{"id":43295,"date":"2023-06-22T08:16:25","date_gmt":"2023-06-21T20:16:25","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=43295"},"modified":"2023-06-22T08:16:25","modified_gmt":"2023-06-21T20:16:25","slug":"australias-housing-construction-industry-in-strife","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/australias-housing-construction-industry-in-strife\/","title":{"rendered":"Australia\u2019s housing construction industry in strife"},"content":{"rendered":"<p><em><strong>PHOTO: The number of loans issued for the purchase or construction of a new home plunged to a record low in April, down 74% from the January 2021 peak the number of loans issued for the purchase or construction of a new home plunged to a record low in April, down 74% from the January 2021 peak<\/strong><\/em><\/p>\n<p>Australia is staring down the barrel of an unprecedented housing shortage and homelessness crisis.<\/p>\n<p>The latest federal budget projected that Australia\u2019s population would increase by a record 2.18 million people over the five years to 2026-27, driven by record net overseas migration of 1.5 million people.<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"WwlNh4O5NX\"><p><a href=\"https:\/\/propertynoise.co.nz\/au\/sydney-real-estate-agents-spiral\/\">Sydney real estate agent\u2019s spiral<\/a><\/p><\/blockquote>\n<p><iframe class=\"wp-embedded-content lazyload\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"\u201cSydney real estate agent\u2019s spiral\u201d \u2014 Property News Australia\" data-src=\"https:\/\/propertynoise.co.nz\/au\/sydney-real-estate-agents-spiral\/embed\/#?secret=SlZWi4Tyx8#?secret=WwlNh4O5NX\" data-secret=\"WwlNh4O5NX\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" data-load-mode=\"0\"><\/iframe><\/p>\n<p>This population increase is projected to arrive at the same time as the actual number of new homes completed across Australia is falling, as illustrated clearly in the next chart:<\/p>\n<figure><img fetchpriority=\"high\" decoding=\"async\" src=\"https:\/\/api.macrobusiness.com.au\/wp-content\/uploads\/2023\/06\/Figure-4.png\" alt=\"Dwelling completions vs population\" width=\"660\" height=\"398\" \/><\/figure>\n<p>The forward looking indicators for housing construction are dire.<\/p>\n<p>According to the Australian Bureau of Statistics (ABS),\u00a0the number of loans issued for the purchase or construction of a new home plunged to a record low in April, down 74% from the January 2021 peak:<\/p>\n<figure><img decoding=\"async\" data-src=\"https:\/\/api.macrobusiness.com.au\/wp-content\/uploads\/2023\/06\/Capture-29.png\" alt=\"Housing construction loans\" width=\"660\" height=\"471\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" class=\"lazyload\" style=\"--smush-placeholder-width: 660px; --smush-placeholder-aspect-ratio: 660\/471;\" \/><\/figure>\n<p>Australian dwelling approvals have also crashed to a 13-year low, according to the ABS:<\/p>\n<figure><img decoding=\"async\" data-src=\"https:\/\/api.macrobusiness.com.au\/wp-content\/uploads\/2023\/05\/Capture-279.png\" alt=\"Dwelling approvals data\" width=\"660\" height=\"459\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" class=\"lazyload\" style=\"--smush-placeholder-width: 660px; --smush-placeholder-aspect-ratio: 660\/459;\" \/><\/figure>\n<p>Treasury secretary Steven Kennedy warned Senate Estimates this month that the downturn in dwelling approvals will continue until 2025, with investment in new dwellings forecast to contract by 2.5% this year and a further 3.5% in 2023\u201124 and 1.5% in 2024\u201125.<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"OjLXx5Cvd6\"><p><a href=\"https:\/\/propertynoise.co.nz\/au\/humble-receptionist-to-property-boss\/\">Humble receptionist to property boss<\/a><\/p><\/blockquote>\n<p><iframe class=\"wp-embedded-content lazyload\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"\u201cHumble receptionist to property boss\u201d \u2014 Property News Australia\" data-src=\"https:\/\/propertynoise.co.nz\/au\/humble-receptionist-to-property-boss\/embed\/#?secret=2RZ9Uk8hzN#?secret=OjLXx5Cvd6\" data-secret=\"OjLXx5Cvd6\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" data-load-mode=\"0\"><\/iframe><\/p>\n<p>Finally, the Housing Industry Association\u2019s (HIA) new home sales series was running 25% below pre-pandemic levels in May; albeit has rebounded 4.4% over the quarter:<\/p>\n<figure><img decoding=\"async\" data-src=\"https:\/\/api.macrobusiness.com.au\/wp-content\/uploads\/2023\/06\/Capture-190.png\" alt=\"New home sales\" width=\"660\" height=\"413\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" class=\"lazyload\" style=\"--smush-placeholder-width: 660px; --smush-placeholder-aspect-ratio: 660\/413;\" \/><\/figure>\n<p>HIA Senior Economist Tom Devitt warned that\u00a0<em>\u201cthe RBA\u2019s rate increases will continue to hold down new sales and cause further cancellations as finance becomes unobtainable for an increasing number of buyers\u201d.<\/em><\/p>\n<p>In turn, new home sales would continue to<em>\u00a0\u201ccontract for at least the next 12 months to its lowest level in more than a decade\u201d<\/em>.<\/p>\n<p>The last 18 months has already seen thousands of home building companies collapse, encompassing small players to industry titans like Porter Davis Homes, which left 1700 homes under construction across Victoria and Queensland in limbo.<\/p>\n<p>These collapses have reduced the industry\u2019s capacity to ramp-up production to meet the growing demand via mass immigration.<\/p>\n<blockquote class=\"wp-embedded-content\" data-secret=\"GGeSrsAo7O\"><p><a href=\"https:\/\/propertynoise.co.nz\/au\/new-twist-in-fraudsters-home-sell-off\/\">New twist in fraudster\u2019s home sell off<\/a><\/p><\/blockquote>\n<p><iframe class=\"wp-embedded-content lazyload\" sandbox=\"allow-scripts\" security=\"restricted\" style=\"position: absolute; visibility: hidden;\" title=\"\u201cNew twist in fraudster\u2019s home sell off\u201d \u2014 Property News Australia\" data-src=\"https:\/\/propertynoise.co.nz\/au\/new-twist-in-fraudsters-home-sell-off\/embed\/#?secret=cfmPt9PcwQ#?secret=GGeSrsAo7O\" data-secret=\"GGeSrsAo7O\" width=\"600\" height=\"338\" frameborder=\"0\" marginwidth=\"0\" marginheight=\"0\" scrolling=\"no\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" data-load-mode=\"0\"><\/iframe><\/p>\n<p>Late last week, Lendlease Australia CEO Dale Connor\u00a0warned\u00a0that more building and construction companies will collapse, saying\u00a0<em>\u201cthere are days where I feel like we\u2019re doomed\u201d<\/em>.<\/p>\n<p><em>\u201cUnfortunately, I think there\u2019s going to be more organisations that perhaps are going to go broke before it gets better\u201d<\/em>, Connor said.<\/p>\n<p>As\u00a0explained yesterday, Australia needs to add 329 homes every day to Australia\u2019s housing stock (net of demolitions) just to accommodate the 1.5 million net overseas migrants projected to arrive in Australia by 2026-27.<\/p>\n<p>Given the headwinds facing the industry from builder collapses, high materials costs and high interest rates, meeting such a supply target will obviously be an impossible task.<\/p>\n<p>In turn, Australia\u2019s housing crisis will worsen, driving rents higher and pushing more people into homelessness.<\/p>\n<p>Running such an extreme immigration policy into a housing crisis is pure policy madness.<\/p>\n<p>READ MORE VIA <a href=\"https:\/\/www.macrobusiness.com.au\/2023\/06\/australias-housing-construction-industry-doomed\/\">MACRO BUSINESS<\/a><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>PHOTO: The number of loans issued for the purchase or<span class=\"more-link\"><a href=\"https:\/\/propertynoise.co.nz\/au\/australias-housing-construction-industry-in-strife\/\">Read More &rarr;<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":39338,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[461747081],"tags":[478098512,478121682,478125537,478098521,478125536,478125535,478125534,478101560,478115542,478098513,478098579,478098510,478098509],"class_list":["entry","author-data123nz","post-43295","post","type-post","status-publish","format-standard","has-post-thumbnail","category-australian-property-real-estate-news","tag-australia","tag-australian-building-industry","tag-australian-dwelling-approvals","tag-australians","tag-australias-housing-stock","tag-homelessness-crisis","tag-housing-construction-industry","tag-housing-industry-association","tag-housing-shortage","tag-property","tag-property-market","tag-property-news","tag-real-estate-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.7 - 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