Australia faces huge housing shortfall as new home sales slump

According to The Australian Financial Review, a dramatic slump in new home sales will exacerbate the national rental and affordability crisis and put further pressure on the ability of new housing supply to meet future demand, the Urban Development Institute has warned in its latest State of the Land report.
According to the benchmark report, over the 2022 calendar year, greenfield lot sales almost halved and settled apartment sales fell to their lowest level since the global financial crisis as buyer demand plummeted, thanks to higher interest rates, surging construction work and fears about builder failures.
With both house-and-land and new apartment sales expected to be subdued again this year, the UDIA forecasts that dwelling completions will “retract sharply” and fall about 50,000 below the 200,000 dwellings needed annually to meet the federal government’s plan to build 1 million homes over five years from 2024 under the National Housing Accord.

https://www.afr.com/property/residential/australia-faces-huge-housing-shortfall-as-new-home-sales-slump-20230328-p5cvuv