By ERWIN CHLANDA
The Northern Territory by far leads the nation in the downturn of new dwelling starts in the June quarter: The drop was 28.3%, with the ACT at 22.4%, WA 21.4% and Queensland 16.5%.
All other states were in single digits with even the ailing South Australia down only 3.8%. NSW was down just 0.3%.
“Constraints on lending to investors are compounding a slowdown in building activity and could lead to worsening affordability,” says Housing Industry Association senior economist, Shane Garrett.
He says the ABS released housing finance data today and building activity data yesterday showing investor lending and housing starts are cooling.
“New dwellings starts are now 8% lower than this time last year.
“This slowdown is further highlighted in finance data which show that the volume of loans for new dwellings fell by 1.2 per cent in August.
“Construction of new dwellings has been in decline for more than a year and it is the apartment side of the market that is leading the downturn,” says Mr Garrett.
Saturday, April 20, 2024
The freedom of the press still furnishes that check upon government which no constitution has ever been able to provide – Chicago Tribune.
During the boom years it proved impossible to find a tradie willing to take on pesky home repairs and upgrades.
Four tilers quoted to upgrade my wet areas but not one showed up! I did the job myself with the certifier reporting my job one of the best he had (ever so briefly) seen as he whisked in and out in five minutes flat for his sub $200 fee.
New projects always seemed simpler with better returns and perhaps without homeowners (like me) hovering and checking work and quality standards. So now the tide may have turned and the tradies who remain may be economically forced to undertake jobs like mine. Time will tell.
The effect should also tend to raise home values I imagine. So a double win for current home owners.