Australia could have almost one million fewer households than government forecasts have assumed, meaning a US-style crash in the Australian property market could potentially be a risk.
ABS figures described the nation as having 7.8 million households, in contrast to the 8.7 million predicted by the government in 2010, reports the Sydney Morning Herald.
David Collyer, campaign manager at tax reform advocacy group Prosper Australia, told Bloomberg many people are struggling to afford homes under the current economic conditions.
"Young adults have gone back home with mum and dad, or are sharing houses," he suggested.
With this in mind, the housing oversupply could be even bigger in the next few years, warned the campaign manager.
This data chimes with the suggestion from lobby groups such as Australians for Affordable Housing (AAH) that there are insufficient affordable properties in the country.
AAH warns that the rate of home purchase among young people has fallen 20 per cent in the last 15 yearrs.
Posted by Steve Douglas
