New data shows the number of houses being built in Australia is dropping, only 41,329 homes finished in the first quarter of 2024.
The data is 9.5 per cent lower than the previous quarter, becoming the second lowest in a decade.
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According to the statement released by the property council, the shortfall jeopardises Australia’s goal of 1.2 million new homes by 2029.
Property Council Group Executive Matthew Kandelaars said that the current pace would result in approximately 830,000 homes built over the next five years—falling short by a substantial 370,000 homes.
“This data underscores the magnitude of the challenge we face and emphasises the urgent need to ramp up our efforts,” Mr Kandelaars said.
“To achieve our housing target, we must average 60,000 new homes per quarter over the next half-decade. At the current rate, we are well below this benchmark,” he said.
Mr Kandelaars also highlighted the necessity for increased governmental support and intervention to bolster housing supply.
He urged for enhanced federal funding, state resources, and a proactive approach to regulatory measures to stimulate construction activity.
“The solution lies in a concerted effort across all levels of government to facilitate a conducive environment for the housing sector,” Kandelaars added.
“Addressing this housing crisis demands unwavering determination and swift action to meet the critical housing needs of Australians.”
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