The housing boom is coming! Governments to miss housing target...

The housing boom is coming!


Governments to miss housing target
Analysts say the construction slowdown makes it highly unlikely that the Albanese government and its state counterparts will achieve national cabinet’s goal to build 1.2 million homes over the five years from 2024. The target equates to building 240,000 homes each year, which is a faster pace of construction than Australia has ever achieved.

Mr Albanese said it would take time for state and territory government efforts to lift housing supply to lead to new homes.

This includes plans by NSW Premier Chris Minns to rezone land around eight metro and heavy-use rail stations to provide for 47,800 new homes by 2027, as well as rezoning the land around another 31 train stations to allow for 138,000 extra dwellings.

A spokesman for the Victorian government, which has its own goal of building 80,000 new homes annually for the next 10 years, told The Australian Financial Review “bold” targets were necessary to meet population growth projections. Melbourne is expected to grow to 9 million people – the size of London – by 2050, up from 4.8 million today.