No ‘Quick Fix’ to Housing Demand-Supply Imbalance: Central Bank

Published on May 19, 2024

Addressing the imbalance between housing supply and demand “will not be a quick fix” despite government initiatives to construct new dwellings, according to Reserve Bank of Australia (RBA) Assistant Governor Sarah Hunter. In a speech to the REIA Centennial Congress on May 16, Ms. Hunter cited problems in the housing construction industry, which had faced a “perfect storm” of constrained activity these previous years. Growth in demand for new housing slowed rapidly in 2020 before rebounding strongly to about 320,000 homes annually as the pandemic ebbed. Supply exhibited a less volatile trend in recent years. Population growth, in particular, is a looming threat to the housing crisis since average household sizes rose to 2.8 million, prompting the need for 1.2 million more dwellings to house the current population....

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