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".
Whether you are looking to buy your first home, move home, refinance, or invest in property, a mortgage broker can help. Access loans from all the major lenders, get help with paperwork – plus there is no charge for this service. Get help from a local mortgage broker
Top Suburbs :
Get help with your investment property
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 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 and appointment is free.
We value your privacy and treat all your information seriously - you can check out