New data continues to paint concerning picture on housing outlook
The Property Council of Australia has raised concerns over the latest Metro Housing Monitor data released by the NSW Department of Planning, Industry and Environment and has called for greater action from the government on housing supply.
NSW Property Council Executive Director, Luke Achterstraat said the recent figures were evidence of why everyday Australians express their concerns about housing affordability and supply.
“This latest data shows 29,785 new homes were built in Sydney over the 2020-21 financial year. This is lower than the 30,190 homes that were completed over the 2015-16 financial year, and around 8 percent lower than the 32,464 homes completed over the 2019-20 financial year,” Mr Achterstraat said.
“The NSW Intergenerational Report states that we need 42,000 homes built per year. With an existing undersupply of almost 50,000 homes across the state, to fall behind a further 12,000+ homes this year puts us in dire straits and highlights the need for positive solutions.
“Without immediate action, aspiring homeowners and renters will suffer ongoing and increasing housing affordability challenges.
“Year after year, more and more Australians give up on their dream to own a house and it’s time for that to change.
“These figures are yet another warning that a failure to tackle the housing supply and affordability issues now will leave a multi-generational impact on those looking to enter the housing market. A failure to address the housing supply issue will only compound housing affordability issues in the long run.”
Mr Achterstraat said that a recurring theme in the Property Council of Australia/ANZ survey showed housing supply and affordability was the top issue that the property industry felt state governments should be focused on.
“As we move out of the immediate health challenges from the pandemic, priority and attention needs to focus on the way in which the property industry can lead the state’s economic recovery through delivery of increased housing supply,” he said.
“Now is not the time to be complacent, we must act with urgency and reignite our focus on housing supply if we are to stave off locking the next generation out of home ownership.”
Media contact: Aidan Green | M 0491 030 028 | E [email protected]