The fake left Guardian is once again snatching the pearls at its own catastrophic housing failure.
New private residential construction is at its lowest level for almost four decades but spending on renovations has boomed, according to a new analysis.
The report by KPMG found that new private residential construction spending per capita is at its lowest level since 1987-88, as renovation spending surged from 34.2% of total residential construction spend in 2018-19 to 40% in 2023-24.
“For every nail hammered and brick laid in residential construction, 40% of it is going into renovating a pre-existing home,” KPMG urban economist Terry Rawnsley said.
“This indicates that there is not enough money and resources being attracted to expanding the housing stock.
Why are we in this position of mass homelessness? The Guardian’s mass immigration support on the demand side and The Guardian’s support for unworkable Labor/Greens supply-side solutions.
Two charts say it all about the blundering of the fake left.
First, the macro screw-up of tearaway demand with weak supply.
Second, the micro screw-up of rising construction costs.
The answer?
- Slash immigration to zero to redress the demand imbalance
- Smash the gas cartel to redress construction input costs with lower energy prices.
- Interest rates fall and construction booms in the great catch-up.
Or just keep doing what the fake left is doing and enjoy rent, price and homeless peramcrisis.
