If the federal government is to achieve its target of facilitating the building of 1.2 million well-located homes in five years starting from July 2024, something will need to change.
That’s because only 950,608 homebuilding approvals were issued over the five years to August 2023 (see graph), according to the latest data from the Australian Bureau of Statistics.
Furthermore, not all of those homes will get constructed, because sometimes developers or homeowners decide not to proceed with a project after receiving approval.
Master Builders Australia recently forecast that only 1.04 million homes would be built during the government’s timeframe.
#property #realestate #homeloans