Housing affordability crisis needs urgent action, says industry leader
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Photo by Kindel Media
Home ownership rates in Australia have fallen to a record low of 61.4 per cent, prompting calls for urgent policy reforms to address the housing affordability crisis.
The Housing Industry Association (HIA) has launched a “Let’s Build Australia” campaign, urging all political parties to make housing a national priority ahead of the federal election.
HIA Managing Director Jocelyn Martin said the current situation demanded immediate attention.
“Home ownership is the bricks and mortar that has helped Australia build a stable and vibrant society, but the opportunity to build and own a home has become out of reach for too many. This is fundamentally wrong and must be the highest priority for political parties across the spectrum to address and resolve,” Ms Martin said.
The industry body warns that Australia needs approximately 240,000 new dwellings annually to meet demand, but current construction levels have fallen to just 170,000.
Ms Martin highlighted the broader societal benefits of addressing the housing crisis.
“A well housed population is more productive, cohesive and healthy; the delivery of housing in all forms, across our cities and in our regions must be a priority,” she said.
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The HIA has outlined a multi-pronged approach focusing on addressing skills shortages, removing supply barriers, and establishing financial settings that encourage home ownership.
The organisation emphasised that current market conditions are preventing many Australians from achieving home ownership.
“Our industry is weighed down by increasing taxes and regulations, skills shortages, uncertainty in policy making and rising costs. These all contribute to making housing less affordable to rent or buy and driving up construction costs and hurting industry productivity,” Ms Martin said.
According to the HIA, the housing industry built 1.7 million homes over the past decade, creating jobs for 1.1 million people and generating $105 billion in annual economic activity.
Ms Martin called for coordinated action across all levels of government.
“This industry is the life blood of Australia and it’s time to get serious about removing the blockers to let builders build the homes to house all Australians,” she said.