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