Australian Property

Last month, the Australian Bureau of Statistics (ABS) released the annual national accounts for 2023-24, which included extensive land value data. Land values underpinning the Australian housing market increased by 8.8% during 2023-24. In 2023-24, Australia’s land was valued at $9.2 trillion, with residential land accounting for 84% ($7.7 trillion).

The latest ANZ/CoreLogic housing affordability report has revealed the “impossible” barriers facing Australian first-home buyers.

The Australian dream of home ownership is fading for younger Australians.

Last financial year, a record 3,000 construction firms in Australia were declared bankrupt (insolvent).

Earlier this month, Accent Research released a survey showing that only 15% of respondents believed that younger Australians could purchase a home without financial assistance.

The Albanese government’s Help-to-Buy shared equity scheme has been stuck in the Senate since February.

Earlier this month, The ABC’s Keane Bourke acknowledged that “Australia doesn’t have enough houses” and suggested that Australians let out their spare bedrooms to ease the rental crisis.

The Housing Industry Association (HIA) has mocked the Albanese government’s goal to construct 240,000 homes annually over five years.

The more things change in politics, the more they stay the same.

Australia’s auction market has stalled in recent months, with monthly average clearance rates across Sydney and Melbourne falling to year-lows.

Last week, the Australian Housing and Research Institute (AHURI) released a survey showing that while 78% of renters want to purchase a home, 59% do not believe that it is possible.

The Albanese government’s target to build 1.2 million homes over five years has gotten off to a rocky start, with construction rates behind by around one-third.

Independent economist Tarric Brooker has posted an analysis estimating the shortfall of Australian housing over the pandemic. Brooker has assumed two scenarios, explained below. The Ideal World Scenario: Not one dwelling completion in the last 5 years is a knockdown rebuild or development (in reality 10-15% are).

Amid the worst rental crisis in living memory, Greens leader Adam Bandt attacked those calling for lower immigration levels to ease demand.

The 2023 Intergenerational Report presented the following chart showing the structural decline in property ownership among younger Australians.

New Resolve Political Monitor polling shows voters have swung away from the federal Greens.

If you want to know why the Trump administration is back, look no further than Australia’s fake left so ably represented at The Guardian.

ABC Radio Nation aired a segment on the “battle between millennials and boomers”. The segment couched Australia’s housing crisis as a conflict between the ‘Yes in my backyard’ (YIMBY) movement, who want greater density in established suburbs and the inner-city, against the ‘Not in my backyard’ (NIMBY) movement, which objects to forced densification.

Anyone with half a brain knows that reducing the number of international students (and migration in general) will help to ease the rental crisis.

The similarities between the Canadian and Australian governments concerning immigration and housing are astounding.

The Reserve Bank of Australia’s (RBA) latest Statement of Monetary Policy (SoMP) noted that the increase in Australian housing credit and prices to record highs is “unusual” given the tightest monetary conditions since the Global Financial Crisis in 2008.

The Victorian government has embarked on an authoritarian plan to seize control of planning from local governments and create 50 activity zones earmarked for high-density apartments.

Treasury Secretary Steven Kennedy told a Senate estimates hearing that his department is modelling the impact of changes to the capital gains tax and negative gearing regimes.