The UDIA State of the Land 2024 Report launched today at the UDIA National Congress, reveals a story of mixed fortunes for the housing market and a warning for the near future.
Across the past two decades, Australia has significantly under delivered new dwelling supply across the nation. This undersupply has underpinned the on-going erosion of housing affordability. It has driven down homeownership rates and increasing household indebtedness.
“Without drastic change to boost housing, we are headed for a decade low supply that will push prices higher,” said Col Dutton, UDIA National President.
To date, recent greenfield detached housing supply has helped overcome chronic shortages in the multi-unit sector and this is propping up the market. The report however shows that in the next year, supply in both markets will fade and new dwelling supply in capital cities will fall to the lowest levels in over ten years.