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๐—ช๐—ต๐˜† ๐˜๐—ต๐—ฒ ๐—š๐—ผ๐˜ƒ๐˜ ๐—ถ๐˜€ ๐—˜๐˜…๐—ฝ๐—ฒ๐—ฐ๐˜๐—ฒ๐—ฑ ๐˜๐—ผ ๐—บ๐—ถ๐˜€๐˜€ ๐—ถ๐˜๐˜€ ๐—›๐—ผ๐˜‚๐˜€๐—ถ๐—ป๐—ด ๐—ง๐—ฎ๐—ฟ๐—ด๐—ฒ๐˜

Ever since the federal government announced last year that it planned to facilitate the building of 1.2 million new homes in the five years from July 2024, there's been much speculation about whether it would achieve its target. New forecasting from the Housing Industry Association (HIA) suggests the government will fall about 200,000 homes short.

โ€œIt is possible to build 1.2 million new homes over five years but it will require significant policy reforms. These reforms need to include lowering taxes on home building, easing pressures on construction costs and decreasing land costs,โ€ according to HIA economist Tom Devitt.

While Devitt believes homebuilding activity will recover in the 2024-25 financial year from recent decade-lows, he said this recovery would not be large enough.

โ€œPunitive tax surcharges on foreign investors are squeezing out precisely the investment needed to help meet government housing targets. At the same time, recent changes to building codes are likely to add tens of thousands of dollars to the cost of building new homes,โ€ he said.

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