Get the appIndependent Member for Nelson Meg Webb says the Legislative Council will debate a formal request for the government to release the final expected total construction costs of the Macquarie Point stadium. The debate is set for the following day.
The Queensland outback town of Quilpie is offering 62 new residential lots and a $20,000 grant to people who build a home. Its earlier free land scheme in 2021 attracted wide interest but met only a small target, with two homes built since. Builders Heather and Matt Stennett say construction costs in the remote town are prohibitively high, with materials freighted over long distances. Mayor Ben Hall says even 20 new residents would have a major impact on the town's growth.
Morgan Stanley now expects national house prices to fall 10 to 15 per cent from their peak, with a trough in the second half of 2027. The bank said this would be Australia's largest nominal housing downturn in over 40 years. Dwelling prices have already dropped 5.2 per cent since March, according to Cotality. Higher construction costs, rising unemployment risks and a slower building pace are also weighing on the sector. Construction costs rose 3.2 per cent in the 12 months to September, with plastics prices driven up by fuel costs.
Alerts, Shorts and your saved stories — free on Google Play.
Get the appMore than 10,000 apartments across Brisbane and the Gold Coast have been postponed or placed on indefinite hold, according to PRD data worth an estimated $5.4 billion. Rising building costs and a shortage of builders are cited as key pressures on developers. PRD chief economist Diaswati Mardiasmo says the shortage is likely to keep apartment prices high. Property Council of Australia Queensland executive director Jess Caire said approving housing alone does not deliver homes. Charter Keck Kramer forecasts that labour and material shortages will worsen from the 2027-28 financial year.
Australia's Trade Remedies Commission has found Chinese aluminium windows and doors were dumped in the country, undercutting local prices and harming domestic manufacturers. From today, importers must lodge financial guarantees of between 5.3 and 73.3 per cent of product value. Experts warn the guarantees could raise construction costs. The commission estimates Chinese imports have cost the local industry about $350 million. The industry minister will make the final decision on whether duties are imposed, with final recommendations due by December 16.