Australia to fall short on housing target by about 20% says property economist | The Business

By ABC News (Australia)

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To hit the federal government's housing accord target, Australia will need 1.2 million dwellings in five years, or 60,000 underway each quarter. But two years in from the announcement in 2024, the country is undershooting that target by 20 per cent, pointing to around one million new dwellings by 2029. The good news is construction has hit an historic high. Housing economist Cameron Kusher has been crunching the numbers and joins The Business to discuss. He says while Australia is likely to miss its housing target, there are some encouraging signs in the construction sector, as the latest building activity data shows an increase in dwelling commencements over the quarter, adding to the last three or four quarters where there's been an uptick in commencements. "Completions also rose over the most recent quarter from a fairly low base. But I think what we're looking at now is because we've got this very large pipeline of properties under construction, we'll probably continue to see

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