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By: Staff Reporter
Australia’s housing shortage could skyrocket to almost 500,000 if current building trends persist.
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According to the Housing Industry Association’s inaugural Housing to 2020 report, the cumulated housing shortgage in Australia could grow from 109,000 dwellings to 466,000 in less than 10 years.
HIA senior economist Ben Phillips that in many affordable regions and cities in Australia, well located land is not available or abundant.
“Furthermore, planning restrictions, higher taxation on new housing relative to existing dwellings, labour shortages, and onerous regulation biased toward new housing all add to the problem,” Mr Phillips said.
“If we don’t get a comprehensive supply response to the accumulating housing shortage then the lack of affordable and appropriately located rental properties will only worsen, while pressures on existing home prices will continue at an undesirable rate, placing avoidable upward pressure on interest rates.”
The report found that shortages exist in just under half (295) of the 669 local government areas across Australia.
The majority of the shortages can be found in and around metropolitan Sydney and Brisbane.
