17/06/2024
Housing Supply and Affordability Set to Worsen
Did you know?
Alongside population growth, there has been a dramatic rise in house prices, leading to a housing affordability crisis.
International migration, which is crucial for long-term rental demand has rapidly recovered to 400,000 in 2022 compared to the pre-Covid pace of 235,000, marking the highest level in decades according to Westpac economics forecasts.
The October 2022 budget forecast net overseas migration to rise by 235,000 in both the 2022-23 and 2023-24 financial years.
By March 2023, this forecast had increased to 350,000 and 300,000 respectively.
Data suggests that Treasury's assumptions about net migration are significantly underestimated.
Post-Covid population growth is driving demand for residential rental accommodation, presenting a significant opportunity for investment in multifamily housing.
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