Housing Shortage remains a problem

The Real Estate Institute of Australia is concerned about the fact that Australian housing shortage problem is not going away. REIA are calling on the Australian government to offer greater stimulus into the housing market after a new report revealed that the existing gap between housing supply and demand is widening every year.

According to the National Housing Supply Council’s State of Supply Report 2011, the overall housing demand-supply gap across Australia in 2010 was 186,800 and increased to 214,700 in 2011.

Currently, New South Wales and Queensland are the worst affected states.

“All levels of government need to work together with industry to address the ever-widening gap,” said REIA president Pamela Bennett.

“The constraints on supply are well known and include land availability, lengthy planning delays, skills shortages, the cost of entering the property market and state government charges.

“We do not need to wait for another report, such as the one to the Council of Australian Governments (COAG). We need to see immediate action by all levels of government.”

Unless adequate supply of housing is provided the current issues with housing affordability will remain.

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