The state government wants to build 80,000 new homes a year. But Victoria is on track to build just 55,000 in the next year.
The rate of home building in Victoria has dropped to the lowest ebb for almost three decades, casting doubt on the state government’s ambitious plan to tackle housing affordability with an average of 80,000 new homes each year.
In fact, such a feat has never been achieved in Victoria. For the 2022-23 financial year, builders started work on 54,097 homes. That was above the long-term annual average of 46,140 homes a year since 1990, but well below the all-time high of 75,572, reached in 2017-18, before the state economy was derailed by the pandemic.
Australian Housing and Urban Research Institute managing director Dr Michael Fotheringham said it was a worthy ambition, although the bottom had fallen out of the home-building sector, which had been hit by rising interest rates, soaring costs, and shortages of labour and raw materials. He said the government had outlined its ambition and vision for housing, but it now needed to outline the funding required to deliver it.
To relieve “acute pressure”, the government has estimated Victoria will need a total of 2.24 million extra homes by 2051 – a projection that was used to derive the promise to build 80,000 homes a year.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
‘Blatant’ violation: Donald Trump fined $US10,000 for violating gag orderJustice Arthur Engoron last week fined Trump $US5000 after finding that he had not taken down a post disparaging the judge’s law clerk.
Read more »
‘Blatant’ violation: Donald Trump fined $US10,000 for violating gag orderJustice Arthur Engoron last week fined Trump $US5000 after finding that he had not taken down a post disparaging the judge’s law clerk.
Read more »
‘Blatant’ violation: Donald Trump fined $US10,000 for violating gag orderJustice Arthur Engoron last week fined Trump $US5000 after finding that he had not taken down a post disparaging the judge’s law clerk.
Read more »
Port forward gets AFL lifeline at third club with bold move back to VictoriaAFL: Saints recruit Paddy Dow says coach Ross Lyon played a large roll in attracting him to the club.
Read more »
Driver allegedly blows five times legal limit after speeding Lexus pulled over in northern VictoriaPolice pulled over a Lexus on the Hume Highway in Longwood East after they allegedly spotted it going 178km/hr in a 110km/hr zone at about 2pm yesterday afternoon.
Read more »
Victoria’s Warner replacement prospects struggle as forgotten Test star fires: Shield wrapCricket: Adam Zampa has continued his impressive form at the World Cup, picking up figures of 4/8 in Australia's massive 309-run win over the Netherlands.
Read more »