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Unexpected migration pick-up to worsen housing shortfall: economists

Michael Bleby

An unexpected gain of 191,000 foreign migrants last year and higher immigration forecasts this year and next by the government’s key population body threatens to increase the country’s forecast housing shortfall and push up rental prices in an already white-hot market, economists warn.

New housing approvals fell to a decade low and loans for the construction of new homes dropped to their lowest in 15 years in January and revised forecasts by the federal government’s Centre for Population mean an even tighter rental market as the pipeline shrinks, economist Louis Christopher said.

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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. Connect with Michael on Twitter. Email Michael at mbleby@afr.com

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    Original URL: https://www.afr.com/property/residential/unexpected-migration-pick-up-to-worsen-housing-shortfall-economists-20230306-p5cpwg