![]() ![]() It’s the asset considered most reliable to underpin other industries.Ĭonsider how dependent major infrastructure and transport, as well as the retail, manufacturing and services sectors are on the stability of bricks and mortar. ![]() Meanwhile, Australia seemingly charged full steam ahead, propelled by government policy designed to stimulate our most relied on (and culturally loved) commodity, being residential property!Īny time the global economic footing starts to look a little dicey, real estate jumps to the top of political agendas. The rest of the developed world is still working its way out of the sludge, with some countries only just starting to make a bit of economic headway now and most still awaiting any form of meaningful resuscitation. We’re experiencing a moment in time in a way that many never predicted possible, within the same decade of the worst global financial crisis in modern history. But is the future fate of our real estate sector really as black and white as ‘what goes up, must come crashing back down’?Īnd what would the ramifications be if our housing markets were to falter significantly over the coming decade? What social, political and economic consequences could we expect, that the government will do everything in their power to avoid?Īs a collective, our nation is at a tipping point of sorts. “The need to encourage investors is crucial,” Mr Devitt said.The ‘ Australian property bubble’ has been talked up a lot. Revising taxes on development and investment, particularly state-based levies on international buyers, would need to be considered nationwide. “But it does require explicit actions by the government,” Mr Devitt said.īetter planning regimes around releasing land for development would be a key aspect, however he said incentivising investors - including foreign investors was also vital. ![]() HIA senior economist Tom Devitt said with Australia commencing 231,183 homes in the midst of the HomeBuilder boom in 2021 and 234,234 in the 2016 apartment boom, the revised target would actively improve housing affordability, and while “ambitious”, was “very doable” despite current expectations. The new target would require 240,000 new homes to be built each year to reach, with states that go above and beyond to take a share of a $3bn incentive fund revealed by the Prime Minister on Wednesday. It comes after a national cabinet meeting this week pledged to make Australia’s housing shortage a key focus, adding 200,000 homes to a previously declared target of building a million new residences across the nation by the end of 2029.Īustralian is on track to fall thousands short of their target for newly built homes. In 2025 the projections suggest only 195,105 homes will be added to the nation’s housing supply. Slice of AFL history for sale in Melbourne How buyers cause underquoting confusion as agents hit with fines RELATED: Why new buyers won’t get into homes until 2049 The Housing Industry Association’s National Outlook released today forecasts just 178,839 new apartments, townhouses, units and houses will be built next year. Australia is on track to fall more than 60,000 new homes short of the 240,000 total needed in the first year of an ambitious new housing affordability crisis-busting program.Īnd a leading economist has warned to get the numbers up state governments will need to encourage foreign investors, reconsider property taxes and slash planning timelines. ![]()
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