Australia's housing shortage is set to rocket to a shortfall of nearly half a million dwellings within ten years.
According to the Housing Industry Association, the national shortfall of dwellings - currently estimated at 190,000 - will widen to 466,000 by 2020 due to population growth. HIA chief economist Harley Dale also blamed planning constraints on for the projected increase.
"At the end of the day, the lack of adequate, affordable land supply is at the heart of the problem," he told the Australian Associated Press. "The number of processes a development must go through is higher now than was the case 10 years ago. We are regressing rather than progressing in terms of the bureaucracy involved in building a new home."
Dale estimated that it takes seven to eight years for a greenfield site to reach completion - an "unnecessarily long period that pushes up costs and reduces supply".
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
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