March 01, 2022

In The Press – Australia facing a housing supply crunch

News & Insights
Written by Rowan Crosby for Elite Agent.
Australia could face a “concerning” housing shortfall of more than 160,000 homes over the next decade, according to new projections.

The National Housing Finance and Investment Corporation‘s State of the Nation’s Housing 2021–22 report shows when net overseas migration returns to pre-covid levels by 2024–25, the number of new households will start to outpace supply to the tune of 163,400 homes by 2032.

Property Council of Australia Chief Executive Ken Morrison said the report highlighted Australia’s housing supply and affordability issues.

“The projections in this report are concerning, and mirror the same warnings the Property Council of Australia has been making for some time,” Mr Morrison said.

“The report clearly shows that between 2025 and 2032, Australia will find itself 163,400 homes short of expected demand.

“That’s an average deficit of 20,000 homes a year, every year, until 2032.

“Overall housing supply is expected to fall by around one-third in just four years from 2023. That can’t be good for housing affordability.”