Before resigning as Victorian Premier last year, Daniel Andrews announced a fantastical target to build 800,000 homes across the state over a decade, equating to 80,000 homes annually. As illustrated in the next chart, the most homes Victoria has ever built in a single 12-month period was 69,972 homes in the year to September 2017:
Property advisory firm Charter Keck Cramer released a report entitled State of the Market Report H1 2024, which warned that the volume of new apartments launched across Australia is tracking at its lowest level in 15 years. The report notes that development conditions in Sydney are problematic, hindered by poor affordability, financial constraints, high land
The DXY bounce is far from convincing: AUD is slowly tredning higher: I wonder when JPY will realise Japanese inflation is temporary: Gold to the moon. An oil dead cat: Metals reflation is back: Miners popped: EM yawn: Junk is all soft landing all of the time: Yields readying for a dovish Fed: Another stocks
CoreLogic’s daily dwelling values index shows that Melbourne is the only major market where home prices are falling, down 0.1% over the past 28 days: So far in 2024, Melbourne dwelling values have fallen by 1.4% versus a 4.9% increase at the 5-city aggregate level: The slump in Melbourne’s housing market has prompted property developer
International Reads: Harris raises $47 million in 24 hours after Trump debate – CNBC Verizon to lay off 5,000 employees in nearly $2 billion cost-cutting move – Fortune After Shark Tank, Mark Cuban Just Wants to Break Shit—Especially the Prescription Drug Industry – Wired A “dating recession” is leaving scars on the American economy –
Asian share markets have ended the trading week on a mixed note despite the very positive mood from Wall Street overnight. The USD remains under pressure against most of the majors with Yen pushing higher while the Australian dollar is stabilising just above the 67 cent level. Oil futures have bounced back slightly but price
This is what happens when a government is driven by symbolism over the policy process: A child protection organisation cited by the prime minister in an opinion piece arguing for his government’s policy to ban younger teens from social media says the ban is unlikely to make any difference, and could create more harm for
The FT has a great piece today on what Xi Jinping thought is doing to China: “China used to be the best VC destination in the world after the US,” says one Beijing-based executive, referring to the business of private investment in high-risk start-up companies. Founders and investors harbour few hopes of a return to
Perth’s property market has undergone a massive boom, surging by 76% from the beginning of the pandemic in March 2020, according to PropTrack. Despite the boom, Perth home values are still comparatively “affordable” with a median value of $751,000 in August, compared to $861,000 throughout the Australian combined capital cities: This relative affordability means that
The NSW Productivity Commission has touted higher towers, smaller homes, and fewer car spaces as the solution to the state’s housing crisis: “Higher-density zones around train stations would double in size… The NSW productivity commissioner is also recommending design standards be relaxed to allow the construction of smaller apartments without access to parking, storage or