Powered by MOMENTUM MEDIA
Powered by MOMENTUM MEDIA
SUBSCRIBE TO OUR NEWSLETTER SIGN UP
Powered by MOMENTUM MEDIA

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Housing shortage to continue in 2008

Staff Reporter 1 minute read

The short-term outlook for the nation’s housing supply looks bleak, according to forecasts by the Housing Institute of Australia (HIA).

HIA NSW executive director Graham Wolfe today said the prospect of further interest rate rises, coupled with rental shortages, rental costs and housing affordability, is creating real concerns for building activity.

“As a nation we are building at least 20,000 new dwellings fewer than are required to meet the demands of our growing population,” Mr Wolfe said.

“It’s little wonder the rental housing stock is so tight,” he said.

While new house starts are expected to drop by two per cent in 2007/08, HIA forecasts for 2008/09 are encouraging – when new housing starts will increase by eight per cent.

Advertisement
Advertisement

Meanwhile, HIA expects renovation activity to surge by over $1 billion in the next two years as Australians cope with the undersupply of housing.

Published: 21-02-08

Housing shortage to continue in 2008
default
TheAdviser logo
default

TODAY'S POLL

View results >

Who do you aggregate through?

Thank you for your vote, you can see the results here.

more from the adviser
court gavel ta Court rules against bank for ‘unfair’ loan terms

The Federal Court has declared a number of loan contracts entered...

APRA RBA ta RBA, APRA sing different tune on serviceability buffers

APRA chair Wayne Byres has dismissed the need for a cut to the bu...

loanapplication Remodelled FHB scheme cops backlash

From 1 July, all applications for the FHLDS will require a Notice...

FROM THE WEB