Buyers are set for further difficult times as property prices are not expected to stabilise yet, it has been said.
Australian property prices will keep going up because of a building and land shortage, a unit of the Property Council of Australia has said.
Shortfalls in previous years mean 200,000 Australian homes are needed in addition to the 155,000 required each year, Bloomberg reported.
"The only way to stem the increase in home prices is to meet the backlog," said Caryn Kakas, executive director of the Residential Development Council.
This will take five to ten years and means prices will continue to grow in the meantime, she told the news provider.
Land supply shortage, tighter credit conditions and the disconnect between government policy and community needs have all contributed to the slowdown in construction, Ms Kakas added.
The Sydney government is aiming to combat its housing shortage by purchasing land to sell to developers.
Laws are being prepared to give a newly-created development authority the power to compulsorily buy land, the Sydney Morning Herald revealed.
Posted by Steve Douglas
Australian property prices will keep going up because of a building and land shortage, a unit of the Property Council of Australia has said.
Shortfalls in previous years mean 200,000 Australian homes are needed in addition to the 155,000 required each year, Bloomberg reported.
"The only way to stem the increase in home prices is to meet the backlog," said Caryn Kakas, executive director of the Residential Development Council.
This will take five to ten years and means prices will continue to grow in the meantime, she told the news provider.
Land supply shortage, tighter credit conditions and the disconnect between government policy and community needs have all contributed to the slowdown in construction, Ms Kakas added.
The Sydney government is aiming to combat its housing shortage by purchasing land to sell to developers.
Laws are being prepared to give a newly-created development authority the power to compulsorily buy land, the Sydney Morning Herald revealed.
Posted by Steve Douglas
