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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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Land prices a roadblock to 1.2 million homes target
“The median price of residential land sold nationally jumped by 6.8 per cent over the 2024/25 financial year, more than three times faster than consumer price inflation over the same period,” stated HIA Chief Economist Tim Reardon.
Time to stop playing politics and fast track overdue EPBC reforms
“The Housing Industry Association (HIA) is calling on all parties to park the games and fast track the delivery of the long overdue EPBC reforms by the end of this year,“ HIA Managing Director, Jocelyn Martin said today.
Audit must not slow delivery of new homes under HAFF
The Housing Industry Association (HIA) welcomes the announcement of an audit into the Housing Australia Future Fund (HAFF) but cautioned that the review should not delay or derail the urgent task of increasing Australia’s housing supply, HIA Managing Director Jocelyn Martin said today.
Rezoning paves the way for Gosford City Centre transformation
“The announcement that the NSW Government will fast-track a major rezoning of Gosford City Centre, unlocking 1,900 new homes across 283 hectares, provides an exciting opportunity for the Central Coast,” commented HIA Hunter Executive Director, Craig Jennion.