A decade-long boom in new residential real-estate development in Australia’s south-east has ended, with the region’s largest ever residential construction event over the weekend.
The peak in the number of new homes to be built in Australia this year came at the end of August, when the federal government announced its long-awaited “greenbelt” program.
More than 8,000 new homes have been built so far, according to official figures released by the Department of Planning and the Environment (DPE), and more than 5,600 have been completed.
The construction of the Greenbelt has generated $16 billion in new housing for the region, according the Australian Institute of Housing and Community Development.
“This is an exciting time to be living in Australia and we will continue to work towards building more affordable housing for all,” Environment Minister Greg Hunt said in a statement.
More than 50 per cent of Australia’s land mass is covered by land held in common by all Australians, with most of the land in the state of Queensland.
Landlocked Queensland has been a major contributor to the development of the “green belt”, and the region has seen the construction of new housing over the last decade.
Queensland’s population has been growing steadily, from around 1.8 million in 2007 to more than 3.5 million today.
In a move to diversify its economy, Queensland introduced a land-use tax in 2011, which was expected to generate around $3 billion over the next four years, according figures from the Department for Planning and Environment (DPU).
“The land-lease tax has been an important source of investment for our economy and the state, and will continue for many years to come,” DPU secretary Mark Taylor said in the statement.
“We have a long-term plan for how we can sustain and support Queensland’s economy over the longer term.”
A total of 6,300 homes have also been built in Queensland’s Sunshine Coast region, with a total of 1,600 of these being built since 2015.
However, Queensland’s capital has seen a slow growth in residential housing activity over the past two years.
From December 2015 to June 2017, the number and volume of new residential construction rose in the Sunshine Coast by around 20 per cent.
Meanwhile, in Victoria, construction has been falling in the city of Melbourne, and in the Melbourne suburb of Richmond, and the Melbourne-Sydney region.
This has been driven by a lack of demand from the construction industry and low prices.
The construction industry in Victoria has also been hit by low oil prices.
It is believed that the drop in the value of the Australian dollar over the course of the past year was due to a strong Australian dollar, which has caused some construction companies to lower the prices of their goods and services.
But this is not the only factor that is limiting the availability of new apartments.
Despite being the largest construction market in the country, Australia is still in a housing crisis.
Australia is currently home to around 4 million people.
Of these, about 5 million are renting or sharing their homes.