Original article by Larry Schlesinger, Michael Read
The Australian Financial Review – Page: 1 & 32 : 19-Mar-24

The Urban Development Institute of Australia has forecast that just 79,000 new home builds will be completed nationwide in 2026. This is 26 per cent lower than in 2023, and the slump in new housing supply is set to further reduce the affordability of homes and rental properties. The dire forecast also casts further doubt on the federal government’s target of building an additional 1.2 million homes over five years. Barrenjoey’s chief economist Jo Masters says this target is ‘aspirational’, and will require high rates of apartment construction; she adds that apartments have a longer construction and lead time than houses.

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