Australia's housing market is facing a perfect storm: a chronic undersupply of dwellings, a construction industry in crisis, and a surging population.
This potent cocktail is all but guaranteed to push house prices and rents higher in 2024 and beyond.
In fact, Australia's housing market has been plagued by under-supply for years.
With the housing shortage expected to worsen in 2024 and beyond, the natural consequence is continued upward pressure on house prices and rental costs.
The convergence of a decline in high-rise construction, industry challenges, and low dwelling approvals against a backdrop of population growth paints a clear picture: a deepening housing shortfall that will drive up property prices and rentals.
Source: Michael Yardney 30/1/2024