Australia's 1.2-million-home target falls 100,000 behind schedule
Less than two years in, Australia is more than 100,000 homes short of its five-year target to build 1.2 million by mid-2029.
Australia is running more than 100,000 homes short of schedule on its five-year bid to build 1.2 million new homes by mid-2029. Seven quarters in, just over 308,000 homes have been completed at a rate of about 44,000 every three months.
The government needs to hit almost 69,000 completions per quarter to meet the deadline, not the current pace. Master Builders Australia forecasts a final shortfall of about 260,000 homes if policy does not change.
Tax changes in the federal budget have deterred investors in new housing. Approval delays, workforce shortages, rising material costs and falling property prices are constraining the sector.
Capital city dwelling prices fell 4 per cent in the past three months, the largest quarterly drop since the series began in 1980.
- 1.2 million homes
- Target
- Just over 308,000
- Homes completed
- 260,000 homes
- Current shortfall forecast
- Mid-2029
- Deadline
Why it mattersThe shortfall is widening as construction slows. Approval delays, workforce shortages and falling property prices are constraining the sector.
AustraliaAustralia faces a severe shortage of new homes just when demand is highest, making housing less accessible and pushing up costs for renters and buyers.
✓ Claims checked against the source and corrected before publish. checked 51 min ago
Open this story in InSnip →
