If current residential building trends persist, Australia will have a shortfall of 466,000 dwellings by 2020, the Housing Industry Association says.
The finding is contained in the association’s Housing to 2020 report, which examines future housing demand and the number of dwellings required to meet it.
The housing shortage already numbers 109,000 dwellings, the report says, as high migration pumps up demand while new building remains lacklustre.
“The reality in many regions and cities in Australia is that affordable, well-located land isn’t available or abundant,” says the association’s senior economist, Ben Phillips.
“Furthermore, planning restrictions, higher taxation on new housing relative to existing dwellings, labour shortages and onerous regulation biased toward new housing all add to the problem. More….