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Housing supply not meeting demand: Report

By webmaster
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The Real Estate Institute of Australia is calling on the government to inject greater stimulus into the housing market after a new report revealed the gap between housing supply and demand is widening.

According to the National Housing Supply Council's State of Supply Report 2011, the cumulative demand-supply gap across Australia in 2010 was 186,800 and increased to 214,700 in 2011.

At present, New South Wales and Queensland are the worst affected states.

"All levels of government need to work together with industry to address the ever-widening gap," said REIA president Pamela Bennett.

"The constraints on supply are well known and include land availability, lengthy planning delays, skills shortages, the cost of entering the property market and state government charges.

"We do not need to wait for another report, such as the one to the Council of Australian Governments (COAG). We need to see immediate action by all levels of government."

According to Ms Bennett, an adequate supply of housing is crucial in addressing housing affordability in Australia.

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