Australia experiencing the worst year for home building since 2011
Data from the ABS paints a grim picture for the national target to build 1.2 million new homes
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Building approvals fell again in August, as the Federal Government’s pledge of providing 1.2 million new homes looks more out of reach than ever.
The Australian Bureau of Statistics released data today showing total dwelling approvals fell by 6.1 percent in August to 13,991. While approval for houses rose 0.5 percent, the non house sector — apartments and townhouses — experienced a massive fall of 16.5 percent to 4,418.
Master Builders Australia reported that the latest decline in approvals contributed to 2023-2024 being the worst year for home building in more than a decade.
“Detached house starts fell by 10.1 percent, while higher density commencements were down by 6.0 per cent,” said Master Builders Chief Economist Shane Garrett. “If building continues at this pace, we’ll be in for less than 800,000 new home starts over the next five years.
“This would mean a shortfall of over 400,000 homes compared with the National Housing Accord target.”
Master Builders Australia CEO Denita Wawn said the data comes on the back of figures from the National Centre for Vocational Education Research which showed an alarming shortfall in the number of apprentices entering the industry and then completing their qualifications. Apprenticeship commencements fell 11.8 percent in the year to March 2023 while completion rates fell 8.6 percent over the same period.
“Today’s data releases aren’t unrelated,” Ms Wawn said. “To bring Australia out of the housing crisis we need to drastically increase the supply of housing and we can’t do that while we’re simultaneously suffering through a labour shortage.”
She said construction was experiencing a shortage of skilled workers across all trades.
“Until we’re able to address the challenges facing the future of the workforce, we won’t be able to increase building activity and reduce the impact of supply conditions in the residential building market on Australia’s inflation problem,” she said.
This stylish family home combines a classic palette and finishes with a flexible floorplan
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.
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Prince Albert House is a stately Federation manor showcasing just how Mosman’s grand architectural past can be expertly coupled with a contemporary renovation.
Surrounded by some of Mosman’s greatest estates, the regal residence once known as Candida underwent a rebranding and a significant renovation several years ago before it last changed hands in 2016 for $10 million.
Today’s vendors, publican Matthew Fallon and his partner Tamara Martin, have engaged Michael Coombs and Tia Naris of Atlas Lower North Shore to market the property with the auction guide sitting at $15.75 million.
Only the fourth owner in the property’s 117-year history, Fallon is one of three brothers behind The Buena in Mosman. Matthew, Luke, and Tim Fallon bought the Middle Head Rd watering hole Buena Vista Hotel in 2015 for more than $13m before renaming it.
Sitting on 1254sq m of estate-like grounds on Prince Albert St, one of Mosman’s most sought-after streets, this stately house is a blend of old-world charm meets modern luxury, coupled with enviable views of the iconic Harbour Bridge and water.
The period property’s transformation was initiated by the previous owner, recruitment boss Jeromine Alpe, who enlisted Giles Tribe Architects for the bulk of the renovations. Fallon and Martin added their own personal touches later on.
“This is a really beautiful house with lots of space. So many Federation homes have pokey rooms and a difficult layout but this one has been really opened up to be a historic home with a very modern floor plan,” said Coombs.
Inside, Prince Albert House has a host of charming historic detail paying homage to its Federation roots including high ornate ceilings, intricate leadlight windows, and grand marble fireplaces. The 21st Century additions like the Calacatta marble kitchen with custom butler’s pantry and seamless connections to the great outdoors are also perfectly suited to today’s must-have Sydney lifestyle.
The large layout features formal living and dining rooms with bay windows, casual family zones and big bedrooms with built-ins. In the primary bedroom suite, separated from the rest of the house on the first floor, there is a walk-through wardrobe to a deluxe bath ensuite as well as two balconies, a sitting area and an adjoining home office. Two more bedrooms also feature ensuites.
Resort style amenities of the Mosman property include a swimming pool surrounded by manicured gardens, sandstone feature walls, a gym with a sauna and ensuite, plus a large wine cellar.
Close to a long list of lifestyle locations, the house is near family-friendly harbour beaches, Taronga Zoo, Mosman’s shopping precinct, coveted schools and city ferries.
Prince Albert House at 13 Prince Albert St, Mosman is currently listed with Michael Coombs of Atlas and is scheduled to go to auction on November 2.
This stylish family home combines a classic palette and finishes with a flexible floorplan
Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.
