Mark Bainey News Today

Capio founder Mark Bainey says he is cashed-up and looking to buy more sites after buying a 5000-square-metre property in Sydney’s Carlingford.

A plunge in new home building to a 10-year low will collide with the arrival of a record 1.5 million migrants, worsening housing shortages, driving up rents and inflating real estate prices.

Of the 22 development projects funded last year by non-bank lender Salvest, not one has commenced construction.

Rising interest rates and lower prices have increased the risks for off-the-plan apartment buyers who are due to settle this year or next.

Residential construction costs surged by a record 11.9 per cent over the past 12 months, but they are now easing amid falling demand, the Cordell Construction Cost Index shows.

The premium for houses over units has narrowed dramatically since May, as the rapid rise in interest rates triggered a faster deterioration in detached housing values compared to units, analysis by CoreLogic shows.

Land prices more than tripled on the Gold Coast in the year to March and surged by 19.7 per cent nationwide, the fastest annual growth in 18 years.

Cash rate lifted to 1.35%, economists tip plunge in housing market over next 12 months, Qld nears its energy cap for second consecutive month, + MORE.

Landlords who sold their rental apartments across Sydney’s waterfront suburbs during the September quarter made hefty profits, but the outlook is less rosy.

The sharp rise in vacant land prices over the year, together with rising construction costs, will place further pressure on the cost of new housing.