Building approvals in Australia at decade lows — what does this mean for the housing crisis?
9 months, 3 weeks ago

Building approvals in Australia at decade lows — what does this mean for the housing crisis?

ABC  

Decade-low building approvals could spell disaster for the future of the Australian government's ambitious plans to tackle the worsening housing crisis, property experts say. Australian Housing and Urban Research Institute's Dr Michael Fotheringham said April's figures were in keeping with a broader trend in the country's struggling building sector. "That's not a helpful trend, given the broader lack of housing supply and the ambitious targets we have — we're not keeping pace with with the rate of construction we need," Dr Fotheringham said. The National Housing Accord aims to build 1.2 million new homes across Australia by 2029 — a number that has been described as "ambitious" in the property sector. Mr Kandelaars said April's latest housing approval figures show there's still much to be done to start building houses in Australia.

Trend Australia Building Housing Supply Approvals Dr Fotheringham Housing Target Fotheringham  decade  trend  crisis  housing  target  property  building  downward  number  approvals  figures  fotheringham  does  mean  australia  lows

History of this topic

How Australia's housing market spun out of control — and what we can do to fix it
2 weeks, 5 days ago

How Australia's housing market spun out of control — and what we can do to fix it

ABC  

Property investment is ingrained in the Australian psyche, but is it too easy to cast landlords as the villain in our housing crisis? The bank regulator, Australian Prudential Regulation Authority or APRA, under the leadership of Wayne Byres, threw cold water on another investor-led housing boom in the mid-2010s by using "macroprudential tools", such as limits on investor lending growth …

Housing Hostages: Australia in 2050
3 weeks, 3 days ago

Housing Hostages: Australia in 2050

ABC  

Sam Hawley: Imagine it's 2050 and the housing bubble in Australia never burst. Sam Hawley: Michael, we know the increasing cost of housing is causing enormous economic pain and really human hardship, let's face it. Michael Janda: Yeah, so Sam, it really makes us look like a lot of other developed countries, particularly ones that have expensive housing. Sam Hawley: …

Australia's rate of home building down by half from 1995: govt report
1 month, 1 week ago

Australia's rate of home building down by half from 1995: govt report

China Daily  

CANBERRA -- The rate at which Australia is building homes has fallen by half over the last 30 years, a government report has found. The report, which was released by the Productivity Commission on Monday, said that decades of falling productivity in residential construction has restricted housing supply in Australia and contributed to increasingly unaffordable housing. "If governments are serious …

Australia's housing crisis is driven by lip-service, hypocrisy and an investment culture
1 month, 2 weeks ago

Australia's housing crisis is driven by lip-service, hypocrisy and an investment culture

ABC  

House prices never fall very much in Australia. We're going backwards It is now more than two years since Australia's governments, federal and state, met to do something about this crisis, and launched the National Housing Accord. An "aspirational target" of one million new, "well-located" homes over five years was set, which was upped to 1.2 million in August 2023 …

House prices rise just 0.1 per cent in weakest result since January 2023, CoreLogic data shows
3 months, 3 weeks ago

House prices rise just 0.1 per cent in weakest result since January 2023, CoreLogic data shows

ABC  

National home prices are losing momentum and anticipated interest rate cuts are unlikely to stop falls in house prices next year. New CoreLogic data shows house prices increased 0.1 per cent nationally in the last month of spring — the weakest Australia-wide result since January 2023. Brett D'Souza says he "made mistakes" when he tried to sell his home without …

ASX slips for second straight day as supermarkets drag — as it happened
4 months, 4 weeks ago

ASX slips for second straight day as supermarkets drag — as it happened

ABC  

After a couple of years in the doldrums, amid the hangover from HomeBuilder stimulus and the sudden shift from record low to 12-year high interest rates, there are very early signs that housing construction is picking up. Australian Bureau of Statistics data out today from September shows a 4.4% increase in building approvals to 14,842 last month, which CBA economist …

Anthony Albanese's housing plan is falling apart as an immigration slowdown fails to solve the affordability crisis
5 months, 3 weeks ago

Anthony Albanese's housing plan is falling apart as an immigration slowdown fails to solve the affordability crisis

Daily Mail  

Anthony Albanese's plan to build 1.2million homes over five years is looking even shakier with building approval numbers now 30 per cent below what's needed. Anthony Albanese 's plan to build 1.2million homes over five years is looking even shakier with building approval numbers 30 per cent below what's needed House price growth over the year SYDNEY: Up 4.9 per …

Australia's housing crisis in 10 graphs, from the federal budget
10 months, 1 week ago

Australia's housing crisis in 10 graphs, from the federal budget

ABC  

The Albanese government knows Australia has a housing problem. "Australia's housing system has been unable to build enough new housing stock to keep up with the needs of our population," it warns. Australia's housing supply is low by international standards The government has pointed out that Australia has fewer dwellings per 1,000 people than the OECD average. Supply shortages contribute …

Australia to miss target of 1.2 million new homes by 2029, according to State of the Housing System report
10 months, 3 weeks ago

Australia to miss target of 1.2 million new homes by 2029, according to State of the Housing System report

ABC  

In short: A deal through the National Housing Accord aims to build 1.2 million new homes by 2029. A deal through the National Housing Accord aims to build 1.2 million new homes by 2029. A deal through the National Housing Accord with federal, state and territory governments aims to build 1.2 million new homes by 2029. Australia's housing system 'far …

Why Australia's housing crisis is expected to get even worse - and correcting it could take years
11 months ago

Why Australia's housing crisis is expected to get even worse - and correcting it could take years

Daily Mail  

Australia's housing crisis will get worse before it gets better and the Albanese government is under growing pressure to do more to fix it in next month's budget, a new report says. A backlog of half-built home and stalls on new projects are projected to worsen Australia's housing crisis, experts say The economist wasn't confident the government's goal of building …

Has the great Australian dream of affordable home ownership turned to a nightmare?
11 months, 2 weeks ago

Has the great Australian dream of affordable home ownership turned to a nightmare?

ABC  

Almost everyone recognises the problem. A recent study by the US Federal Reserve Bank of Dallas found that while higher rates since 2021 had made life tougher for home buyers, affordability would have been even worse if rates hadn't risen because housing prices would have risen more. Since the turn of the century, lower interest rates have allowed home buyers …

The worrying graph that shows Australia is going the wrong way in building the 1.2million new homes it needs to solve the housing crisis
1 year ago

The worrying graph that shows Australia is going the wrong way in building the 1.2million new homes it needs to solve the housing crisis

Daily Mail  

A plunge in home approvals has cast severe doubt over the federal government's ambitious plan to build 1.2million homes in five years. Australia's new house approvals are slumping casting severe doubt over the federal government's promise to build 1.2milion homes in five years To meet the Albanese government's targets, 20,000 homes will need to be built every month from July …

As a new parliamentary year gets underway, the housing crisis remains a powerful vote driver
1 year, 1 month ago

As a new parliamentary year gets underway, the housing crisis remains a powerful vote driver

ABC  

Political momentum has ebbed and flowed in the first fortnight of parliament for the year. Amidst the parliamentary ping-pong between Labor's hard-sell of its tax cuts and the Coalition's alarm at convicted immigrants on the loose, it's become clear all sides are keeping a close eye on another issue which could prove to be a far more powerful vote driver: …

Property values bounced back across Australia in 2023, but there are signs of slowing
1 year, 2 months ago

Property values bounced back across Australia in 2023, but there are signs of slowing

ABC  

Australian house and apartment values bounced back in 2023, increasing by 8.1 per cent nationally over 2023, according to new data. Key points: New data shows dwelling values rose nationally last year in comparison to 2022 Sydney remains the most expensive city to buy a property across the country Homes in capital cities increased significantly more than in regional areas …

It will take years to fix Australia's housing problems. But how long do you have?
1 year, 3 months ago

It will take years to fix Australia's housing problems. But how long do you have?

ABC  

For anyone trying to live with dignity in a tent or car right now, or struggling to cope in an awful private rental market, our housing crisis can't be fixed quickly enough. To start with, Australians were told in December 1943 of the federal government's plan to embark on an unprecedented home-building program after the war. Courier Mail's December 8, …

The National Housing Conference in Brisbane has wrapped. Experts say solving the housing crisis could take decades
1 year, 5 months ago

The National Housing Conference in Brisbane has wrapped. Experts say solving the housing crisis could take decades

ABC  

A national summit addressing the housing crisis has heard successive governments are to blame for getting Australians to this "flash point", and it could take up to 20 years to fix the problem. But while there was no "silver bullet" on offer, the three-day National Housing Conference in Brisbane ended with five possible solutions to find "a way forward" – …

Housing demand seems insatiable, but home builders are collapsing amid 'profitless boom'
1 year, 6 months ago

Housing demand seems insatiable, but home builders are collapsing amid 'profitless boom'

ABC  

Two major building companies have gone into liquidation in as many months in South Australia, leaving hundreds of home buyers in limbo, their unfinished properties left looking like ghost towns. A recent industry snapshot from the HIA reported that South Australia was "the only state to see an increase" in new home sales in July. Mr Malinauskas said data showed …

Where will these new homes be built? Here's what the government's new housing bill means for you
1 year, 6 months ago

Where will these new homes be built? Here's what the government's new housing bill means for you

ABC  

After months of negotiations, the federal government's key housing policy is set to pass parliament this week after brokering a deal with the Greens. The $10 billion Housing Australia Future Fund promises to build 30,000 new and affordable social homes in the fund's first five years. The 30,000 new homes includes 4,000 homes allocated to: women and children impacted by …

National Cabinet is turning its attention to Australia's housing crisis — and an important shift could be coming
1 year, 7 months ago

National Cabinet is turning its attention to Australia's housing crisis — and an important shift could be coming

ABC  

A staple of debates about housing affordability in Australia over at least the last four decades has been lack of housing supply. It will consider both the rental market and housing supply in the broad, amidst continuing pressure from the Greens — who have been trying to leverage their refusal to support the government's housing fund to gain federal interventions …

New South Wales rental crisis could worsen as building approvals slump to record lows, economist warns
1 year, 10 months ago

New South Wales rental crisis could worsen as building approvals slump to record lows, economist warns

ABC  

The rental crisis could worsen across New South Wales after building approvals dropped to their lowest levels in a decade, a housing industry economist has warned. Key points: NSW building approvals fell by 34 per cent compared to the same quarter last year Approvals for townhouses, units and high-rises dropped to 50 per cent A housing economist says the weak …

Housing crisis has become 'truly national', councils and housing groups say, as they call for $400m funding injection
2 years, 1 month ago

Housing crisis has become 'truly national', councils and housing groups say, as they call for $400m funding injection

ABC  

More Australians than ever are living in cars, caravans, and tents in what one advocate calls a "truly national" housing crisis, that has seen rental vacancy rates fall to their lowest level ever in both regional and capital cities. Key points: Councils and housing groups have joined to call for a funding boost to housing in the federal budget The …

Has Australia's housing boom hit the end of the road and could it take the economy down with it?
2 years, 2 months ago

Has Australia's housing boom hit the end of the road and could it take the economy down with it?

ABC  

While Argentina may have dispatched Australia to go on and win football's World Cup, there is one kicking contest where we are undisputed world leaders – that's economic can kicking. Many fixed mortgage rates were below 2 per cent, some for terms as long as four years, and the Reserve Bank governor had said repeatedly that rates were unlikely to …

Residential construction has been hit with delays. So what does 2023 look like for those trying to build a house?
2 years, 2 months ago

Residential construction has been hit with delays. So what does 2023 look like for those trying to build a house?

ABC  

In May 2020, not long after welcoming their first child, Fiona and her husband decided to embark on another exciting adventure: building a new home for their growing family. Amid increasing demand for materials like timber and steel, which Mr Hewitt says are "needed early on in most housing booms", construction time frames and costs have blown out. He says …

Australian housing values were down 5.3 per cent in 2022. Here's what's happening in your area
2 years, 2 months ago

Australian housing values were down 5.3 per cent in 2022. Here's what's happening in your area

ABC  

Australian housing prices were down 5.3 per cent over 2022, marking the first time housing values have fallen over the calendar year since 2018. Regional South Australia was the stand-out for growth conditions with values up 17.1 per cent through 2022, while regional markets in NSW and Victoria both saw annual falls. Queensland Queensland saw mixed results with its housing …

What Australia's housing market has been doing over the past year
2 years, 3 months ago

What Australia's housing market has been doing over the past year

ABC  

Few sectors of the economy are as sensitive to interest rates as the property market. The fall in national values was largely driven by capital city dwelling values dropping 5.2 per cent, while regional dwelling values rose 3.3 per cent over the same period, CoreLogic figures show. Economist Maree Kilroy expects further rate hikes in early 2023, with the cash …

Why Australian house prices could begin to recover again in 2023 and 2024
2 years, 3 months ago

Why Australian house prices could begin to recover again in 2023 and 2024

Daily Mail  

Houses prices could recover a lot sooner than the experts are predicting despite fears of more interest rate rises. A Canstar survey of 2,157 Australians showed 60 per cent of respondents were in fact expecting house prices in their state to remain stable, grow or possibly even skyrocket before the end of 2024. Houses prices could recover a lot sooner …

The housing market seems out of control. But there are lots of things we could do
2 years, 7 months ago

The housing market seems out of control. But there are lots of things we could do

ABC  

I am dumber than our house. If you own a house, higher property prices may make you feel richer even though it's difficult to "realise" that profit. Even though there are thousands of housing markets across Australia — and prices can swing markedly even within small suburbs — most have risen at a consistent rate in recent decades. With two-thirds …

Can we solve Australia's housing crisis? Ambitious plan launched to eradicate rental stress and lower homeless rate
2 years, 7 months ago

Can we solve Australia's housing crisis? Ambitious plan launched to eradicate rental stress and lower homeless rate

ABC  

Homelessness Australia has launched an ambitious plan to solve the housing crisis in Australia. Key points: Homelessness Australia is calling on state and federal governments to invest in 50,000 homes a year They believe the plan would end homelessness within a decade In 2020-2021 over 100,000 people came to homeless services needing long-term housing The plan would halve the number …

South Australia's public housing shortage worsens, as number of people on waiting list reaches 17,000
2 years, 7 months ago

South Australia's public housing shortage worsens, as number of people on waiting list reaches 17,000

ABC  

Work has began on the first stages of the South Australian government's plan to build 400 new public houses as advocates say the housing shortage is worsening by the day. Key points: In South Australia, 17,000 people are on the waiting list for public housing The state government has signed contracts to build 44 new homes It's part of a …

One million homes were unoccupied on census night. How that could help people struggling to find housing
2 years, 8 months ago

One million homes were unoccupied on census night. How that could help people struggling to find housing

ABC  

An "enormous chunk" of Australia's housing stock is unoccupied, and "something must be done" about it, a demographer says. Key points: Census data shows 1 million dwellings were unoccupied on census night Demographer Liz Allen says many homes are being left vacant while so many people are in need of homes and secure housing There are renewed calls for policy …

Declining Sydney property prices a forecast for the rest of Australia, experts say
2 years, 9 months ago

Declining Sydney property prices a forecast for the rest of Australia, experts say

ABC  

As interest rates rise, Sydney house prices are dropping and experts say it is a "bellwether" for what is about to happen across the rest of the country. Key points: Interest rates are driving the decline in value of Sydney properties The Reserve Bank of Australia increased the cash rate to 0.85 per cent. "If we see interest rates rise …

Australia's housing crisis could be tackled by taking inspiration from Scotland, industry leaders say
2 years, 10 months ago

Australia's housing crisis could be tackled by taking inspiration from Scotland, industry leaders say

ABC  

The next federal government is being urged to look to the northern hemisphere for possible solutions to Australia's housing and rental crises. Key points: The federal government has been urged to create a national plan to fix Australia's housing crisis Industry leaders warn clear targets are needed around the provision of affordable homes Scotland's housing policy is considered a credible …

Do politicians even want to revive the Australian dream of home ownership?
2 years, 10 months ago

Do politicians even want to revive the Australian dream of home ownership?

ABC  

Who should we believe? "The 1940s to 1970s era generated the 'Australian dream', with home ownership levels reaching in excess of 70 per cent," it said. Well, the researchers said the declining rate of home ownership among millennials and younger age groups would guarantee that Australia's historically-high rate of home ownership would drop away. It said policymakers had put Australia …

Regional housing is in crisis, but will the next government have any answers?
2 years, 11 months ago

Regional housing is in crisis, but will the next government have any answers?

ABC  

Something very unusual happened in February — buying a home in Sydney actually became cheaper. In the last week, both the Coalition and Labor have announced similar loan guarantee policies for people fighting their way onto the property ladder with 10,000 regional home buyers having the option of buying with a five per cent deposit. He said one major reason …

Here's how Australia's housing market was reshaped by the pandemic
3 years ago

Here's how Australia's housing market was reshaped by the pandemic

ABC  

Australia's housing market has been reshaped dramatically by the pandemic. Key points: Historically low interest rates caused property prices to surge New million-dollar markets were created in areas like the Sunshine Coast, Gold Coast and Illawarra The ratio of housing-debt-to-household-income hit a record high 140.5 per cent The decision to close our cities at the start of the pandemic, to …

'Housing crisis' top issue tabled at government meeting with regional Queensland leaders
3 years, 5 months ago

'Housing crisis' top issue tabled at government meeting with regional Queensland leaders

ABC  

Poor quality housing stock, strict bank lending practices, and a lack of building materials and tradespeople are threatening the survival of communities, western Queensland mayors say. Key points: Western Queensland council leaders want state and federal governments to implement solutions to combat housing shortages The lack of housing is severely stunting the growth and survival of regional communities, leaders say …

Greater Sydney has 'housing supply crisis' as report warns prices will continue to surge
3 years, 9 months ago

Greater Sydney has 'housing supply crisis' as report warns prices will continue to surge

ABC  

Greater Sydney's eye-watering house prices have surged this year with a new report warning there will be more rises on the way. Key points: 42,000 homes will need to built every year to meet the demand NSW will build 2,700 homes in the next three years Rezoned suburbs include Glenfield, Leppington, Willow Town Centre and Lowes Creek Maryland The Urban …

Housing again at forefront of Australia's economic growth, making banks happy
3 years, 11 months ago

Housing again at forefront of Australia's economic growth, making banks happy

ABC  

That's how Commonwealth Bank's boss described Australia's economic recovery last week. Mr Comyn said about 20 per cent of first home buyers were relying on guarantors to secure their loans with CBA, and "about half of those would be guarantees provided by parents" or family members. Shayne Elliot, ANZ chief executive Last month, ANZ's economics team said house prices could …

House prices in Australia are soaring, but not because there aren't enough homes
3 years, 11 months ago

House prices in Australia are soaring, but not because there aren't enough homes

ABC  

It's tempting to think home prices are soaring because there aren't enough homes. That's 12 per cent of our houses and apartments empty — used as holiday homes and second homes, or waiting for tenants. We're chipping away at Menzies's legacy From when Robert Menzies stepped down as prime minister in 1966 until the end of the 20th century, about …

Australian property prices post biggest monthly gain in 17 years
4 years ago

Australian property prices post biggest monthly gain in 17 years

Al Jazeera  

Australia’s housing market is booming again, with the biggest monthly price gain in 17 years dispelling fears of a Covid-induced downturn. The rapid gains have been “spurred on by a combination of record-low mortgage rates, improving economic conditions, government incentives and low advertised supply levels.” While housing prices are surging from Singapore to Canada and the U.S., a return to …

Experts say this is what Australia needs to do to solve the housing crisis
4 years, 1 month ago

Experts say this is what Australia needs to do to solve the housing crisis

ABC  

What can we do with Australia's property market, with soaring prices and rental shortages in many regional areas of Australia, from WA's Pilbara to Hobart in Tasmania? Key points: Experts warn housing inequality and intergenerational poverty is increasing in Australia They say urgent action is needed to mitigate the COVID-led crisis in housing There are calls for a national housing …

Australian property bubble hasn't yet burst, but can house prices keep rising amid the pandemic?
4 years, 4 months ago

Australian property bubble hasn't yet burst, but can house prices keep rising amid the pandemic?

ABC  

After years of dire predictions that Australia's property bubble could burst, national house prices continue to withstand the otherwise devastating impact of the coronavirus pandemic, and once again the doomsayers have been proven wrong. It's a question I asked AMP Capital chief economist Shane Oliver, who in late March at the onset of the pandemic in Australia, had warned that …

When homes earn more than jobs: How we lost control of Australian house prices and how to get it back
4 years, 7 months ago

When homes earn more than jobs: How we lost control of Australian house prices and how to get it back

ABC  

Real home prices across Australia have climbed 150 per cent since 2000, while real wages have climbed by less than a third. Long-term Australian real price index for housing and construction prices ) In contrast, we show, real Australian home prices have soared 215 per cent since 1980 and have shown few signs of reversion to long-term trends, despite brief …

Can Australia build its way out of the coronavirus economic slump, with public housing the priority?
4 years, 9 months ago

Can Australia build its way out of the coronavirus economic slump, with public housing the priority?

ABC  

With Australia's remarkable success to date in limiting the health crisis caused by COVID-19, attention is turning to what a recovery from economic impact of the virus might look like. The fact that the Victorian initiative has been labelled the state's "biggest spend on social housing since the global financial crisis" tells us something: social housing seems to get priority …

Sydney property prices to rise by end of 2019, analysts predict
5 years, 10 months ago

Sydney property prices to rise by end of 2019, analysts predict

ABC  

Leading property analysts believe the Sydney market will bottom out by spring and hit positive territory by the end of the year, on the back of a "confidence boost" from the Coalition's surprise election victory. Key points: Sydney prices have dropped 14.5 per cent from 2017 peaks, and further falls are expected this year Analysts say the "bottom" will now …

The housing bust and why it's likely to continue
5 years, 11 months ago

The housing bust and why it's likely to continue

ABC  

That's the problem with tearaway booms. That's because the housing market is being undermined by two potent forces; much tighter credit conditions and a looming supply glut. On Friday, the Reserve Bank cast aside its longstanding "she'll be right" attitude with a laundry list of worries about the local economy; many of them sheeted back to the state of our …

Building approval figures give mixed signals amid rebound in apartments
5 years, 11 months ago

Building approval figures give mixed signals amid rebound in apartments

ABC  

The latest housing approval figures provide a mixed picture of the sector, with a flood of new apartment permits balanced against a slide in permits for stand-alone houses. Key points: Building approval data is notoriously volatile, but in trend terms the number of permits issued are down about 22 per cent on a year ago Approvals in February rose in …

Lower house prices not translating into more affordable housing, as loans become harder to get
6 years ago

Lower house prices not translating into more affordable housing, as loans become harder to get

ABC  

Falling house prices, particularly in Australia's biggest cities, are doing little to improve housing affordability. Key points: REIA survey shows housing became less affordability at the end of 2018, despite price falls Real estate agents say tighter borrowing rules making it harder for potential buyers to get credit Sellers waiting for prices to improve before putting properties on the market …

House prices keep falling, ahead of federal election and banking inquiry report
6 years, 1 month ago

House prices keep falling, ahead of federal election and banking inquiry report

ABC  

Australian property prices have fallen at an even faster rate in the new year, dropping an average of 1 per cent last month nationally. Key points: Sydney and Melbourne property markets fell the most in the last year Hobart prices had the biggest price rise in 2018 Darwin's median price was lowest, while Sydney was the priciest Since peaking in …

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