The federal government will struggle to meet its target to facilitate the building of 1.2 million new homes in the five years from July 2024, judging by the latest housing construction data.
A total of 934,162 new homes were completed in the five years to June 2023, according to the Australian Bureau of Statistics (ABS).
To meet the five-year target, an average of 240,000 new homes will need to be built each year, but only 174,396 were constructed in the most recent 12-month period.
By contrast, the population is booming, with the population increasing by 563,200 people or 2.2% in the most recent 12-month period.
If the supply of new homes fails to keep up with this growing demand, prices are likely to rise further.
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