Vanguard Real Estate Group’s Post

New construction is becoming even more important in today's housing market. Since the supply of homes available for sale is still lower than normal, newly built homes can be a game changer because they give you more options for your search. DM me so you have a local expert to help you explore all the options in our area. #inventory #newconstructionhomes #supplyanddemand #newhomes #localexpert #opportunity #housinginventory #homesearch #realestategoals #realestatetipsoftheday #realestatetipsandadvice

New construction is becoming even more important in today's housing market. Since the supply of homes available for sale is still lower than normal, newly built homes can be a game changer because they give you more options for your search. DM me so you have a local expert to help you explore all the options in our area. #inventory #newconstructionhomes #supplyanddemand #newhomes #localexpert #opportunity #housinginventory #homesearch #realestategoals #realestatetipsoftheday #realestatetipsandadvice #justsold https://lnkd.in/g3esiXSE

New construction is becoming even more important in today's housing market. Since the supply of homes available for sale is still lower than normal, newly built homes can be a game changer because they give you more options for your search. DM me so you have a local expert to help you explore all the options in our area. #inventory #newconstructionhomes #supplyanddemand #newhomes #localexpert #opportunity #housinginventory #homesearch #realestategoals #realestatetipsoftheday #realestatetipsandadvice #justsold https://lnkd.in/g3esiXSE

New construction is becoming even more important in today's housing market. Since the supply of homes available for sale is still lower than normal, newly built homes can be a game changer because they give you more options for your search. DM me so you have a local expert to help you explore all the options in our area. #inventory #newconstructionhomes #supplyanddemand #newhomes #localexpert #opportunity #housinginventory #homesearch #realestategoals #realestatetipsoftheday #realestatetipsandadvice #justsold https://lnkd.in/gqvveqqV

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.

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.

Housing commencements, the strongest indicator of future supply, surged to almost 18,000 in April, a post-crash record, according to Goodbody Stockbrokers. The company’s analysis of the Building Control Management System indicated that there were 17,600 residential units commenced last month. That raises the total for the 12 months to April to more than 50,000. It also brought the total for the first four months of 2024 to 29,600 homes, up 198 per cent on the same period last year. “All regions of the country have seen between a doubling and quadrupling of housing starts this year,” Goodbody chief economist Dermot O’Leary said. https://lnkd.in/egHp8V3y

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.

New construction homes are hitting the market at 2007 levels: The number of homes completed and under construction is now at 385,000, the highest since the 2007 #housing market crash. Over the last 3 years, the supply of new homes has risen by 70%. Since 2012, the number of new homes for sale has more than TRIPLED. The majority these homes are in the Southern US region where with levels surpassing 2006 housing #bubble levels. For the first time since 2005, the median new home is now CHEAPER than the median existing home for sale. Are housing #market prices peaking?

An apt analysis of issues facing new housing supply (or lack thereof). This certainly tracks with our current experience in Far North Queensland #RealEstateAU #housingsupply #construction #AffordableHousing #PropertyDevelopment #HousingCrisis