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
2 min
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.
International AI strategist Justin Kabbani will headline the Kanebridge Property Summit in Sydney on June 18, with tickets selling fast.
Scotch whisky expert, luxury hospitality strategist and Keeper of the Quaich inductee Ross Blainey is bringing a new philosophy of luxury experiences to Citizen Kanebridge.
International AI strategist Justin Kabbani will headline the Kanebridge Property Summit in Sydney on June 18, with tickets selling fast.
2 minArtificial intelligence is rapidly reshaping business, investment and competitive advantage, and now Australia’s property industry is being told it cannot afford to sit on the sidelines.
International keynote speaker and AI strategist Justin Kabbani will headline the Kanebridge Property Summit at RACA Sydney on June 18, bringing rare insight into how forward-thinking property professionals can use AI to move faster, make smarter decisions and gain a serious edge in an increasingly competitive market.
Tickets to the exclusive summit are already selling fast.
Having worked with global brands including Uber, PepsiCo, Mattel and Destination NSW, Kabbani has become one of the leading voices on how businesses can turn AI from a buzzword into a genuine commercial advantage.
Known for his high-energy and highly practical presentations, Kabbani cuts through the hype surrounding AI and focuses on what actually matters: productivity, growth, leadership and real-world business results.
His keynote will explore how AI is already transforming industries globally, and what property developers, investors, agents and business leaders need to understand now to avoid being left behind.
Importantly, the session is designed to be practical, not theoretical.
Attendees will hear how AI can be applied across marketing, sales, operations and decision-making to improve efficiency, sharpen strategy and create new competitive advantages in a rapidly changing business environment.
The summit will also feature an exclusive roundtable bringing together leading property and finance experts for a candid, off-the-record Q&A exploring the forces shaping investment, development and wealth creation across Australia’s prestige property market.
The event follows the success of last year’s sold-out summit and will once again be hosted by respected MC John Alten.
With AI becoming one of the biggest disruptors facing business, the June 18 summit is expected to attract strong interest from property professionals, investors and business leaders looking to stay ahead of the curve.
The followings are included in every ticket:
- Full access to keynote sessions and the interactive roundtable.
- Premium selection of canapés and beverages throughout the evening.
- Complimentary annual digital subscription to two leading publications (Wall Street Journal and Kanebridge Quarterly), providing essential coverage of local and global markets, property trends and investment strategy.
Tickets are limited and selling quickly and you can buy here.
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