Home Building To Decline 20%

Australia is staring into the headwinds of a ‘shallow’ 20% decline in housing construction over the next three years as building materials and labour shortages extend building timeframes — despite higher borrowing costs and affordability problems cutting demand, according to the Housing Industry Association (HIA).

The decline from 229,000 housing commencements in the 2021 calendar year to an estimated 183,800 in 2024 is projected based on unemployment remaining at low levels and an extension of construction times from 8.3 months to 12.2 months on average.

However, different sectors of the housing market should be expected to behave differently. A 34% decline in detached houses starts through to 2025 will be offset by an increase in apartment commencements and other attached homes — buy 14% — by 2026 as immigration increases, according to HIA’s quarterly forecast.

“Ongoing strong demand for homes is assisting builders to trade through this cycle, but rising borrowing costs and slowing demand will increase cash flow pressures, before the availability of materials improves,” the HIA report says.

“The combined impact of higher interest rates, increased cost of a new home and capacity constraints will see the volume of homes commencing construction slow to a trough in 2025.”

The decline in home building is forecast to last for 13 quarters — longer than the typical two-year fall according to the HIA.

Following a peak of 141,150 detached home starts, the total will fall to 128,790 this year and then slip 5.2% in 2022. Higher interest rates will dampen demand with commencements cut to 108,890 in 2024 before bottoming out at 99,350 in 2025.

Attached home starts will rise 1.2% in the financial year 2023, and 3.9% in 2024 to reach 80,700 from last year’s 74,350.

The market should expect 4.3% of further growth in 2025 and 4% in 2026 bringing the total to 87,560.

Rumah means “home” in Indonesian and Malay, and it’s clear this designer property in Melbourne’s coveted beachside enclave of Brighton is a dream house in any language.

The uber-contemporary residence is a collaboration between builders Belot Property, Seidler Group architects, and the interiors team at Golden.

The result is a modern marvel that combines a brutalist concrete exterior ready to weather its coastal setting with inviting interiors using a mix of textures, from French oak to metal and brick finishes.

Just listed with Kay & Burton Bayside agents, Rae Mano, Matthew Pillios and Jamie Mi, the prestige property is on the market via a private treaty campaign with price expectations of between $10.5 million and $11.5 million.

Created to be a great entertainer while maintaining a level of discreet privacy, Rumah is, at its heart, a warm, family-friendly home that ticks all the boxes for detail-oriented design connoisseurs.

A palette of contradictions, Rumah blends angular and rounded forms, features hard steel and glass, and effortlessly incorporates the earthy finishes of brick and timber for a holistic sensory experience.

Beyond the oversized pivot door sits a large structural column wrapped in gold leaf, setting the tone for the rest of the residence. The three-storey layout offers a choice of multigenerational spaces, from the ground-floor everyday living level to the accommodation wing on the top floor and the large basement “clubhouse.”

At the heart of the home, a gourmet kitchen features a dramatic island bench, high-end appliances, and a full butler’s pantry. Multiple spaces feed off the kitchen, including a vast dining area and a large living room, which both spill out through full-height glazed doors to either a side barbecue terrace or the poolside deck to the rear.

Even the downstairs entertainer’s room – also known as the club – is effectively poolside thanks to an innovative glass viewing window framing swimmers and cleverly connecting the subterranean level to the rest of the home. This games room also houses a sophisticated bar, a wine cellar, integrated night club style lounge seating and a full bathroom.

Additionally, the lower floor features a hidden laundry room, two store rooms, direct access to a huge five-car garage with a convenient turning circle, and an extra bedroom or home office.

Via the private elevator, the top floor is dedicated to after-hours living. It has four spacious bedrooms, each with its own ensuite and walk-in wardrobes. In the luxurious primary suite, there is a hotel-inspired ensuite with a unique kidney-shaped freestanding bath and a dressing room.

Rumah’s added extras include warming indoor and outdoor fireplaces, automatic blinds, feature lighting, marble accents, bespoke wallpaper, built-in bedheads, an external spa and low-maintenance landscaped gardens.

Positioned on the corner of William and Halifax Sts, the 21st-century beach house is opposite William St Reserve, close to Brighton Primary School.

Rumah at 91 William St, Brighton is on the market via private sale with Kay & Burton Bayside and has a sales guide of $10.5 million and $11.5 million.

Home Building To Decline 20%

Labour and materials shortages are set to pinch home supply.

Blending brutalist strength with warm, refined interiors, Rumah is a bold architectural statement in Brighton’s coastal enclave — a designer family home where luxury meets liveability.