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Housing affordability issues are likely to persist in some capital cities and could have longer term economic implications for Australia, while the issue of land supply needs greater focus, according to CEDA’s latest report, Housing Australia.
28/08/2017
“CEDA’s report in June on the service sector highlighted the majority of workers in Australia are engaged in service industries and this is growing. However, the shift to a service economy has contributed to a larger population living in our cities and coupled with overall population growth through migration, has impacted housing demand, especially in Sydney and Melbourne.
“With most Australians choosing to live in our major cities, it is likely the trend of more people living in apartments and more long term renters will become permanent and we need to accommodate this better with increased protections for renters.
“In addition, we also need to ensure better transport and infrastructure to accommodate increased inner city density and to connect outer suburban developments to employment hubs.
“Easing some of the tax incentives to invest in or retain residential property may also assist.
“Most importantly government policies need to be in sync across the different tiers of government and take a steady approach.
“The great Australian dream of owning your own home has been around for more than half a century but with high house prices in some parts of Australia, there has been much debate about whether it will continue.
“Despite the outlook of continued growth there are options for government to ease pressure and ensure long term negative consequences are reduced.”
The launch events in Melbourne and Perth today will be followed by events in Brisbane (31 August), Sydney (1 September) and Adelaide (4 September).
Read and download Housing Australia report.
CEDA – the Committee for Economic Development of Australia – is an independent, not-for-profit membership organisation.
Economic modelling undertaken by CEDA in its latest research report has found that immigration to Australia has not harmed the jobs and earnings of local workers.
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