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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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Home ownership gets even further out of reach for first home buyers in NSW
“Long-standing constraints on new home building in NSW, particularly land supply and planning system inefficiencies, are locking more and more first home buyers out of home ownership,” stated HIA Executive Director, NSW, Brad Armitage.
HIA welcomes government support to address the ‘Missing Middle”
HIA has welcomed the Tasmanian Government’s announcement of a Density Incentive Grant Scheme for medium and high-density housing developments.
Lending restrictions should be eased
“Restrictions on lending have been progressively tightened over the past 15 years making it increasingly difficult for banks to lend to first home buyers. Despite this increase in lending restrictions and the cost of lending, mortgage delinquency in Australia remains exceptionally close to zero,” stated HIA Economist, Maurice Tapang.
“Australia's housing crisis is driven by lip-service, hypocrisy and an investment culture”
In his article today, published on abc.net.au, Alan Kohler states: “In 1999 came the final death knell of housing as a "right", when it became an investment asset after the Howard government halved capital gains tax.”