Property development: Australia will fall 300,000 homes short of 1.2 million target, National Housing Supply and Affordability Council says

Labor’s target of 1.2 million new homes in the next five years has been shot down by its handpicked national council which forecasts a shortfall of nearly 300,000 homes, aggravating existing shortages and affordability problems.

The fastest growth in new loan commitments came from investors with a 3.8 per cent monthly gain to $10.2 billion-worth. Owner-occupier borrowers remained the largest component of the total, with a 2.5 per cent increase to $17.5 billion from February. But the council’s report makes clear that Australia’s private market-driven model of new housing development can’t produce the homes the country needs – and not at the speed it needs them.

“Multifactor productivity in the construction industry has fallen by 0.2 per cent per year since 1989–90, while productivity in other industries has increased,” the report says.

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