Construction costs ease but labour supply problems persist
The handbrake is still on the Australian residential building market as industry remains at a crossroads
2 min
Last week’s data from the Cordell Construction Cost Index (CCCI) revealed the cost of building materials is finally beginning to slow, but construction woes are not over yet.
Ray White chief economist Nerida Conisbee said while the cost of key materials such as timber and steel had eased over the past quarter, other factors meant that delays in the building industry are set to continue.
“While cheaper materials are helping things, labour supply remains a problem with too few workers,” Ms Conisbee said. “Over the past quarter there were 33,100 job vacancies in the construction industry. This however is a reduction from the 40,000 vacancies 12 months ago.”
Those hoping that more favourable conditions means that more new housing stock would come onto the market would also be disappointed, she said.
“While it’s great news that construction costs are slowing, there will continue to be challenges in getting enough homes built over the next two years,” she said. “Building approvals are currently at a decade low and it will take some time for the pipeline to build.”
Population growth that has seen numbers increase by 500,000 in the past year was likely to put further pressure on demand for more homes.
“That means that in just one year, we need roughly an additional 200,000 homes,” she said. “With 173,000 homes built last year, we are falling short in just one year by 27,000 homes.
“Reaching greater affordability for buyers and renters is unlikely to happen anytime soon with such a shortfall.”
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
The G80 Sport makes its entrance, displaying dynamic design details and elevated automative capabilities.
2 min
Juma Al Majid LLC, the exclusive dealer for Genesis in the UAE, has launched the G80 – a cutting-edge luxury sedan. Merging tradition with innovation, this model embodies Genesis‘ relentless pursuit of superior design, state-of-the-art technology, and unmatched luxury.
The new G80 marks a significant milestone in introducing Korean automotive excellence to the UAE, highlighting the brand’s commitment to providing exceptional experiences.
Meticulously crafted, the redesigned G80 adheres to the ‘Athletic Elegance’ design philosophy synonymous with Genesis. This luxury vehicle features refined details and cutting-edge specifications, combining comfort and style to elevate every driving experience to new heights.
“The debut of the all-new G80 in the UAE market propels our vision to converge advanced technology and refined elegance”, stated Suliman Al Zaben, Director of Genesis, UAE. “This launch is a step forward for Genesis in the UAE market and strengthens our efforts to offer ultimate luxury, innovation, and unique design to our incisive customer base.”
With a new dual-mesh design, the G80’s exterior enhances the sophisticated appearance of the Two-Line Crest Grille, paired with iconic Two-Line headlamps featuring Micro Lens Array (MLA) technology. This highlights Genesis’ commitment to harmonizing advanced technology with elegant design. The five 20-inch double-spoke wheels exude a dynamic aesthetic, resembling sleek aircraft lines, complementing the car’s parabolic side profile. Rear diffusers conceal mufflers adorned with distinctive V-shaped chrome trim inspired by the Crest Grille, embodying an eco-conscious ethos in today’s technology-driven era.
The G80 reinforces Genesis’ design philosophy in its interiors, inspired by the uniquely Korean concept of the Beauty of White Space, integrated with state-of-the-art technology to create cosmetic brilliance for users. The 27-inch-wide OLED display seamlessly combines the cluster and AVN (Audio, Video, Navigation) screen in a horizontal layout, extending to the center fascia, showcasing its flair for innovative technology. The touch-based HVAC (Heating, Ventilation, and Air Conditioning) system offers ease of control, while the redesigned crystal-like Shift By Wire (SBW) ensures a comfortable grip, infusing a sense of luxurious convenience.
With its dual-layered Crest Grille and expanded air intakes, the G80 Sport package delivers a dynamic and sporty spirit. Exclusive interior options, such as a D-cut steering wheel and carbon accents, enhance its sporty allure. Equipped with Rear Wheel Steering (RWS) and Electronic Limited Slip Differential (E-LSD), the G80 Sport 3.5 twin turbo model is built for stable control during high-speed maneuvers.
Fitted with advanced safety and convenience features, this luxury sedan includes Remote Smart Parking Assist 2, Lane Following Assist 2, and a Fingerprint Authentication System. The three-zone HVAC system provides customized climate control for all passengers. With two powertrain options – a 2.5 turbo engine delivering 300 horsepower and 43.0 kgf·m of torque, and a 3.5 twin turbo engine producing 375 horsepower and 54.0 kgf·m of torque – superior driving dynamics ensure a silent and luxurious driving experience.
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
