Australia is more than 20,000 properties behind the federal government’s target to build 1.2m new homes by 2029.
Institute of Public Affairs (IPA) analysis of the latest Australian Bureau of Statistics building approvals data revealed 15,498 new homes were approved for construction in 2024 – 4502 below the Albanese government’s promised monthly delivery target in the National Housing Accord.
RELATED: Big risk in government’s 1.2 million home National Housing Accord plan
Developer offloads $330m+ of Melbourne sites amid divestment spree
Indian interest in Melbourne homes skyrockets
Since the Accord started in July 2024, there is now a cumulative target shortfall of 20,747 new dwellings – equivalent to an entire month’s building approval target.
IPA deputy executive director Daniel Wild said this was a disaster for Australians looking to purchase their first home.
Questions have been raised after the Housing Accord is ‘completely off-track after just four months’.
“Home ownership is a fundamental component of the Australian way of life, it is the basis for family formation …