The federal government has set a target to build 1.2 million new homes by the end of the decade. A month into the plan, it is already in trouble.
The federal government will fall 260,000 homes short of its 1.2 million target by the end of the decade, with warnings the nation faces chronic housing affordability problems that will weigh on younger generations for years.
Sydney’s median house value has climbed to almost $1.5 million while Canberra , Brisbane and Melbourne are all above $900,000. Asking rents have also soared, climbing by more than 12 per cent in many capitals. He said total house and apartment starts are on track to slip to just 155,700 this year, the lowest number since 2013 when the nation was home to 23 million. Today, the population has reached 27 millionHigh interest rates and high building costs, which had led to the fall in housing starts, would eventually be turned around, Oxford forecasting a record 241,900 starts by mid-2029.
Starts have lifted in Western Australia and the ACT but have fallen in all other states and territories. In NSW, they fell by almost 30 per cent while in the Northern Territory, they dropped by 41.2 per cent. He said despite that increase, the shortage of housing would weigh on property prices and “entrench” affordability issues.
The share of borrowers 30 days behind on their loans has increased from 0.8 per cent to 1.4 per cent since the RBA started lifting rates, while the proportion of people 90 days or more behind has lifted from 0.5 per cent to 0.75 per cent.
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