A State of the Housing System report warns of worsening conditions across the housing system, unless the government fulfils all of its promises.Community Housing Industry Association wants the government to double its $10 billion Housing Australia Future Fund.
The National Housing Supply and Affordability Council described Australia's housing market as inequitable, unaffordable and undersupplied.Property prices surged once again in April due the ongoing shortage of housing and rising demand.
"So currently we are looking at a shortfall of new demand versus new supply, a shortfall of 40,000 over that period … Of course that does not go to address the undersupply that's already in the system," Ms Lloyd-Hurwitz said. "It takes the average prospective homeowner around 10 years to save a 20 per cent deposit for an average dwelling. Even with a deposit, only 13 per cent of the homes sold in 2022-23 were affordable for a median income household," the report said.
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