Discover the latest updates and essential insights in the building and construction industry. For all significant news and developments, this is your go-to source.
Relaxing loan rules for home buyers with hecs-help debt
The federal government is attempting to make it easier for home buyers with HECS-HELP loans to secure a mortgage by relaxing rules on the treatment of student debts. This move aims to increase borrowing power, particularly for first home buyers.
Key points:
- Banks can now disregard HECS-HELP repayments when assessing...
NSW Government launches Rental Taskforce to enforce rental law reforms
The NSW Government has launched a dedicated Rental Taskforce to enforce new rental reforms aimed at holding landlords and real estate agents accountable. With an $8.4 million investment, the taskforce will focus on improving compliance in the rental market and tackling law violations.
Key priorities of the Rental Taskforce include...
Build-to-rent developments prioritise amenities over car parks
New research by Oxford Economics Australia reveals a growing trend in build-to-rent (BTR) developments where residents enjoy pet care facilities, gyms, and coworking spaces, but car parks are becoming increasingly scarce. This shift is helping to reduce construction costs and improve feasibility.
Key points:
- The average car space-to-unit ratio in...
Which new homes are getting approved for construction?
In 2024, Australia saw 171,394 new homes approved for construction, a 4.7% increase from the previous year, with standalone house approvals up 7.3%. However, multi-dwelling approvals, such as apartments, fell by 1.3%, marking the worst year for higher-density builds since 2011.
Key points:
- Detached houses: Approvals increased by 7.3%...
Housing shortfall persists despite modest uptick in approvals
MEDIA RELEASE: Despite a small uptick in building approvals over the month of December, Australia fell short by 68,606 homes of its annual 240,000 housing target in 2024.
KPMG’s latest property market outlook
KPMG’s Residential Property Market Outlook for January 2025 presents a mixed bag for Australia’s construction industry. While housing demand remains strong, supply constraints, labour shortages, and economic conditions continue to shape the landscape.
Key insights for builders and contractors:
- Slower housing price growth – National house prices grew 5.1% in...
Builders push for limits on CFMEU wage-bargaining powers
The Civil Contractors Federation (CCF) is lobbying for industrial relations reforms that would limit the CFMEU’s bargaining power and its role in the growing civil sector.
Key proposals include:
- Stricter oversight: Implementing “fit and proper” tests for union officials.
- Restricting CFMEU influence: Limiting their ability to negotiate pay...
NSW Government considers penalties for delayed off-the-plan builds
The NSW Government is proposing reforms to hold developers accountable for delays in delivering off-the-plan homes, aiming to boost consumer protection and housing supply. Developers amd builders should be aware of these potential changes, as they could impact contract terms and development timelines.
Key proposed reforms:
- Mandatory sunset clauses –...
Housing costs continue to rise despite trimmed inflation reaching target
MEDIA RELEASE: Some good news for the economy today with new monthly inflation data from the Australian Bureau of Statistics confirming underlying inflation is below three per cent for the first time in three years.
Inflation falls to four-year low
Inflation has significantly slowed, with underlying inflation dropping to 3.2% in December, the lowest rate in three years. This development raises the possibility of a pre-election interest rate cut in February.
Key points for builders:
- Inflation impact: Underlying inflation fell sharply, down from 3.6% in September.
- Housing cost relief...