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{{propApi.successMessage}} {{region}} Change locationLand shortages at core of housing crisis
Land shortages at core of housing crisis
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The HIA-CoreLogic Residential Land Report provides updated information on sales activity in 51 housing markets across Australia, including the six state capital cities.
“An acute shortage of available land saw the price increase by 23 per cent over the three years from March 2020 to March 2023. This compares to just a 5 per cent increase in the three years before that,” added Mr Devitt.
“This land shortage continues to drive up prices despite the sharpest increase in interest rates in over 30 years and will weigh on home building activity in the coming years.
“As the market begins to normalise from the shocks in recent years, it is expected that both sales and prices will return to their historical trend. This depends on the government’s ability to adequately plan its land release pipeline, which in turn depends on the availability of data across all stages of land release.
“On average, it takes ten years to move land through the seven stages of land release.
“Decisions made today about land release can be expected to affect housing supply ten years from now.
“The time it takes to progress from a vacant block of land to a block that is shovel-ready with titles could be a major roadblock to the government’s plan to build a million homes over the next five years” concluded Mr Devitt.
CoreLogic Economist Kaytlin Ezzy said, “Although the rate tightening cycle has seen some capitals record mild declines in recent months, land prices overall have remained fairly resilient, thanks to the shortfall in available land supply.
“While sales numbers have eased significantly from the peak volumes seen during the HomeBuilder scheme, it will take some time before we see a more notable recovery in supply levels. Until then, we can expect land prices will remain elevated, dwelling approvals will continue to track below average, and house commencements will continue easing,” concluded Ms Ezzy.
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Support for tradies to take on apprentice critical to delivering more homes for Australia
“Tonight’s Budget-reply by the Coalition included a key measure to provide $12,000 of financial support for small businesses and tradies to take on an apprentice and support them through their trade” stated HIA Managing Director, Jocelyn Martin.
Own goal housing policy
Treasurer Jim Chalmers, in his Budget speech stated: “And we’re easing pressure on the housing market by banning foreign investors from buying established homes and cracking down on foreign land banking as well.
Budget a missed opportunity to deliver a concrete housing plan
“The Albanese government’s fourth Federal Budget provided a critical juncture to double down and pull out all stops to address the nation’s crippling housing crisis, but, yet again it was a case of focusing on small target solutions, “ Managing Director HIA Jocelyn Martin said today.
If you can’t map the land, you can’t deliver the homes
“Inadequate planning for growth in the demand for land and housing has contributed substantially to the excessive cost and significant undersupply of new homes being felt across all states and territories,” said Mike Hermon, HIA Executive Director Planning & Environment.