๐๐ผ๐บ๐ฒ๐ฏ๐๐ถ๐น๐ฑ๐ถ๐ป๐ด ๐๐ฐ๐๐ถ๐๐ถ๐๐ ๐๐ฎ๐น๐น๐ถ๐ป๐ด ๐ฆ๐ต๐ผ๐ฟ๐ ๐ผ๐ณ ๐ง๐ฎ๐ฟ๐ด๐ฒ๐
The federal government will struggle to meet its target to facilitate the building of 1.2 million new homes in the five years from July 2024, judging by the latest housing construction data.
A total of 934,162 new homes were completed in the five years to June 2023, according to the Australian Bureau of Statistics (ABS).
To meet the five-year target, an average of 240,000 new homes will need to be built each year, but only 174,396 were constructed in the most recent 12-month period.
By contrast, the population is booming, with the population increasing by 563,200 people or 2.2% in the most recent 12-month period.
If the supply of new homes fails to keep up with this growing demand, prices are likely to rise further.
Subiaco finance brokers are here to help
Interest rate rises are here, but you donโt have to fear with the right broker on your side.
The team at Sonam Capital are here to empower you through financial knowledge. Weโll take the time to get to know you and your unique situation and speak in a language you can understand, with strategies you can implement for the best possible outcomes.
Nick, Wayne and Amanda at Sonam Capital are your Subiaco finance specialists.
