Australia Likely to Fall Short of 1.2 Million Home Target by 2030: Oxford Economics

According to new Oxford Economics Australia forecasts, Australia is likely to fall short of its 2030 target of over 200,000 homes despite an increase in construction activity. The economic forecasting agency has predicted that home-building across the country would pick up in the coming period as inflation subsides and government housing policies take effect. Specifically, its analysts said residential construction would likely reach a new record of 241,900 homes in 2029 alone, bringing the total number of homes built over the five years to 2029 to 940,000. Nevertheless, this figure was well below the 2030 target of 1.2 million homes the federal Labor government set. Timothy Hibbert, the head of property and building forecasting at Oxford Economics, said affordability would remain a chronic issue for the housing sector as home shortages continued....