Australia's Housing Target at Risk

0:00It's March 24th, this is Sydney News Today, powered by AI. Australia's federal government aims to build 1.2 million new homes nationwide from mid-2024 to mid-2029. But New South Wales, with its target of 377,000 homes, has only completed 15% so far. At this pace, the state won't hit its goal until the middle of 2031, putting the overall national target at risk of slipping into the mid-2030s. Other states show mixed results. Victoria, the Australian capital territory, and Western Australia are closest, each running just three months behind schedule. Meanwhile, laggards like the Northern Territory, with its small target of 11,500 homes, have built only 5% and could. Miss until after 2034. Queensland, South Australia, and Tasmania are eyeing late 2030s or early 2030s. Property prices keep climbing in major cities like Sydney, where median house values top $1 million, fueling ongoing affordability woes.

1:04The independent council tracking progress notes some bright spots, including a 17% jump in quarterly housing starts, and a 10%. Faster build time since the accord began. Recent data doesn't yet factor in last week's reserve bank interest rate hike, which could damp in construction demand. Treasurer Jim Chalmers promises budget reforms next month to speed up home building while opposition figures push to slash red tape like trimming. The 2000 page National Construction Code by two thirds. States and Territories continue ramping up efforts, but closing the gap will demand quicker action across the board to ease those stubborn housing. Pressures.