The Housing Industry Associations (HIA) Housing to 2020 report shows that at current building levels Australia’s housing shortage could reach 466,000 dwellings by 2020.
“Planning restrictions, higher taxation on new housing relative to existing dwellings, labour shortages, onerous regulations and a lack of affordable well located land all add to the problem” said HIA senior economist Ben Phillips.
“The lack of affordable and appropriately located rental proprties is likely to worsen and continued price pressures on existing homes will continue-leading to upward interest rate pressure” Mr Phillips said.
‘The majority of the shortages can be ound in and around Sydney and brisbane” said Mr Phillips.
“Current construction levels in most high demand areas are simply not sufficient t meet the needs of a fast growing poulation”.