The Housing Industry Australia has released a report that analyses the nation’s future building requirements. The report has revealed that the largest policy challenge faced by the Australian property market will be ensuring a sufficient supply of new dwellings to house our growing and ageing population.
"Within a plethora of potential scenarios, the most likely outcome is an annual new home building requirement between now and 2050 that is considerably higher than was has been achieved over the last 20 years,” HIA economist, Geordan Murray said.
“In a scenario where Australia’s population and its real incomes grow at a medium rate – a scenario we believe most plausible – the nation will need to build an average of around 186,000 dwellings per annum.”
The total requirement comprises 152,000 homes to provide housing for new households and between 30,000 to 35,000 dwellings to offset demolished homes and to satisfy the demand for additional housing attributable to a rise in real household incomes.
“In 2013/14, the number of new homes built was about the same as the number of new homes demanded by the population during the year. Unfortunately a match of this kind is an aberration - throughout much of the last decade there was a considerable mismatch between the level of demand for housing and the amount of new home building,” Murray said.
“The challenge for governments is to ensure that policy settings will enable alignment of demand and supply to persist over the long term. This is a policy area deserving of prioritised and coordinated action from all levels of government.”
With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now
Top Suburbs :
tweed heads south
east victoria park
Get help financing your investment
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local expert Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus, our mortgage broking service is at no cost to you.
We value your privacy and treat all your information seriously - you can check out