Australia Set to Miss Housing Target by 166,000 Homes: Report

Data released by Master Builders Australia on Sept. 9 revealed that the federal government is expected to miss the National Housing Accord target of building 1.2 million new homes by July 2029. The report indicates that, at the current rate, only 1.03 million homes will be built within that timeframe, resulting in a shortfall of 166,000 homes. Denita Wawn, CEO of Master Builders Australia, said the number of new homes had fallen to its lowest in a decade since the Accord began in July. “The downgrade in our April forecasts is due to a prolonged battle to curb inflation, persistently high interest rates, and continued constraints on the supply side of the residential building market,” she said....