OFFICIAL forecasts for the nation’s housing shortage have worsened, with more than 100,000 prospective home buyers already locked out of the market by June 30 last year.
The ongoing gap between demand and supply will be greater than previously feared, as all levels of government and the building industry struggle to keep up with Australia’s world-beating population growth, The Australian reports.
By 2029, the combined shortfall could reach 500,000 homes and apartments.
The housing shortage is most critical in New South Wales, which accounts for almost one third of the nation’s total population but is contributing less than 20 per cent of the nation’s new dwelling starts.
There is concern at senior official levels that Sydney is about to experience another debilitating price boom as rising demand coincides with inadequate dwelling stock.