The building industry is warning of a looming housing shortage as state and local government planning bottlenecks choke the supply of new homes.
Analysis by the National Housing Finance and Investment Corporation warns that as soon as international migration returns to pre-pandemic levels, there will be an even bigger shortage of properties.
It says the number of households exceeding new supply will rise to about 163,400 homes in the next decade.
Mirvac’s Susan Lloyd-Hurwitz suggests a federal productivity payment could encourage the states to boost housing supply.
Tony Lombardo of Lendlease has seen in Singapore how a carefully managed approach to housing and planning can deliver in months what it takes years
to approve in Australia.
“We should have bipartisan support to a 25-year vision that actually says, ‘this is where our corridors are going to grow’,” he says. “Let’s get those mapped out quite precisely, that both sides of politics support, and then facilitate how that gets approved.”