EVOLUTION OF THE HOUSING SHOCK IN AUSTRALIA
On Thursday, the Australian Bureau of Statistics (ABS) announced that Australia’s population had increased to a record, reaching an unprecedented 563,200 people in the period from March 2023. Mainly due to the number of immigrants from overseas reaching 454,300 people.
Australia’s population and immigration growth exceeded forecasts in the federal budget in May, with immigration reaching 400,000 and population growth reaching 524,000 in 2022-2023.
Shane Wright from SMH summarized the situation by noting that Australia’s population is growing at a staggering rate of about 2000 people a day. This is associated with the largest increase in immigration in the country’s history.
As a result, real estate prices and rental prices are expected to continue to increase. Along with that, the country’s social infrastructure system such as schools, etc. will have difficulty coping with increased immigration that has not been planned in advance.
However, the Prime Minister revealed on Twitter that the Australian federal government has established the Housing Australia Future Fund (HAFF) with the goal of building 30,000 social and residential homes over the next five years. This makes building, renting or buying a home easier for Australians.
As a result, the national population has increased by 563,000 within 12 months and the Albo government is certain of adopting a new policy that could build 30,000 new homes within the five years to 2028-2029.
On the other hand, Housing Minister Julie Collins has played down concerns about population figures. She told Shane Wright that HAFF, along with other government policies to boost housing and reform the immigration system, would well meet the target of building 1.2 million homes by the end of the decade.
“We have our own policies to address all of the above issues, and unity with the states and territories is the factor that helps achieve that common goal,” Collins said.
However, at this week’s AFR Housing Conference, developers and industry participants scoffed at the unrealistic target:
Nigel Satterley, a developer, told the Conference that only half of them would be completed – amounting to between 600,000 and 650,000 homes “if we’re lucky”.
By implementing the largest and most extreme immigration policy in history. The Albanese government is really making people worried about the housing crisis as the situation gets worse every day.
Above is the development of the housing situation in Australia. To update more about Australian real estate information, you can contact:
MY AUSTRALIAN PROPERTY
- Australian headquarters: Suite 2021A, Tower 2 Darling Park, Level 20, 201 Sussex Street, Sydney, NSW 2000
- Zalo/Whatsapp: (+61) 475 39 6868
- Address: Floor 6-7, Me Linh Point Building, No. 2 Ngo Duc Ke, Ben Nghe Ward, District 1, Ho Chi Minh City
- Hotline/ Zalo: (+84) 797 299 997
- Email: info@myaustralianproperty.com
Related articles
Treasurer Jim Chalmers officially announced the 2026 Australian Federal Budget, focusing on reforming the tax system and enhancing national security in the context of inflation and global geopolitical turmoil. Housing Policy Reform The government focuses on addressing the housing and tax system to support the younger generation (Millennials and Gen Z) through systemic changes. From […]
The Federal Government has officially announced its 2026-2027 budget, with reforms to Australia’s real estate, tax system and increased housing supply aimed at helping more Australians own their homes. Support home ownership and increase supply Australian property tax reform: Change regulations on negative gearing and capital gains tax (CGT) incentives. The changes are estimated to […]
The birth of the Metro West line is not simply a transportation solution; it is symbolic of Sydney’s transformation into a connected megacity. With a record investment of up to 27.3 billion Australian dollars, the project promises to unlock the potential for tens of thousands of luxury apartments, turning areas along the route into the […]