Australia's housing system is failing to meet demand, and new supply will still be 39,000 homes short of new demand by 2028-29. The State of the Housing System 2024 report, released by the National Housing Supply and Affordability Council, has reviewed housing affordability in Australia. Now, the council is calling for the system to be more responsive to community needs. Council chair Susan Lloyd-Hurwitz said there is no denying Australia is in a housing crisis.
Waiting lists for First Nations housing rose by 10 per cent over the 2022-23 financial year. The report found the primary reason for worsening affordability was the system failing to supply enough housing. Only 172,000 dwellings were completed in 2023 — the lowest annual number of completions in the past decade. The council's modelling projected Australia will fail to meet its target of 1.2 million new homes.
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