Australia will need another one million homes built over the next five years to accommodate its growing population.
According to HIA research released today, demand for housing will be driven by strong immigration numbers and a decline in the number of persons per dwelling.
NSW expected to feel the most pressure.
HIA’s NSW state executive director Mr Graham Wolfe said that without a significant increase in construction, NSW families would be forced to move interstate to find housing.
“Without a substantial increase in production, rental costs will continue to spiral, leading to an increasing number of families leaving the state to find affordable accommodation and an inevitable increase in the states public housing waiting lists,” said Mr Wolfe.
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