Housing shortage to get worse
The National Housing Supply Council estimates that Australia had a housing shortfall of 178,400 homes in June 2009. The gap between supply of homes and demand grew by 78,800 dwellings during last financial year. The Council projects this figure will exceed 300,000 dwellings by 2014.
“The Council suggests that underlying demand for dwellings is over 180,000 each year and that while Australia has the land to potentially develop close to this level (176,000 dwellings), planning delays and restrictions and developer charges make such an outcome highly unlikely,” Housing Industry Association (HIA) chief executive Graham Wolfe said.
Source: The Advisor