Latest news with #BureauofStatistics
Sky News AU
10-06-2025
- Business
- Sky News AU
‘Sign of how hard it is': Average Australian home price hits $1 million
Sky News host Paul Murray discusses the significance of Australia's housing market on the next generation of Australians. 'A sign of how hard it is for the next generation to get involved,' Mr Murray said. 'Also, the Bureau of Statistics puts out today the average dwelling in Australia is now one million dollars.'
Yahoo
10-06-2025
- Business
- Yahoo
New record in Australia's housing crisis
In a further sign of just how hard it is to break into the housing market, the value of Australia's 11.3 million homes has surpassed an insane figure. The ABS shows the national mean price of residential dwellings passed $1 million for the first time ever in the March quarter 2025 off the back of a 0.7 per cent increase in national dwelling prices. According to the Bureau of Statistics, the total value of Australian residential homes rose by $130.7bn to $11.4 trillion for the three months until March, with the average home now costing $1,002,500. At the same time, the number of houses in Australia rose by 53,400 to 11,338,500. ABS head of financial statistics Mish Tan said even though Australia's house prices surpassed the million dollar figure, there were signs the market was slowing down. 'Despite the quarterly rise in national dwelling value, annual growth in the March quarter slowed to 5.9 per cent. This was down from 9.5 per cent in March quarter 2024', Dr Tan said. Property values varied state to state, with the growth in national prices led by Western Australia, South Australia and Queensland. Queensland has now become the second most expensive state behind New South Wales. Separate research by PropTrack revealed Perth had surpassed Melbourne in terms of house prices for the first time in a decade. PropTrack senior economist Eleanor Creagh said the rise in Perth has come off the back of many years of strong performance. 'The shift reflects the turnaround in Western Australia's housing market since 2022, underpinned by a unique combination of affordability, population growth, investor demand and supply constraints,' she said. According to PropTrack, despite falling in the rankings, Melbourne had the strongest monthly rises up 0.79 per cent in May, but it is coming off a prolonged period of softer growth. 'Despite Melbourne leading monthly gains, Perth's median home value of $787,000 has overtaken Melbourne's at $782,000 for the first time in a decade,' she said. 'Just five years ago, Perth's home values were sitting at a deep discount relative to Melbourne's, with the median value of homes in Perth priced at nearly 40 per cent less.' Error while retrieving data Sign in to access your portfolio Error while retrieving data
West Australian
10-06-2025
- Business
- West Australian
Average price of a dwelling in Australia passes $1 million
In a further sign of just how hard it is to break into the housing market, the value of Australia's 11.3 million homes has surpassed an insane figure. The ABS shows the national mean price of residential dwellings passed $1 million for the first time ever in the March quarter 2025 off the back of a 0.7 per cent increase in national dwelling prices. According to the Bureau of Statistics, the total value of Australian residential homes rose by $130.7bn to $11.4 trillion for the three months until March, with the average home now costing $1,002,500. At the same time, the number of houses in Australia rose by 53,400 to 11,338,500. ABS head of financial statistics Mish Tan said even though Australia's house prices surpassed the million dollar figure, there were signs the market was slowing down. 'Despite the quarterly rise in national dwelling value, annual growth in the March quarter slowed to 5.9 per cent. This was down from 9.5 per cent in March quarter 2024', Dr Tan said. Property values varied state to state, with the growth in national prices led by Western Australia, South Australia and Queensland. Queensland has now become the second most expensive state behind New South Wales. Separate research by PropTrack revealed Perth had surpassed Melbourne in terms of house prices for the first time in a decade. PropTrack senior economist Eleanor Creagh said the rise in Perth has come off the back of many years of strong performance. 'The shift reflects the turnaround in Western Australia's housing market since 2022, underpinned by a unique combination of affordability, population growth, investor demand and supply constraints,' she said. According to PropTrack, despite falling in the rankings, Melbourne had the strongest monthly rises up 0.79 per cent in May, but it is coming off a prolonged period of softer growth. 'Despite Melbourne leading monthly gains, Perth's median home value of $787,000 has overtaken Melbourne's at $782,000 for the first time in a decade,' she said. 'Just five years ago, Perth's home values were sitting at a deep discount relative to Melbourne's, with the median value of homes in Perth priced at nearly 40 per cent less.'
Herald Sun
31-05-2025
- Business
- Herald Sun
Locked out: Generation faces housing crisis catastrophe
Australia's housing affordability crisis has reached code red status as runaway construction costs threaten to permanently lock out a generation of potential homeowners. A new analysis reveals a construction sector in turmoil, with renovation expenses surging a staggering 43 per cent since late 2019 and building material prices remaining stubbornly elevated, sitting 35.4 per cent above pre-pandemic levels. The crisis, driven by a perfect storm of crippling labour shortages, supply chain disruptions, and soaring prices for essential materials is prompting urgent calls for government intervention to prevent a full-blown housing catastrophe. Exclusive data by the Housing Industry Association shows essential materials are bleeding budgets dry, with the cost of copper pipes and fittings skyrocketing by 14.4 per cent annually and 63.4 per cent since the end of 2019. The cost of electrical cable and conduit are equally alarming, jumping 9.5 per cent annually and a shocking 69.7 per cent since the end of 2019. Even the humble clay brick, a cornerstone of Australian construction, has surged by 8.3 per cent annually and 48.4 per cent since the end of 2019, while timber doors rose by 7.4 per cent annually. RELATED 17,000 ads: Aussie tradie jobs no one wants Demolition dilemmas: Aus homes under threat Build new for less: Top spots under $850K revealed Only materials like plywood, steel beams, plastic sanitary ware, reinforcing steel, sheet metal and other electrical equipment saw a reduction in cost between 4 per cent and 9 per cent. However, it's a drop in the ocean, considering the cost of skilled labour, which saw a 5.5 per cent increase over the 12 months to March, with those looking to build now paying 35.5 per cent more for a home than they did pre Covid. To put it in numbers, the average national build cost now is $484,315, according to March figures by the Bureau of Statistics, $18,832 more than the previous year and $152,969 more since pre-Covid in 2020, when the average build cost just $331,346. HIA senior economist Tom Devitt said while the numbers looked bleak, the cost of construction material was starting to stabilise. 'Some of the numbers shared do show a few materials are still going up really rapidly…but the average building materials have actually really slowed. They are still very much elevated from five years ago but they do look like they've stabilised. 'Labor costs are also still increasing quite rapidly but also not as much as they did three years ago. Our trade report two or three years ago had a single year where trade prices went up 10 per cent.' Mr Devitt said while the cost of materials would come down with time, the real concern going forward was ongoing labour shortages. 'The demand is still going to be outstripping the supply of trades unless the government follows through on what they've been paying lip service to in terms of fast tracking in-demand construction trades,' he said. '(So far) nothing has really progressed from that because the number of skilled trades that have been arriving, relative to overall overseas arrivals, has been minute.' The hidden cost behind Australia's homebuilding struggles An analysis by NextMinute, a leading project management software for tradies, recently shed light on the occupations with the highest vacancy rates and the most job ad listings across Australia, revealing a stark disparity between supply and demand in the trade sector. Official figures indicate that motor mechanics, electricians, and welders are among the most sought-after trades, with thousands of vacancies across all Australian states. However, SEEK job ad volumes suggest the demand is far greater, with listings for electricians alone exceeding six times the official vacancy count. Similarly, there are 9749 listings for mechanics and 2706 for welders, reflecting widespread recruitment challenges in the industry. Despite attractive salaries, several trades remain under-represented in global job searches, such as airconditioning and refrigeration mechanics, who earn over $2000 per week. The United Kingdom leads overseas demand, with UK-based workers conducting thousands of monthly searches for Australian trade jobs. NextMinute CEO Alex Jenks said the discrepancy highlighted the ongoing recruitment challenges faced by trade businesses. These shortages are slowing down projects, driving up costs, and putting pressure on business owners,' he said. 'Interestingly, the countries showing the most interest don't always align with the trades in greatest need. 'For example, airconditioning and refrigeration mechanics have over 500 official vacancies, but little international search activity, pointing to blind spots in global awareness of Australia's workforce needs.' Australia needs to think modular With Australia forecast to fall 262,000 homes short of its national 1.2 million housing target by 2029, Ray White Group senior economist Nerida Conisbee said a modular approach was needed to address ongoing construction concerns. 'It's taking things like trusses off site and making it more of a manufacturing process, as opposed to building them on site where you need far more skilled labour,' she said. 'Another example would be kitchens and bathrooms which are really time consuming and expensive to build on site. So if you just have to assemble them within a house, that makes it a lot cheaper…everything else can be done offshore. 'Another thing to look at would be the way we design houses. One of the reasons why it's so expensive to build is because Australians really love their houses to be different from their neighbours. 'And so, if we're looking at new areas, if we're starting to build houses that are very similar, then it becomes a lot quicker and cheaper to build houses.'
Mercury
31-05-2025
- Business
- Mercury
Locked out: Generation faces housing crisis catastrophe
Australia's housing affordability crisis has reached code red status as runaway construction costs threaten to permanently lock out a generation of potential homeowners. A new analysis reveals a construction sector in turmoil, with renovation expenses surging a staggering 43 per cent since late 2019 and building material prices remaining stubbornly elevated, sitting 35.4 per cent above pre-pandemic levels. The crisis, driven by a perfect storm of crippling labour shortages, supply chain disruptions, and soaring prices for essential materials is prompting urgent calls for government intervention to prevent a full-blown housing catastrophe. Exclusive data by the Housing Industry Association shows essential materials are bleeding budgets dry, with the cost of copper pipes and fittings skyrocketing by 14.4 per cent annually and 63.4 per cent since the end of 2019. The cost of electrical cable and conduit are equally alarming, jumping 9.5 per cent annually and a shocking 69.7 per cent since the end of 2019. Even the humble clay brick, a cornerstone of Australian construction, has surged by 8.3 per cent annually and 48.4 per cent since the end of 2019, while timber doors rose by 7.4 per cent annually. RELATED 17,000 ads: Aussie tradie jobs no one wants Demolition dilemmas: Aus homes under threat Build new for less: Top spots under $850K revealed Only materials like plywood, steel beams, plastic sanitary ware, reinforcing steel, sheet metal and other electrical equipment saw a reduction in cost between 4 per cent and 9 per cent. However, it's a drop in the ocean, considering the cost of skilled labour, which saw a 5.5 per cent increase over the 12 months to March, with those looking to build now paying 35.5 per cent more for a home than they did pre Covid. To put it in numbers, the average national build cost now is $484,315, according to March figures by the Bureau of Statistics, $18,832 more than the previous year and $152,969 more since pre-Covid in 2020, when the average build cost just $331,346. HIA senior economist Tom Devitt said while the numbers looked bleak, the cost of construction material was starting to stabilise. 'Some of the numbers shared do show a few materials are still going up really rapidly…but the average building materials have actually really slowed. They are still very much elevated from five years ago but they do look like they've stabilised. 'Labor costs are also still increasing quite rapidly but also not as much as they did three years ago. Our trade report two or three years ago had a single year where trade prices went up 10 per cent.' Mr Devitt said while the cost of materials would come down with time, the real concern going forward was ongoing labour shortages. 'The demand is still going to be outstripping the supply of trades unless the government follows through on what they've been paying lip service to in terms of fast tracking in-demand construction trades,' he said. '(So far) nothing has really progressed from that because the number of skilled trades that have been arriving, relative to overall overseas arrivals, has been minute.' The hidden cost behind Australia's homebuilding struggles An analysis by NextMinute, a leading project management software for tradies, recently shed light on the occupations with the highest vacancy rates and the most job ad listings across Australia, revealing a stark disparity between supply and demand in the trade sector. Official figures indicate that motor mechanics, electricians, and welders are among the most sought-after trades, with thousands of vacancies across all Australian states. However, SEEK job ad volumes suggest the demand is far greater, with listings for electricians alone exceeding six times the official vacancy count. Similarly, there are 9749 listings for mechanics and 2706 for welders, reflecting widespread recruitment challenges in the industry. Despite attractive salaries, several trades remain under-represented in global job searches, such as airconditioning and refrigeration mechanics, who earn over $2000 per week. The United Kingdom leads overseas demand, with UK-based workers conducting thousands of monthly searches for Australian trade jobs. NextMinute CEO Alex Jenks said the discrepancy highlighted the ongoing recruitment challenges faced by trade businesses. These shortages are slowing down projects, driving up costs, and putting pressure on business owners,' he said. 'Interestingly, the countries showing the most interest don't always align with the trades in greatest need. 'For example, airconditioning and refrigeration mechanics have over 500 official vacancies, but little international search activity, pointing to blind spots in global awareness of Australia's workforce needs.' Australia needs to think modular With Australia forecast to fall 262,000 homes short of its national 1.2 million housing target by 2029, Ray White Group senior economist Nerida Conisbee said a modular approach was needed to address ongoing construction concerns. 'It's taking things like trusses off site and making it more of a manufacturing process, as opposed to building them on site where you need far more skilled labour,' she said. 'Another example would be kitchens and bathrooms which are really time consuming and expensive to build on site. So if you just have to assemble them within a house, that makes it a lot cheaper…everything else can be done offshore. 'Another thing to look at would be the way we design houses. One of the reasons why it's so expensive to build is because Australians really love their houses to be different from their neighbours. 'And so, if we're looking at new areas, if we're starting to build houses that are very similar, then it becomes a lot quicker and cheaper to build houses.'
