Property Buzz

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Australian residential dwelling values hits a new high, NSW reviews options to boost housing supply, and businesses reassess their office needs for the years ahead

Welcome to Property Buzz! I’m Juliet Helmke

– The total value of residential dwellings in Australia rose to $10.9 trillion in the June 2024 quarter, according to the Australian Bureau of Statistics.

– This represented an increase of $225.9 billion from the March 2024 quarter when dwellings totalled a value of $10.7 trillion.

– The number of residential dwellings climbed by 52,900 homes to 11.2 million during the June quarter.

– Of the total value of residential dwellings, $10.5 trillion was owned by households.

– All states and territories except Victoria recorded an increase in the total value of residential dwellings, while, the national mean price of residential dwellings jumped by roughly $15,000 to $973,000 during this quarter, with all states and territories except Victoria witnessing growth.

– The NSW government has accepted a report on housing supply challenges and policy options, which includes 32 recommendations to improve housing supply and construction.

– The report focuses on four themes: freeing up construction capacity, streamlining the development process, supporting the construction sector, and ensuring a diverse and equitable supply of homes.

– The government is developing an action plan to implement the recommendations, with a focus on addressing bottlenecks and enhancing housing supply. The report emphasizes the urgency of action.

– Major business leaders in the Asia Pacific region plan to increase their commercial real estate investments through 2030, according to a JLL survey.

– The data indicates a shift towards increased office space use, with 49 per cent of APAC companies advocating for full-time office work. India and China led this trend, while Singapore, Korea and Australia were among the APAC nations that said they preferred hybrid workstyle.

– Currently, 85 per cent of APAC organisations require at least three days of office attendance per week, with expectations of an increase by 2030.

That’s Property Buzz for today. See you again tomorrow, 14 September, for your daily dose of Property Buzz.

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Australian residential dwelling values hits a new high