National new home approvals fell 8.1 per cent in July, with attached dwellings down 15.8 per cent, challenging the federal target of 1.2 million homes in five years. UDIA predicts completions around 30 per cent below the long-term average within 18 months, worsening rents and prices.
As I told realestate.com.au: “UDIA National has been warning of a major contraction in new housing construction and productivity for some time, and that prediction is coming true just at the time when we need to be increasing new housing supply and re-stocking our pipeline”
I also said: “The ever-worsening reduction in new housing supply is leading to skyrocketing house prices and rentals, and we predict this becoming much worse over the next 18 months.”
realestate.com.au, 1 September 2023 — Read the full article