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The Federal Government’s HomeBuilder scheme may have led to a flurry of construction but a new report reveals a potential supply shortfall of more than 160,000 houses in the next decade.
The National Housing Finance and Investment Corporation (NHFIC) report says difficulties in accessing new land and increased demand as a result of the growing economy and net overseas migration means demand is rapidly outpacing supply.
It says state governments need to boost housing supply and identifies particular constraints in Sydney and South-East Queensland.
The report says between 2025 and 2032, Australia will find itself 163,400 homes short of demand with supply expected to fall by a third in four years from 2023.
NHFIC chief executive Nathan Dal Bon says it has been a remarkable 18 months for Australia’s housing markets – with the largest population shock in a century, unprecedented government stimulus, a widespread flight to the regions, and with accelerating house price growth and tightening rental markets impacting housing affordability.
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