Australia will fall well short of its target to build 1.2 million homes over five years and should consider boosting the intake of skilled construction workers to help solve the problem, according to property analysts and economists.

As part of its new migration strategy, Labor has excluded foreign tradies from a visa fast track system stream. But a panel of 14 experts polled by The Australian Financial Review’s quarterly property survey has warned the country is already lagging the ambitious target set by federal and state governments in August to address the shortage of accommodation which has sent rents skyrocketing.