Qld new home shortfall tipped to see prices skyrocket

A staggering fall in the number of new homes being built is expected to see prices rise dramatically across Queensland. SEE WHERE IT WILL IMPACT

A shortfall in the number of new homes coupled with booming population growth is expected to see Queensland’s property prices skyrocket.

Analysis of Queensland Statisticians Office figures reveals the number of new homes has fallen 22.4 per cent in the past decade to the lowest level since records began.

Between 2011 and 2020 269,248 new housing lots were registered, down from 346,947 in the previous decade.

It comes despite Queensland’s population growing 8.3 per cent over the same period.

High growth areas across the state are among the hardest hit by housing shortages, with the southeast recording an overall 11.2 per cent decrease in new lots.

There was positive growth in Ipswich and Brisbane – which each recorded a 9 per cent increase – while Logan added 18 per cent more dwellings than the previous decade.

Far North Queensland recorded a staggering 68.4 per cent drop in the number of new lots.

The shortfall has raised fears property prices will skyrocket, making it increasingly difficult for Queenslanders to own their own homes.

Queensland Leader of the Opposition David Crisafulli wants more investment to build trunk infrastructure and new homes. Picture: NCA NewsWire / Dan Peled

Opposition Leader David Crisafulli said the housing squeeze was a “result of bad planning”.

“We need to make more land available and we need to build the roads, water and sewerage to support it,” he said.

“We haven’t seen this lack of infrastructure investment in a generation and that’s putting pressure on availability.

“It’s a great thing people want to move to Queensland so let’s back our warm welcome up with action.”

Mr Crisafulli said the government must build trunk infrastructure which “gives opportunities for our kids to get into the market now and into the future”.

Master Builders Deputy CEO Paul Bidwell. Picture: Tertius Pickard

Master Builders Queensland Deputy CEO Paul Bidwell expects about 30,000 new dwellings will be build this year on the back of HomeBuilder and low interest rates.

“If you look at where we were this time last year, we predicted 2021 would be pitiful and it would have been dire straits for builders,” he said.

“That didn’t come to pass because we’ve got this spike in activity across the state.”

Figures released by the Housing Industry Association this month revealed Queensland’s housing market had been more resilient than New South Wales and Victoria during the COVID-19 recession.

The HIA predicted the construction of new homes should remain above 6000 per quarter during the next four quarters because of HomeBuilder grants before a two-year decline is expected during 2022-23.

A State Development spokesman said the number of lots registered was dependent on a number of factors, “including the market, and is cyclical”.

“The Queensland Government has a strong plan to manage changing growth in the regions and Southeast Queensland involving working with local governments and other stakeholders,” he said.

“There’s regional plans delivered in partnership with local governments, industry and other stakeholders, ensuring that there is sufficient raw land and approvals to cope with predicted growth.”

THE REGIONS

New lots on the Gold Coast have fallen 37 per cent as its population jumped 15 per cent

Sunshine Coast homes are down 20 per cent while its population increased by 15 per cent

Cairns lots fell 68.7 per cent while experiencing population growth of 10 per cent

Moreton Bay, one of the fastest growing areas in Queensland with an increase of 17 per cent, recorded a 13 per cent fall in housing lot registrations