Housing affordability crisis to worsen in "unhealthy" market

The first report from the National Housing Supply and Affordability Council, established in December 2023 to provide expert advice, has found that housing affordability is set to deteriorate even further over the next six years.

Key Points

• The Council's report paints a grim picture of the situation across every Australian state and territory, and blames insufficient supply as being at the heart of the issue.
• Only 13 per cent of homes sold in 2022-23 were affordable for a household earning the median income.
• It's found the government is unlikely to meet its commitment of 1.2 million new homes as outlined in the National Housing Accord, which Labor has promoted as part of the answer to supply.