🗞️Master Builders Australia Urges Action Amid Housing Crisis
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The Australian Bureau of Statistics today released new building approvals data that further highlights the alarming state of the country's housing crisis.
According to Shane Garrett, Chief Economist at Master Builders Australia, March marked the lowest number of approvals for new detached homes since July 2012, or nearly 12 years ago.
"Approvals for higher-density homes increased by 1.9% during the month, but this segment of the market still needs to grow more.
"Based on the results, only 161,500 new dwellings have been authorised in the previous year."
“These figures stand in sharp contrast to the yearly target of 240,000 new homes under the National Housing Accord," said Denita Wawn, CEO of Master Builders Australia.
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"The Accord goes into effect in less than two months, and over the next five years, new home construction must increase by 50% from current levels if we are to have any chance of meeting this target.
"Too many barriers remain in the way of our efforts to accelerate home-building activity, even in the face of government determination to do so."
Projects are becoming unsustainable due to a number of factors, including persistent tradie shortages, delays in planning and licencing, strict changes in labour relations, inflation in material costs, ineffective regulation, unworkable lending practices, and risk allocation.
”We need to lower construction costs in order to facilitate the construction of new homes. A top priority in the next federal budget has to be this,” He said.
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