Charts of the week: New Homes Construction
This chart is hard to believe if you are paying attention to the current housing affordability issue.
Falling construction estimates happening at the same time Australia is printing record immigration numbers.
This kind of market imbalance will lead to opportunity.. It always does.. In the meantime it doesn’t look like renters will be getting any market relief in the next few years.
Property of the week: 11 Phoebus Street, Upper Mountt Gravatt
Sold at auction: $1,260,000 March 2024.
* 130+ groups through the property
* 21 registered bidders
* On our radar to buy and we had an estimated sale price around 1.2M
* Elevated block and solid 1960’s 4 bed 2 bath house
* High quality street location
* 607m block of land
* 10.3k from the CBD
Heavily competed (21 bidders) and in very strong demand from owner occupiers this property is a good example of what is required in 2024 to buy close to the 10k from the Brisbane CBD circle on a 600m+ block of well positioned land.
Quotes I’m pondering this week
On the affordability of Australian housing:
“The Australian dream of owning a home is rapidly becoming an impossible dream for many, with the rental market being the first battleground where the crisis is most visible.” – Angie Zigomanis, senior manager at BIS Oxford Economics.
“We are witnessing a generational shift where long-term renting is becoming the norm, but our policies and market practices have not caught up to ensure these renters have security and affordability.” – Brendan Coates, Housing Program Director at the Grattan Institute.
