Housing completions data from the Australian Bureau of Statistics shows new home supply in the first quarter of the year is below the levels needed to meet the country’s housing targets.
In Q1 2024, 41,329 homes were completed across Australia – a decrease from 45,643 in Q4 2023. This represents a seasonally adjusted quarterly fall of 9.5% and is the second lowest quarter of housing completions in the last ten years.
The Property Council of Australia’s Matthew Kandelaars said low housing completions ‘cast a dark cloud’ on the nation’s 1.2 million new homes target, which came into effect this month.
“The figures reveal the extent of the challenge and just how much we need to lift our game to hit our targets.
“If housing supply stays this low, we will only manage to build around 830,000 homes over the next five years, leaving us a whopping 370,000 short.
“If we don’t start increasing the pace, we will miss what should be an achievable target by a country mile. Governments across the country need to utilise every possible measure to assist the industry deliver the supply of new homes we so desperately need.
“We will only achieve our target of 1.2 million homes by applying increasing amounts of federal funding, state resources and a ‘yes’ mindset to reach that goal.
“It’s time to properly address our housing crisis with determination and speed that matches the urgent need to provide more housing for Australians.”
Matthew Kandelaars, Group Executive Policy and Advocacy, Property Council
