Surge in demand for new homes as construction cost pressures ease
Construction activity is strongest in the multi-residential sector in Victoria
2 min
Demand for new homes is surging after a lacklustre year – and one property type is proving particularly popular among would-be buyers.
The latest New Homes Report from research firm PropTrack shows a 16 per cent increase year-on-year in search enquiries for new developments on realestate.com.au in July.
Boutique luxury apartments are especially in-demand, data shows. Enquiries for unit projects in inner Melbourne are the highest in the country.
The Victorian capital accounts for 34 per cent of all current residential construction projects in the country, with most underway in the inner-city.
Enquiries are the second highest on the Gold Coast, home to nine per cent of all current apartment developments.
Adelaide’s central and Hills regions have the most enquiries per development, but the number of projects underway in the city are particularly low, meaning more would-be buyers for fewer listings.
Analysis of demand shows premium unit complexes with rooftop swimming pools, wine rooms and gums are popular.
In July, Elysian Residences in Sherwood in Brisbane’s inner-south saw the most enquiries, followed closely by Murcia in Wollongabba in the inner-city.
The Walmer project in Melbourne’s Abbotsford came in third for the most enquiries sent by property seekers on realestate.com.au.
The New Homes Report also reveals the pace of building cost increases has slowed over the past year, with prices stabilising as supply chain issues improve.
Input prices rose by 0.6 per cent in the June quarter, which is the lowest increase in 18 months, Australian Bureau of Statistics data shows.
The cost of certain essential building materials, like concrete and plumbing products, has risen. However, the extent of those increases has been offset considerably by a slump in steel prices.
It marks good news for the construction sector, which has struggled through a tough period of time.
PropTrack senior data analyst Karen Dellow said the development of new dwellings slowed significantly over the past few years.
“The pandemic caused supply chain issues, increasing the price of essential building materials, which increased building costs, while labour shortages have also been a growing problem,” Ms Dellow said.
Frequent construction site shutdowns during Covid-19 stalled work and slowed down new home completions, she added.
“As a result, the higher cost of new properties led to decreased demand, compared to its peak in September 2021, when the government’s HomeBuilder Grant drove many property seekers to build houses to take advantage of the government subsidy.
“The combination of labour shortages and increasing prices has led to a backlog of work impacting the approval and commencement of future developments.”
However, ABS data shows easing construction costs might be helping to get work out of planning phases and into production.
There was a 14 per cent increase in new commencements in the March quarter, the latest figures reveal, totalling 46,546 dwellings. That has been driven by a whopping 57 per cent increase in apartment and townhouse commencements.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
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Amer Group has revealed the latest addition to the Porto Said project.
4 min
Amer Tourism Development Company, a subsidiary of Amer Group, has unveiled the Royal Tower phase, the latest addition to the Porto Said project. This phase offers a unique investment opportunity due to its prime location and luxurious designs. The project is notable for its strategic positioning, excellent climate, and breathtaking sea views.
Located on the Port Said-Damietta Road, Porto Said is ideally situated just 10 minutes from Port Said port and 15 minutes from the city of Damietta. Leveraging decades of experience, Amer Group has successfully positioned this mega-project as the ultimate destination for those seeking excellence and luxury.
Dr. Amged Sebak, the CEO of Amer Group, expressed his great delight in launching this phase, affirming the great importance the company attaches to the project as one of its most important projects. “We are proud to announce the opening of the ‘Royal Tower’ phase in the Porto Said project, which represents a new step towards realizing our vision of providing a luxury and integrated living experience to be a symbol of elegance and prosperity, and providing all the amenities and services that ensure the comfort and prosperity of its residents. In addition to its strategic location in Port Said, it makes it an ideal destination for living and investment. We are committed to providing the highest standards of quality in all aspects of the project, from luxurious interior designs to advanced infrastructure and distinguished services.”
Dr. Amged Sebak added, “In Porto Said, we believe that the luxurious life requires a balance between comfort and convenience, and between innovation and tradition. Therefore, we have ensured that ‘Royal Tower’ is a place that combines these elements and provides a unique residential experience. It provides residents with stunning views that create an atmosphere of tranquility and relaxation. Residents can enjoy the blue waters and surrounding green spaces, making every moment in ‘Royal Tower’ an unforgettable experience.”
All units of “Royal Tower” are distinguished by their unique facade, making it a haven that combines comfort and convenience, and exudes an aura of elegance and sophistication. Every element of these units has been meticulously studied, and the designs have been executed according to the highest standards, reflecting a sense of luxury and simplicity. The residential units in “Royal Tower” vary between luxurious apartments, meeting all the needs of the residents and providing them with a comprehensive living experience. The designs of the “Royal Tower” units rely on the spacious areas that provide complete comfort for the residents. They include large windows that allow natural light to enter and panoramic views of the swimming pools and green spaces, and the flooring is made of luxurious marble and the interior finishes have been carefully selected to complement the luxurious character of the units.
The Port Said project offers a diverse range of hotel services and residential apartments, in addition to a seafront promenade that includes a variety of restaurants and cafes for the best times. The hotel services in the project include a five-star hotel that provides the finest services and facilities to ensure an unforgettable stay experience. The hotel is equipped with the latest amenities and technology, including a luxurious Spa, Gym, and indoor and outdoor swimming pools.
The project also includes residential apartments, a sports club, restaurants and cafes, an administrative building, a medical center, an international school, and a hotel. The beachfront extends for 1.3 kilometers and includes bike and running paths, as well as a mosque. The project is designed to be an ideal destination for both families and individuals, providing all the amenities and services that residents may need. The project includes the NIS international school, which offers advanced educational curricula to meet the needs of students of all ages and prepare them for a bright future. The Port Said Sports Club provides a variety of sports and recreational activities for residents, including football, tennis, swimming, and many other sports. The club is equipped with the latest facilities and equipment to ensure a comprehensive sports experience.
Porto Said is a hub for the latest innovations and trends in lifestyle, offering a new world and a distinguished way of life with endless possibilities. The project is committed to providing a high-end living environment that ensures the comfort and well-being of residents, while also preserving the surrounding natural environment. The green spaces have been carefully designed to be in harmony with the surrounding environment, providing a calm and refreshing atmosphere for the residents.
The Porto Said project is committed to providing an integrated living experience for the residents, and therefore a diverse range of events and activities are organized throughout the year. These events include music festivals, art exhibitions, workshops, and sporting events. These activities have been designed to suit all age groups and provide opportunities for social interaction and communication among the residents.
Porto Said has been designed to be a safe and comfortable community for the residents. The project is equipped with the latest security and monitoring systems to ensure the safety of the residents around the clock. Security and guard services are also available at all entrances and exits of the project to ensure the privacy and security of the residents.
Porto Said is committed to implementing sustainability practices in all aspects of the project. These practices include the use of sustainable building materials, the application of energy-saving techniques, and the effective management of water resources. The project aims to reduce its environmental impact and promote sustainability to preserve the environment for future generations.
The opening of the “Royal Tower” represents a new step in Porto Said’s journey to provide a luxurious and distinctive living experience for the residents.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
