Housing completions in Australia have fallen significantly, raising concerns about meeting national housing targets, the Property Council reported.
According to ABS, the first quarter of 2024 saw only 41,329 homes completed, a sharp decline from the 45,643 completions in the December 2023 quarter.
This seasonally adjusted drop of 9.5% marks the second-lowest quarterly completion rate in the past decade.
To meet the national target of 1.2 million new homes by 2029, Australia needs to average 60,000 home completions each quarter over the next five years. The current pace falls far short of this goal.
Matthew Kandelaars (pictured above), Property Council group executive for policy and advocacy, stressed the gravity of the situation.
“Today’s figures reveal the extent of the challenge and just how much we need to lift our game to hit our targets,” Kandelaars said in a media release.
“If housing supply stays this low, we will only manage to build around 830,000 homes over the next five years, leaving us a whopping 370,000 short.”
Kandelaars urged government intervention to address the crisis.
“If we don’t start increasing the pace, we will miss what should be an achievable target by a country mile,” he said. “Governments across the country need to utilise every possible measure to assist the industry deliver the supply of new homes we so desperately need.”
Kandelaars highlighted the necessity for a concerted effort.
“We will only achieve our target of 1.2 million homes by applying increasing amounts of federal funding, state resources, and a ‘yes’ mindset to reach that goal,” he said.
“It’s time to properly address our housing crisis with determination and speed that matches the urgent need to provide more housing for Australians.”
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