Luke Hanlon’s Post

Residential construction work falls 2.8% The key to improving housing affordability is to build more housing. But the amount of new housing coming online is actually declining. A total of $19.6 billion of residential construction work occurred in the first quarter of 2024, according to the latest data from the Australian Bureau of Statistics. That was 1.2% less than the quarter before and 2.8% less than the year before. Master Builders Australia CEO Denita Wawn said residential building activity has slumped at a time when communities are crying out for new homes. “If we are going to undo decades of under-building and resolve this housing crisis, we need to change the economic environment to encourage investment across all sectors of the industry by reducing the cost of construction work, reducing build times, reducing planning delays and slow approval processes,” she said.

🏠 The key to improving housing affordability is to build more housing. However, the amount of new housing coming online is actually declining. 📉 In the first quarter of 2024, residential construction work totaled $19.6 billion, which is 1.2% less than the previous quarter and 2.8% less than the year before, according to the latest data from the Australian Bureau of Statistics. 🚧 Master Builders Australia CEO Denita Wawn emphasizes the need for change: “If we are going to undo decades of under-building and resolve this housing crisis, we need to change the economic environment to encourage investment across all sectors of the industry by reducing the cost of construction work, reducing build times, reducing planning delays, and slow approval processes.”

The latest housing approval data suggest we're at a critical juncture in housing construction. While we've seen a period of intense fluctuation, there are signs indicating that the deepest valleys may be behind us. Construction costs and interest rates have found some equilibrium, hinting at the potential for a gradual upward trend in housing approvals. The goal of 80,000 new homes annually remains a steep climb, and the urgency increases with each year we fall short. This underscores the need for strategic initiatives and concerted efforts to boost the pace in the coming years. We also need to understand that changes in planning policy take time to work through the system before we see new housing coming out of the ground. #Housing #kpmgaustralia #planning #Melbourne https://lnkd.in/gTqwG3iY

Residential construction work falls 2.8% The key to improving housing affordability is to build more housing. But the amount of new housing coming online is actually declining. A total of $19.6 billion of residential construction work occurred in the first quarter of 2024, according to the latest data from the Australian Bureau of Statistics. That was 1.2% less than the quarter before and 2.8% less than the year before. Master Builders Australia CEO Denita Wawn said residential building activity has slumped at a time when communities are crying out for new homes. “If we are going to undo decades of under-building and resolve this housing crisis, we need to change the economic environment to encourage investment across all sectors of the industry by reducing the cost of construction work, reducing build times, reducing planning delays and slow approval processes,” she said. #property #realestate #homeloans  Residential construction work falls 2.8% The key to improving housing affordability is to build more housing. But the amount of new housing coming online is actually declining. A total of $19.6 billion of residential construction work occurred in the first quarter of 2024, according to the latest data from the Australian Bureau of Statistics. That was 1.2% less than the quarter before and 2.8% less than the year before. Master Builders Australia CEO Denita Wawn said residential building activity has slumped at a time when communities are crying out for new homes. “If we are going to undo decades of under-building and resolve this housing crisis, we need to change the economic environment to encourage investment across all sectors of the industry by reducing the cost of construction work, reducing build times, reducing planning delays and slow approval processes,” she said. #property #realestate #homeloans 

Residential construction work falls 2.8% 🏗️↘️ The key to improving housing affordability is to build more housing. But the amount of new housing coming online is actually declining. A total of $19.6 billion of residential construction work occurred in the first quarter of 2024, according to the latest data from the Australian Bureau of Statistics. That was 1.2% less than the quarter before and 2.8% less than the year before. Master Builders Australia CEO Denita Wawn said residential building activity has slumped at a time when communities are crying out for new homes. “If we are going to undo decades of under-building and resolve this housing crisis, we need to change the economic environment to encourage investment across all sectors of the industry by reducing the cost of construction work, reducing build times, reducing planning delays and slow approval processes,” she said. #property #realestate #buildingandconstruction #realestateaccountants

Housing construction starts in Australia came in at record lows in 2023/24. But there are some better signs on the horizon as conditions are expected to improve in coming years. #construction #housing #property #realestate https://lnkd.in/g5d4aaRC

Home Building Outlook Australia's ambition to build 1.2 million homes in five years taces serious challenges, according to industry leaders. The Master Builders Australia has revised its forecast, cutting 53,000 homes from the projected pipeline due to obstacles such as lengthy planning and approval processes, rising materials costs, and labour shortages. As these long-standing issues hinder construction, the federal government plans to take a more active role in addressing the housing crisis. However, despite these efforts, experts warn that the target may be slipping out of reach, further impacting Australia's housing supply and affordability.

📉 𝐑𝐞𝐬𝐢𝐝𝐞𝐧𝐭𝐢𝐚𝐥 𝐜𝐨𝐧𝐬𝐭𝐫𝐮𝐜𝐭𝐢𝐨𝐧 𝐰𝐨𝐫𝐤 𝐟𝐚𝐥𝐥𝐬 𝟐.𝟖% The key to improving housing affordability is to build more #housing. But the amount of new housing coming online is actually declining😒. A total of $19.6 billion of #residential construction work occurred in the first quarter of 2024, according to the latest data from the Australian Bureau of Statistics. That was 1.2% less than the quarter before and 2.8% less than the year before. Master Builders Australia CEO Denita Wawn said residential #building activity has slumped at a time when communities are crying out for new homes. “If we are going to undo decades of under-building and resolve this housing crisis, we need to change the #economic environment to encourage investment across all sectors of the industry by reducing the cost of construction work, reducing build times, reducing planning delays and slow approval processes,” she said.

Great post Andrew Heaton something needs to be done, and as possible! To massively improve housing affordability and construction activity, a multifaceted approach is needed. This includes addressing regulatory barriers, reducing construction costs, and providing support for infrastructure projects. Governments should collaborate with industry leaders to streamline processes and allocate substantial funds towards housing and job-enabling infrastructure in the upcoming budget. Achieving these goals requires a coordinated effort between governments, industry stakeholders, and communities. Perhaps some suggestions could assist: Regulatory Reforms: Governments can review and streamline planning and building regulations to reduce bureaucratic delays and costs associated with approvals.👈 Financial Support: Introduce targeted subsidies or incentives for homebuilders 👈to offset rising construction costs, making projects more financially viable. Infrastructure Investment: Allocate significant funding towards infrastructure projects that support housing development, 👈such as transportation, utilities, and community facilities. Collaboration: Foster partnerships between government, developers, and community organizations to identify and address specific barriers to housing construction.👈 Innovation: Encourage innovation in construction techniques and materials to reduce costs and increase efficiency.👈 By implementing these strategies collectively, governments can create an environment conducive to increased housing supply and improved affordability.

Residential construction work falls 2.8% The key to improving housing affordability is to build more housing. But the amount of new housing coming online is actually declining. A total of $19.6 billion of residential construction work occurred in the first quarter of 2024, according to the latest data from the Australian Bureau of Statistics. That was 1.2% less than the quarter before and 2.8% less than the year before. Master Builders Australia CEO Denita Wawn said residential building activity has slumped at a time when communities are crying out for new homes. “If we are going to undo decades of under-building and resolve this housing crisis, we need to change the economic environment to encourage investment across all sectors of the industry by reducing the cost of construction work, reducing build times, reducing planning delays and slow approval processes,” she said. #property #realestate #homeloans