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Overseas Property News
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Australian housing shortage to reach 1m
Country: Australia
1 July 2008
There is likely to be a housing surplus of close to one million Australian properties in the next five years, mainly due to rising immigration levels amongst and a decline in the number volume of people residing in each home, according to Australia’s Housing Industry Association (HIA).
HIA’s chief executive for policy, Chris Lamont, said that it is imperative that new homes are constructed in order to satisfy growing demand, however, he admits that the task will be challenging.
Lamont comments: “Demand for housing is really biting as evidenced by record low vacancy rates in the private rental market. HIA research confirms that in 2008/2009 190,000 new dwellings are required, this is 40,000 more dwellings than expected production.”
Australia’s population is growing rapidly, up 332,000 or 1.6% in last year and is expected to increase by a further 37,500 in 2008/2009.
Lamont added: “Supply must increase rapidly to meet expected demand, particularly in Australia’s capital cities. Without a substantial increase in production there will almost certainly be a growth in the number of homeless and further affordability woes.”
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