New housing demand will pick up in the next 18 to 24 months as rising wages and falling prices combine to improve the affordability problem keeping buyers out of the market, says Stockland chief executive Tarun Gupta.
The problems of Australia’s housing supply shortage, which is masked by market weakness, would once again then become apparent, Mr Gupta said.“We have an underlying demand-supply imbalance because there’s more demand and supply,” he said. Easing of bottlenecks in planning and land delivery are key problems underpinning Australia’s housing shortage, which the National Housing and Finance Investment Corporation earlier this year said would leave the country with aFrom left: Jason Pellegrino, Domain CEO; Ken Morrison, Property Council of Australia CEO; Leanne Pilkington, Laing+Simmons CEO; and Nathan Dal Bon, NHFIC CEO.
“We need more land supply and faster land releases. We need to start using data and technology to support land release, local councils and development applications and approvals. Understanding this data and having the government invest in the technology to do that is critical.”
If costs to build are up 20% and there is a chronic shortage of homes, how will housing prices fall enough to offset higher interest rates?
He is hoping.
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