New home building has slumped by 27 per cent from its pre-pandemic high of five years ago.
an increase of 650,000 migrants over the next two years as international students, working holidaymakers and skilled migrants return.cut its forecast on new home productionOn top of that, single-person households will grow to become the second-largest cohort of households by 2032, increasing local demand, NHFIC forecasts.
As the boom eight years ago showed, apartments and townhouse development can expand in a way standalone homes cannot.Ms Viney, the head of for-profit fund manager Super Housing Partnerships, which aims to tap super fund money to build up a portfolio of affordable housing, said institutions would not completely replace individual investors, but ever-higher purchase prices would increasingly push them out.
In Australia, build-to-rent and other forms of institutionally owned housing still only account for a tiny proportion of the total. It will take decades for them to make up a significant chunk of the stock.Developers say state governments must encourage more retail-level investment in attached housing stock by ending the higher surcharges on offshore investment in apartments and bringing back tax incentives to encourage local investors as well.
Until Australia’s market-driven housing development machine creaks back into action and creates new stock, stresses will increase.This threatens a migrant-dependent economy. If Australia – in a global competition to import skilled workers – promises a dire housing situation when they come, people with a choice of destinations are more likely to consider alternatives.
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