom. Total construction work done in Australia rose by a record 12.5 per cent in the September quarter. Construction work in chain volume terms, seasonally adjusted, was valued at $47.467 billion in the September quarter, compared with $42.191bn [...] [...more]
With auction clearance rates down, and the number of property sales across the board also in significant decline, it may take as long as eight months to clear housing stock on the market today. RP Data’s Property Pulse has reported that housing stock is piling up, with 7.4 months of effective supply on the market. Research analyst [...] [...more]
According to a report by a housing action group, an average Sydney-sider needs to spend more than 8 years worth of salary to purchase a home in Sydney. This represents an increase from 5 years of salary in 2001. This is still a problem despite the fact that most states have seen a drop in [...] [...more]
According to reports in the media, at least one of the big four banks is showing hesitation to provide property development loans both residential and commercial, given the perceived risks in many projects. The Australian reports that according to documents they were able to access at least 61 projects across Australia have been tagged as having [...] [...more]
A downturn in Australia’s property market will only contribute to concerns of a two-speed economy in the resource-rich nation. Mining profits are bursting at the seams due to heavy demand from China and other fast-growing Asian countries, while consumer businesses and manufacturing have gone into hiding from concerns about the prospect of growing [...] [...more]
According to statistics from HIA, new home sales have seen their biggest monthly decline in five years, whereas home prices overall are continuing to come down. First Home buyers who were previously very active in the purchase of new homes are deserting the market, with investors being the main purchasers of housing today. The new [...] [...more]
The introduction of Carbon Tax is expected to add $5,000 to the average cost of building a home due to the tax impact on building materials. According to the Australian, energy efficient homes will be costing more as the Carbon tax will also affect the price of double-glazing as well as insulation materials. The Master Builders [...] [...more]
A new Moorabbin, Victoria residential development has been purpose-built to provide cheap accommodation. The project will deliver much-needed affordable housing in Kingston’s tight rental market. Appropriate tenants are being sought for the 75-apartmetn development, in South Road, near the Nepean Highway, that should be ready next month. The one- and two-bedroom units all have their own [...] [...more]
