๐๐ผ๐๐๐ถ๐ป๐ด ๐ฆ๐ต๐ผ๐ฟ๐๐ฎ๐ด๐ฒ ๐๐ถ๐ธ๐ฒ๐น๐ ๐๐ผ ๐๐๐ฒ๐น ๐๐ฒ๐บ๐ฎ๐ป๐ฑ
Australia's pipeline of new housing is continuing to dry up, according to new data from the Housing Industry Association (HIA)
The number of new homes sold in June was 4.8% lower than the year before, while new home sales in the 2022-23 financial year were 33.2% lower than the year before.
While homebuilding is decreasing, population growth is increasing โ a combination that is likely to put upward pressure on property prices.
HIA chief economist Tim Reardon forecast that new home starts in 2024 would be at the lowest level in more than a decade.
"This lack of new work entering the pipeline will result in fewer projects being commenced, and the volume of work under construction shrinking rapidly from late this year. This will occur at the same time that Australia has a pre-existing shortage of housing, and overseas workers and students return to Australia in record numbers," he said.
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