Australia’s builders are suffering a three-speed market as high interest rates erode households’ ability to borrow and build dwellings.
Australia’s builders are suffering a three-speed market as high interest rates erode households’ ability to borrow and build dwellings, major home builders say.
Perth is relatively active and affordable, Queensland and South Australia are trading quite strongly whereas New South Wales and Victoria are the “most challenged from an affordability point of view,” Blackshaw said.HIA chief economist Tim Reardon said on Thursday that slowing sales and building approvals will flow through to a decade-low volume of new houses commencing construction in 2024.
Nex started construction on about 2400 homes last year. This year that number has halved. “We forecast where the market was going. We’ve always taken a conservative approach, so we readjusted our overhead structure accordingly,” he said. The result was a string of high-profile builder collapses including Victorian and Queensland volume builder Porter Davis which rocked consumer confidence in the industry.
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