Australia is experiencing a generational housing shortage, exacerbated by historically high immigration-driven population growth and a sluggish housing supply.
A meeting of the national cabinet in August 2023 agreed on a National Housing Accord, which aims to build 1.2 million new homes between July 1, 2024, and July 1, 2029.
This 1.2 million target requires 240,000 homes to be constructed annually, which is approximately 7% higher than the record single-year construction of 223,600 reached in 2017.