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{{propApi.successMessage}} {{region}} Change locationPopulation growth outstrips housing supply
Population growth outstrips housing supply
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Above-trend population growth remains driven by elevated net overseas migration.
Net overseas migration (NOM) was 26.3 per cent higher over the 2023 calendar year. The rate of migration did however slow in the December quarter 2023.
This still leaves the estimated resident population around 25,000 people below its pre-pandemic trajectory. This is based on the rate of growth from the decade to 2020.
“The building industry has consistently argued for stable and reliable population growth. The boom/bust cycles in migration seen over the pandemic period leads to undesirable economic, social and business outcomes,” said HIA Chief Economist, Tim Reardon.
“As the main determinant of population growth, the fluctuating nature of NOM has a crucial impact on workforce participation numbers, national skills capacity, productivity and overall economic output,” added Mr Reardon.
“HIA supports a managed migration program that delivers adequate skilled migrants in construction and building professions and trades to meet Australia’s ongoing housing needs.
“HIA estimates that Australia’s future underlying housing demand sits above 200,000 homes per year. Unfortunately, only 172,725 dwellings were completed in the calendar year 2023, This will add to rental and house price pressures.
“The stark demand/supply imbalance in new home building requires significant and swift policy action from all levels of government.
“Up to 50 per cent of a new house and land package is taxes, fees and charges. Reducing these costs is necessary to delivery more homes,” concluded Mr Reardon.
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More complying development means more keys in doors
“Expanding complying development will speed-up the delivery of keys in doors to new homes sooner,” said Brad Armitage HIA Executive Director NSW.
Are your potential clients looking for support to build a new home?
Over the past few years, the Federal Government has made a number of commitments to support homeowners into the dream of homeownership. The ‘Help to Buy Program’ is one of these commitments.
RBA misses opportunity
“The RBA decision to keep interest rates in restrictive territory today will not stop the improvement in leading indicators of future home building,” stated HIA Senior Economist Tom Devitt.
Housing and Productivity Contribution Scheme Works-in-Kind Guideline
In mid-June 2025, the NSW Premier released the Housing and Productivity Contribution (HPC) Works-in-Kind Guideline for public consultation.