Worsening skill shortages will be “the challenge of the decade” for Australia’s under-pressure construction industry, a new report has warned. Construction job vacancies have increased by a massive 80 per cent since late 2019. It is forecast that by 2023 there will be more than 100,000 unfilled roles in the sector. “This will be almost 50
It's no doubt Australian's love property. We love discussing, renovating, building, looking at and buying property. It's also undeniable we love investing in property, with about two (2) million or 21% of Australian households holding an investment property. This number has increased by 13% over the last five years. Property Commentator Michael Matusik explains that of
Record rainfall levels across Queensland is causing havoc for builders, as construction timelines blow out and labour shortages continue. Bureau of Meteorology have just released a new climate report that points to the big wet in NSW and Queensland extending for months. The Special Climate Statement reveals that the 2022 southeast Queensland flood peaks haven't
It’s official – Australia now has a new PM after Scott Morrison’s defeat over the weekend. But what does Labor leader Anthony Albanese’s historic win mean for Aussies already feeling the pinch as our cost of living crisis rages on? According to H&R Block’s director of tax communications Mark Chapman, the change in government could
Australia’s construction sector is facing crisis as builders struggle with surging costs for raw materials, worker shortages, supply chain delays, major weather events and looming interest rate rises. The chaos is also hitting consumers, who are facing long building delays and unexpected cost blowouts. Westpac chief economist Bill Evans warned Australia would be building “a
Over the past year, national house price growth has outstripped the pace of unit prices but with both markets levelling out, that gap in performance is narrowing. House and unit prices rose again in March, and in the first quarter of 2022, but the pace of growth is slowing and it is house prices that
Let’s start with some helicopter numbers. Table 1 outlines the current housing rental vacancy rates across the larger urban areas in Australia. Most locations have a vacancy rate under 1%. Weekly rents for detached houses have risen by 15% over the last twelve months. It now costs, on average, $570 per week or $30,000 per year
The Brisbane property market has retained its position as the fastest growing capital city property market in the country. House price growth continues to outpace unit price growth, however, the gap is closing between the different product types. Supply in Brisbane remains tight, and off the back of the floods it is possible that this
According to CoreLogic’s 2022 Women & Property report for Australia and New Zealand, women continue to have a lower total percentage of property ownership than males, possibly putting them at a disadvantage from recent real estate wealth advances In Australia in January 2022, 26.6 per cent of residential property was owned by women, compared to
New research from Canstar reveals that 11 million Australian adults are worried they will be unable to afford household bills amid skyrocketing living costs. Housing costs including rent or mortgage repayments were cited as the biggest concern. And 72% of borrowers will need to forgo certain expenses to afford higher loan repayments. THE EFFECTS OF
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