Housing Shortfall Set to Balloon

[CHam]

http://finance.ninemsn.com.au/newsbusiness/8393198/housing-shortfall-set-to-balloon

Australia's housing shortfall is expected to blow out to more than 640,000 in 20 years, prompting industry calls for tax cuts and other measures to stop prices going through the roof.

The gap between demand and supply increased by 28,200 to 186,800 housing units this year, a National Housing Supply Council (NHSC) report reveals.

The annual report on the state of supply shows NSW and Queensland had the largest shortfalls of 73,700 and 61,900, respectively.

Based on building trends and household growth, the report predicts the gap could grow to more than 640,000 homes in the next 20 years.

NHSC chair Owen Donald says more government financing for housing for low-income earners and financing support, along with changes to planning and development approval, could boost supply and affordability.

"Existing demand-side measures like the first home owners grant and commonwealth rental assistance could also be re-examined with a view to having a more substantial impact on housing supply and affordability," Mr Donald said in a statement.

 

[Ideo]

Remove barriers to development.

Unfortunately the current NSW state government is reinstating barriers to development.

 

[Rolf Latham]

and financing support, along with changes to planning and development approval, could boost supply and affordability.

the idealogy of " an owned home for all" didnt work too well in the US.

Some financing support yes, but pushing loans in the direction of those that truly "cant afford" them as a gov policy is plain dumb.

ta

rolf

 

[Aaron_C]

Australian lenders have never ever done stupid NINJA loans so I don't think we'll have the same widespread problems that the US did. Particularly these days if you have no income you can't even borrow money on a 10% LVR.

 

[Bon]

People really believe this housing shortage stuff?

 

[Aaron_C]

People really believe this housing shortage stuff?

Depends on how you define 'shortage'. If you define shortage as demand exceeding supply, then there's definitely a shortage in areas where you live such as Mosman...not so much in other areas like Penrith etc..

 

[Rolf Latham]

Australian lenders have never ever done stupid NINJA loans

Seizure went close to Ninja, and in some ways went beyond.

Great product and concept for the time......

ta
rolf

 

[locko24]

So what exactly is a housing shortage?
Does it mean 186,000 people are wandering the streets?
Does it take into account all the houses sitting vacant in one horse towns, or does it mean 186000 people can't find a place overlooking Sydney harbour?

 

[Aaron Sice]

So what exactly is a housing shortage?
Does it mean 186,000 people are wandering the streets?
Does it take into account all the houses sitting vacant in one horse towns, or does it mean 186000 people can't find a place overlooking Sydney harbour?

its talking about a shortage of homes for one family to reside in.

since not too many (being similar in meaning to "very few", "bugger all" and " stuff all") families in australia have ever shared a home with another family, or are likely to in the medium foreseeable future (culture changes take a good 25+ years in this country) some people argue that the odd family that take in a boarder for the spare room to help with the mortgage means the argument of a shortgae itself is bunk.

they fail to realise that kids arent flying the coop at soon as they used to, evidenced by the soft FHB market ( well, softer than it "should" be according to stats) so theres no room in the house. this is often called the "room" argument, but this isnt NYC where an ex-janitors closet can be rented out with no kitchen as an "affordable option".

the diehard bears will always pull this doosie out to counter a bullish argument, its nothing but hypothetical bullsheet that no aussie family on the ground would entertain.

others look at the immigration numbers, which themselves are skewed to suit a certain viewpoint. the bulls for a shortage cite plain faced immigration numbers, but a short look of those figures shows that over 80% of people naturalised were already here under another kind of visa to begin with, so they are already housed.

so the bulls need to be equally careful spouting clearly erroneous data.

lets leave all that bullsheet aside this time.

so to answer your question, i believe a housing shortage, when quoted, is a shortage of decent quality housing stock. there will always be marble palaces on the river and there will always be flea ridden dogboxes. one is a house noone can afford and the other is a house no one wants to live in. the housing shortage would be a shortgae of stock that people can both afford and wanr to live in, so something sitting in the middle 60 percentile of quality and price.

roughly.

 

[VYBerlinaV8]

People really believe this housing shortage stuff?

Depending on location, yes.

 

[simo74]

http://finance.ninemsn.com.au/newsbusiness/8393198/housing-shortfall-set-to-balloon

Australia's housing shortfall is expected to blow out to more than 640,000 in 20 years, prompting industry calls for tax cuts and other measures to stop prices going through the roof.

The gap between demand and supply increased by 28,200 to 186,800 housing units this year, a National Housing Supply Council (NHSC) report reveals.

The annual report on the state of supply shows NSW and Queensland had the largest shortfalls of 73,700 and 61,900, respectively.

Based on building trends and household growth, the report predicts the gap could grow to more than 640,000 homes in the next 20 years.

NHSC chair Owen Donald says more government financing for housing for low-income earners and financing support, along with changes to planning and development approval, could boost supply and affordability.

"Existing demand-side measures like the first home owners grant and commonwealth rental assistance could also be re-examined with a view to having a more substantial impact on housing supply and affordability," Mr Donald said in a statement.

This Data is for the 12 months ending June 2010. Anything more relevant?