Australia will need 1 million more social, affordable homes by 2036

Australia needs to build more than 1 million social and affordable homes by 2036 to arrest the shortfall caused by a lack of investment across decades and anaemic wage growth.

The existing deficit of 651,300 social and affordable homes will blow out to nearly 1,024,000 by 2036, with nearly one-third of the shortfall occurring in NSW, a report to be published on Thursday by the UNSW City Futures Research Centre and Community Housing Industry Association (CHIA) NSW shows.

The figures, based on rental stress numbers revealed in the 2016 census, envisage a boost in the total proportion of social homes – rented to people on social security – and affordable homes – those rented out to designated lower-income earners at about 80 per cent of market rates – from the current 4 per cent of Australia’s housing stock to 12 per cent.

Report: Estimating need and costs of social and affordable housing delivery

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Source: The Financial Review