Findings of the Housing Industry Associations (HIA) inaugural Housing to 2020 report show if current building trends persist, then Australias cumulated housing shortage would reach 466,000 dwellings by 2020.
HIA senior economist, Ben Phillips said that Housing to 2020, which focuses on future housing demand and the number of dwellings required in meeting this demand, highlights a current housing shortage that already numbers over 109,000 dwellings.
The reality in many regions and cities in
If we dont 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.
A lack of skilled labour is an emerging threat to the much needed housing supply response. A second round resources boom this decade will draw heavily on an already tight labour market. The $90 billion worth of resource projects on the books is expected to demand an additional 136,000 direct and indirect jobs. This labour will need to be housed, adding additional pressure to the supply of labour and materials in non-resource regions.
Housing to 2020 provides the first estimates made of
The report finds that shortages exist in just under half (295) of the 669 LGAs across
It was also found that many of the LGAs with the largest housing shortage are also the same regions with the highest level of demand. Again, its the growth areas in the greater
Current construction levels in most high demand areas are simply not sufficient to meet the needs of a fast growing population.
