Real Estate & Construction News in Australia from Propertyshowrooms.com

Australia 'facing oversupply of housing'

Wed, 30 Nov 2011 00:00:00 GMT

One of the problems affecting the Australian real estate sector at present is the oversupply of homes for sale, one expert has claimed.

In an interview with News.com.au, managing director of SQM Research Louis Christopher was not optimistic about the outlook for the industry.

"The worst is still in front of us. There is a huge overhang of stock for the market to work through and it is going to get worse before it gets better," he asserted.

Mr Christopher suggested that further cuts to interest rates are needed if the country's property market is to receive the boost it requires.

However, he added that the economic crisis in the eurozone could have a significant effect on Australia's real estate sector.

He made a similar point when speaking to Smart Company earlier this month, noting that the nation's banking industry has exposure to Europe, which may hold back any recovery if the debt crisis overseas worsens.

Long-term outlook strong in Oz, despite floods

Mon, 24 Jan 2011 00:00:00 GMT

The recent floods in Australia are expected to have a positive impact on the property and construction industries in the long-term, one expert has suggested.

Writing for the Gold Coast Mail, Noel Whittaker, director of Whittaker Macnaught Pty Ltd, has explained that although there is likely to be a short-term impact on economic activity, the future looks bright.

"Once the mess is cleaned up, the building industry and industries that depend on it will be flat out as reconstruction and renovation occurs," he wrote.

"One builder even went so far as to tell me that the floods could save the building industry as high interest rates and lack of funds had virtually crippled it."

Furthermore, Mr Whittaker advocated the benefits of diversification and only buying growth assets such as property or shares.

He told investors to keep their financial affairs in order and keep a range of assets that include "residential property, local and international shares and term deposits"

Builders anticipate apprentice wage subsidies

Tue, 17 Feb 2009 00:00:00 GMT

Canberra builders have voiced their support for a Federal Government plan to subsidise the wages of apprentices who would otherwise be fired...

Brisbane's turn for infrastructure funding: Newman

Thu, 29 Jan 2009 00:00:00 GMT

Brisbane Lord Mayor Campbell Newman says the Federal Government should not reward New South Wales with infrastructure funding for poor planning...

Housing survey prompts calls to free up land

Mon, 26 Jan 2009 00:00:00 GMT

The Housing Industry Assn says there is a shortage of land for development in SE Qld...

Credit crunch 'impacting Australian development'

Fri, 19 Dec 2008 00:00:00 GMT

The global financial downturn has resulted in construction projects worth more than AUD60 billion (GBP27.5 billion) being delayed throughout 2008, new figures have shown.

Statistics from Reed Construction Data revealed that over 3,400 developments - including apartment towers and office buildings - have been postponed, Property Wire reports.

This figure is more than five times the number that were halted in 2007, a fact that managing director of Reed Construction Data Rob Wild has attributed to the increased difficulty in obtaining credit.

"Developers like to get a pre-commitment, especially in flats and units, of something in the order of 70 per cent to 75 per cent, right now that's difficult," he was quoted as saying.

However, he also noted that despite many developers being "hesitant", he believes many of the projects will resume next year.

His comments follow a recent report from the Royal Institution of Chartered Surveyors, which suggested that growth in Australia's residential sector is set to slow during 2009.

Australian new builds 'set to decrease'

Mon, 15 Dec 2008 00:00:00 GMT

Construction of new build homes in Australia is set to cool over the next year, new data from the Royal Institution of Chartered Surveyors (Rics) has revealed.

Investors may be keen to buy property in the country in the current climate as, according to Rics, the residential sector is slowing and builder confidence may be knocked, meaning fewer new houses in 2009.

However, the body noted that the market has shown resilience despite the global economic downturn.

Its figures show that the Australian construction sector grew by three per cent between September 2007 and September 2008.

Rics added that economy is likely to benefit from recent base rate cuts.

The Reserve Bank of Australia has slashed the base rate by 300 basis points in three consecutive months.

Earlier this week, Brett Draffen of Mirovac Group told the Australian that there has been an increase in investment activity in the last couple of months.

New housing code to fast-track developments

Thu, 11 Dec 2008 00:00:00 GMT

A new development code means certain applications will get automatic approval within 10 days...

Housing approval figures slump in Qld

Thu, 4 Dec 2008 00:00:00 GMT

The Housing Industry Association (HIA) is confident the building industry will pick up, despite Queensland recording the worst drop in building approvals in the country...

New city planned for north of Perth

Wed, 5 Nov 2008 00:00:00 GMT

The State Government is seeking a development partner for a new coastal city 40 kilometres north of Perth...

Builder sentiment slumps amid global credit crisis

Mon, 20 Oct 2008 00:00:00 GMT

Nearly 25 per cent of builders surveyed in the September quarter say they are concerned a lack of finance will hurt their business...

Monthly building approvals fall 2.3pc

Tue, 2 Sep 2008 00:00:00 GMT

There has been a bigger than expected fall in building approvals as higher interest rates continue to deter potential home builders...

Construction down over June quarter

Wed, 27 Aug 2008 00:00:00 GMT

There has been a slide in the value of construction work done over the June quarter, in another sign of a slowing economy...

Audit will provide planning excuses: NSW Opp

Mon, 18 Aug 2008 00:00:00 GMT

The New South Wales Opposition says the Government is trying to prepare people for the delay or cancellation of key infrastructure projects by announcing an urgent audit of planned work...

Building industry strong despite housing market slowdown

Thu, 14 Aug 2008 00:00:00 GMT

The Queensland Master Builders' Association (QMBA) says the construction industry remains strong despite a slowdown in the housing market...

Property developers face earnings threat

Fri, 8 Aug 2008 00:00:00 GMT

PROPERTY developers face more volatile earnings under a proposed change to accounting standards...

Australia’s Mining Boom and Property

Wed, 30 Jul 2008 00:00:00 GMT

The Minerals Council of Australia is now predicting that the mining sector will need another 87,000 more workers over the next decade...

New housing estate for Melbourne

Tue, 29 Jul 2008 00:00:00 GMT

About 400 new public and private rental houses will be created in the re-development of a public housing estate in Melbourne's north-west...

Work begins on Port Botany expansion

Thu, 24 Jul 2008 00:00:00 GMT

Construction has begun on the $1 billion, 60-hectare expansion of Port Botany in south Sydney, one of the biggest infrastructure projects in Australia...

Shortlist for Parliament Square developers

Tue, 22 Jul 2008 00:00:00 GMT

The Tasmanian Government has a shortlist of developers interested in rejuvenating Hobart's Parliament Square...

Developers call for town plan release

Thu, 17 Jul 2008 00:00:00 GMT

Developers are calling on the Whitsunday Regional Council to release its new town plan...

Gloomy outlook for Canberra builders

Wed, 16 Jul 2008 00:00:00 GMT

The ACT's Master Builders Association says Canberra builders are bracing for rising interest rates to start to hit the industry next year...

Federal Hotels Group appeals against Strahan tourism project

Wed, 16 Jul 2008 00:00:00 GMT

The Federal Hotels Group is objecting to a private developer's plan for a $30 million development on Tasmania's west coast...

$40m planned upgrade for Ceduna port

Wed, 16 Jul 2008 00:00:00 GMT

A $40 million upgrade to Ceduna's port would see it transformed under a plan being developed by the region's development board...

Mildura's housing sector suffers cut-back: report

Mon, 14 Jul 2008 00:00:00 GMT

The Mildura building boom may well be coming to an end as council figures indicate the number of new homes has been cut by a third...

Plans continuing for waterfront development

Mon, 14 Jul 2008 00:00:00 GMT

Hunter Developments is pushing ahead with its plans to build two new piers and a 60-suite hotel on Hobart's waterfront...

No word on Brooke St Pier plans

Fri, 11 Jul 2008 00:00:00 GMT

The business consortium behind a planned redevelopment of Hobart's Brooke Street Pier is refusing to comment on its proposal for the site...

Business, tourism backs Hobart waterfront plans process

Thu, 10 Jul 2008 00:00:00 GMT

Tasmania's business community has backed the State Government's handling of plans to redevelop a prime piece of land on Hobart's waterfront...

Steel price jump hits new homes

Tue, 8 Jul 2008 00:00:00 GMT

THE cost of building an average new home has jumped by at least $2000 because of a spike in global steel prices in the past six months, a building industry body says...

Credit rationing hits building industry

Tue, 8 Jul 2008 00:00:00 GMT

Most residential builders are small business operators who live or die on their relationship with a bank...

NT Shelter calls for grassroots fix for Indigenous housing

Tue, 8 Jul 2008 00:00:00 GMT

The Northern Territory's peak housing group says the Government's reasons for not building more houses in Aboriginal communities are not good enough...

Water could affect property prices

Mon, 7 Jul 2008 00:00:00 GMT

WATER availability could become an important selling factor in the property market in coming years, according to a forecaster...

Construction figures slide again

Mon, 7 Jul 2008 00:00:00 GMT

Higher interest rates and tighter credit conditions lead to fourth consecutive monthly decline in construction activity...

Plans for big development near Hobart's historic Salamanca

Fri, 4 Jul 2008 00:00:00 GMT

A multi-million-dollar commercial and residential complex is being proposed for Battery Point in Hobart...

Skilled workers move to Australia

Wed, 2 Apr 2008 00:00:00 GMT

Many foreign nationals are choosing to develop their careers and move to Australia, according to government data.

Officials revealed that the country is now experiencing its largest increase in population numbers for almost two decades, reports Homes Worldwide.

This was partially attributed to the influx of expatriates from countries such as India, China, New Zealand and the UK.

Many of these foreign arrivals were said to be skilled workers, including people trained in medicine, accountancy and financial management.

Commenting on this trend, immigration minister Chris Evans said this shows that Australia is highly rated across the world.

He remarked: "We have people who have experience in Australia, have decided they like the experiences they've had and choose then to seek permanent residency."

Paul Arthur, director of The Emigration Group, recently told the Western Mail that the country is proving to be very popular with skilled professionals such as doctors and architects.

Speaking to the newspaper, he said Australia's "booming" economy has made it an appealing destination for those who wish to progress in their career.

British graduates boost careers overseas

Thu, 21 Feb 2008 00:00:00 GMT

People from the UK are increasingly choosing to pursue their careers overseas, a new study has revealed.

The Organisation of Economic Co-operation and Development (OECD) said that Britons now had more opportunities than ever to relocate abroad and work.

Figures showed that more than one million people had taken up this option and were now employed overseas in various capacities, such as doctors, teachers and engineers.

A spokesperson for the OECD: "It is seen by many British people as part of their personal development to have some experience abroad."

English-speaking countries were found to be especially popular destinations for qualified professionals, in particular the US and Australia.

However, many were also found to have relocated to places with other languages, such as France and Spain.

According to a recent poll by NatWest, nine out of ten British expatriates are financially better off since moving abroad.