The Australian Residential Development Outlook shows an average of 150,000 dwellings built annually, but even that is not enough to address the current undersupply in the country, according to RP Data.
Dwelling construction has been increasing, with an 180,000 forecast for the coming year. Construction costs have also been increasing, but the major hurdle is to address the shortage in housing. It is also important that an environment conducive for the property sector is laid out, as house prices continue to increase, rising unemployment rates and an expected increase in interest rates.
Residential Development Council executive director Nick Proud suggests that policy issues have become roadblocks to affordability and that the government should review policy and whether changes are needed, especially in certain key areas such as planning delays, stamp duty and other unnecessary costs.
Read more about this on the Property Observer website.
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