Mike Zorbas, CEO of the Property Council, shared a dire prediction last week from the National Housing Supply and Affordability Council, indicating that by 2029, only 943,000 of the needed 1,200,000 homes will be built, pointing to a severe upcoming deficit in housing supply that threatens to intensify the affordability crisis.
Proposed solutions for systemic improvement
The council’s recent report, “State of the Housing System 2024”, outlined 10 areas to enhance the housing landscape.
These include increasing social housing investments, enhancing rental market conditions for tenants, boosting construction sector capacity, enhancing the efficiency of land use and planning systems, increasing data availability, and tackling region-specific housing challenges. There are also improving housing outcomes for First Nations, assessing the appropriateness of the national housing target, and ensuring that Australia’s taxation system supports housing supply and affordability.
“In the report’s own words, we need more housing of all types – social housing through to market homeownership,” Zorbas said in a media release.
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