RBA chief economist Sarah Hunter has warned there is no “quick fix” for Australia’s housing market woes, as developers defer projects due to high costs, sending dwelling approvals per capita to decade lows.
The severe undersupply of homes means house prices and rents will continue to rise as the market fails to keep pace with strong demand for space fuelled by high migration and working from home.
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Michael Read is the Financial Review's economics correspondent, reporting from the federal press gallery at Parliament House. He was previously an economist at the Reserve Bank of Australia and at UBS. Connect with Michael on Twitter. Email Michael at michael.read@afr.com
