HOUSING SHORTFALL PROJECTED TO BE 308,000 IN THE NEXT 4 YEARS
The Federal Government's National Housing Supply Council (NHSC) report highlights a looming shortfall in property to meet with
The report found that in the 2008-09 financial year, the gap between supply and demand increased by approximately 78,800 dwellings in the year to June 2009, to a cumulative shortfall of 178,400. These results significantly exceeded the council's previous projections which have resulted in a revision to supply forecasts as follows:
The report notes that, ?The economic environment has changed in the past 18 months from a period of moderate interest rates and sustained high levels of economic growth to the sudden and major disruption of the global financial crisis. Associated changes in the housing market and building activity have had significant short-term implications for housing supply.'
While it would appear price growth has cooled for the moment after the significant spike in 2009 it is likely under supply will place pressure back on prices in the mot too distant future.
About the National Housing Supply Council
For more information or to view the full report, visit www.nhsc.org.au