Thursday, July 11, 2024

Month: August 2023

Australian Housing Crisis: Nation to fall more than 60,000 short of target in first year: HIA

Australia is on track to fall more than 60,000 new homes short of the 240,000 total needed in the first year of an ambitious new housing affordability crisis-busting program.

And a leading economist has warned to get the numbers up state governments will need to encourage foreign investors, reconsider property taxes and slash planning timelines.

The Housing Industry Association’s National Outlook released today forecasts just 178,839 new apartments, townhouses, units and houses will be built next year.

In 2025 the projections suggest only 195,105 homes will be added to the nation’s housing supply.

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1 In 2 Young People Are Being Turned Away From Accessing Crisis Housing Accomodation

In the midst of a housing and cost of living crisis young people are finding it increasingly harder to find a place to call home.

TikToks capturing hordes of people inspecting (most likely) mould speckled homes on the weekends and conversations of significant rent hikes have become fixtures of what it means to be a young person right now, and for some, things can only be spread so thin before it crumbles.

This week marks National Homelessness Week, and has prompted the NSW Government to reaffirm its plan to drive down homelessness across the state.

A Four-Step Housing Solution

We have a shortage of homes in Australia. There are four steps governments can take to improve supply and ease the pressure.

After decades of debate, all political parties and agencies recognise that there is an acute shortage of housing. This is partially due to an underbuild in the previous decades, a shift toward lower density through the pandemic and strong population growth. The shortage of housing stock has reached such an acute level that all tiers of government are focused on addressing the problem.

When the National Housing Finance and Investment Corporation (NHFIC) released its State of the Nation’s Housing Report 2022-23 in April, it was a significant moment for policymakers. The report’s findings indicate that all levels of government have failed to deliver an adequate supply of homes for Australians. Until then, they failed to recognise the depth of the problem.

The Australian Government’s goal to build one million homes over the next five years is achievable, but even this volume of new homes won’t resolve the shortage. The challenge for them is how to achieve this laudable goal. The following are four necessary steps to increase the supply of new homes.