Now that the dust has settled after the 2019 Federal election and parties review their policies going into 2020, one thing that must change is the attack on capital gains tax and negative gearing, HIA Managing Director Graham Wolfe said.
The Australian Industry Group/Housing Industry Association Australian Performance of Construction Index (Australian PCI®) climbed 1.3 points to 43.9 in October (2019), indicating a slight easing in the construction industry’s overall rate of contraction (readings below 50 indicate contraction in activity, with the distance from 50 indicating the strength of the decrease).
“Building approvals rebounded for the month of September (2019), increasing by 7.6 per cent compared to the previous month but remain well below levels experienced in recent years,” stated HIA Chief Economist Tim Reardon.
“The cuts to interest rates have more than offset the rise in home prices to ensure an ongoing improvement in housing affordability,” stated Tim Reardon, HIA’s Chief Economist.
“New home sales bounced back in September (2019) to return to levels seen during the latter half of 2018,” stated HIA Economist, Angela Lillicrap.
Further detail about the Federal Government’s plan to help first home buyers through its loan deposit scheme is a welcome step in helping more Australians into property ownership and improving confidence in the housing sector.
“Housing is a national priority and HIA welcomes the Senate passing legislation that will facilitate the next step in making the First Home Loan Deposit Scheme a reality,” stated Graham Wolfe, HIA Managing Director.
Property industry sentiment across Australia has retreated from its post-federal election bounce to below the historical average according to the latest ANZ/Property Council Survey for the December 2019 quarter.
More than 70% of Australians still consider property ownership to be the Great Australian Dream, new data has found.
Australia’s new Infrastructure Audit is a clarion call for the need to keep investing in infrastructure to support the economic and social transformation of our major cities.