With Brisbane needing to build a total of 24,537 new dwellings each year for the next five years to house its swelling population, it scores a place on the top 10 list of Australian cities needing new homes.
The Australia On The Move report - compiled by Matusik Property Insights for the Residential Development Council and launched today by the Federal Minister for Housing, the Hon Tanya Plibersek MP – reveals Brisbane needs 12,791 houses and 11,745 attached dwellings (ie apartments/flats or townhouses) each year by 2014 or Brisbane’s newcomers will overrun the marketplace.
The capital cities dominated the top 10 list, occupying six of the 10 spots.
“Australia’s housing stock has long been undersupplied,” Caryn Kakas, executive director of the Residential Development Council said.
“As Australia On The Move reveals, our population is expected to explode, which will only add stress to the housing supply/demand mismatch.
“Limited supply and rising demand can only lead to one thing: rising prices. And rising prices means less affordable housing,” Ms Kakas said.
The annual dwelling demand for each state to 2014: Queensland 45,898, New South Wales 36,268, Victoria 35,552, Western Australia 22,463, South Australia 8,146, Tasmania 1,791, the Northern Territory 1,386, and the Australian Capital Territory is 1,898.
“Our nation as a whole needs to build a total 153,847 new dwellings to meet the continuing rise in population. This does not include meeting the underlying lack of supply in the current market,” Ms Kakas said.