house prices to skyrocket in next 20 years

some of us will like this news and some will not...so there is a bit here for everyone


There's plenty of land to build upon but that's unlikely to stop housing shortfalls and prices from skyrocketing in the next 20 years, a new report shows.

In a report commissioned by the federal government, the National Housing Supply Council has confirmed there is plenty of land available for development on the fringes of Australia's major cities.

But without significant government and industry intervention the nation's housing crisis could increase tenfold by 2028, the report said.

In 2008, the housing shortfall was about 85,000 dwellings.

In three years' time the number was expected to reach 203,000 and hit 431,000 by 2028.

http://news.theage.com.au/breaking-news-national/housing-shortfall-prices-to-skyrocket-20090311-8uz1.html