The Property Council of Australia champions the industry that employs 1.4 million Australians and shapes the future of our communities and cities. Property Council members invest in, design, build and manage places that matter to Australians: our homes, retirement villages, shopping centres, office buildings, industrial areas, education, research and health precincts, tourism, and hospitality venues and more.
The Property Council’s concerns regarding the lack of rental supply were confirmed in the 2023 Intergenerational Report released by the Treasurer.
That report projects that our population will reach 40.5 million in 2062–63. This number frames our future housing supply challenge. Australia will have a larger population, with more older Australians, requiring appropriate and affordable housing, and younger Australians renting longer and purchasing property later in life by 2062-2063.
To address this challenge, state and federal governments must avoid blunt policy measures that disincentivise investment in housing, such as rent pricing controls, whilst embracing more and diverse housing and rental options. This includes traditional rentals and high-community benefit housing types including Purpose- Built Student Accommodation (PSBA), Built-to-Rent (BTR) housing, as well as options for older Australians in retirement living communities.
Supporting the growth of these housing types increases housing supply which, in turn, reduces the pressure on rental and traditional housing markets.