Housing targets at risk as building stalls at decade-low pace

Michael Bleby and Campbell Kwan

Jan 4, 2024 – 4.12pm

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Home building will grind to its slowest pace in more than a decade in 2024 as the higher cost of materials, land and finance make it harder for developers to build dwellings profitably, raising doubts about the government’s ambitious housing targets.

Australia’s housing shortfall, expected to be at least 175,000 homes by 2027, reflects the failure to meet the key drivers of demand including smaller household sizes and the post-pandemic migration surge.

Michael Bleby covers commercial and residential property, with a focus on housing and finance, construction, design & architecture. He also dabbles in the business of sport. Michael is based in Melbourne.

Campbell Kwan covers commercial and residential real estate for The Australian Financial Review, based in the Sydney newsroom. He was previously the breaking news reporter.