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Fruits of Government’s Signature Housing Fund Revealed
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Australia’s home-ownership dream will slip further out of reach without urgent investment, the sector warns as the government unveils the first fruit of its multi-billion-dollar social and affordable housing fund.
With only 180,000 homes built in the past year, Australia is falling well below the 240,000 needed annually to meet demand, the Housing Industry Association (HIA) said as it revealed its pre-budget wishlist.
The residential building sector peak body called for a $12 billion (US$7.5 billion) investment across the next five years to unlock land supply and deliver the infrastructure developers needed to address the housing crisis.
“Without major investment and decisive reform, the dream of home ownership will slip further out of reach for many Australians,” HIA managing director Jocelyn Martin said on Jan. 31.
“This is not just a numbers issue—it is a crisis that is affecting families, renters, and would-be homeowners across the country.”
The submission also called for a co-ordinated, national approach to planning reform to reduce delays and cut unnecessary costs.
It coincided with the federal government unveiling the first group of developments in its $10 billion (US$6.2 billion) Housing Australia Future Fund, which includes 814 houses built across 12 projects.
Almost 700 of them will be built in Melbourne, 53 in New South Wales (NSW), 37 in Western Australia (WA), 18 in South Australia (SA) and 10 in Tasmania.
The housing fund aims to deliver 40,000 social and affordable homes across five years, with the first round to deliver 13,700 properties.
Housing Minister Clare O'Neil said the measure would help provide stability for many.
“Every single one of these dwellings represents more than just a roof over someone’s head—it’s the foundation for building a better and more prosperous life,” she said.
“Labor’s building Australia’s future with the largest investment in social and affordable (housing) in over a decade.”
Despite the advances, polling from Gallup showed dissatisfaction regarding affordable housing increasing among Australians.
Just 22 percent of Australians surveyed were satisfied with the availability of affordable housing, the lowest level since Gallup started the polls in 2006.
It found 76 percent were dissatisfied with affordable housing levels—second-highest in the Organisation for Economic Co-operation and Development (OECD) behind Turkey.
“Between 2002 and 2024, the house price-to-income ratio almost doubled, with the average house in Australia now costing nearly nine times the average household income,” the survey said.
“The result is a limited and expensive choice of housing options, which affects younger people and low-income households the most as they have fewer economic resources to combat the hike in prices.”
Australians aged between 18 and 34 had the lowest levels of satisfaction at just 16 percent, compared to 20 percent of those aged 35 to 64 and 35 percent of people 65 and older.
While the survey report said government measures could help boost supply and affordability, the sentiment among the community was not positive.
“For many decades, the ‘Australian dream’ has been built upon the ideal of home ownership as a marker of progress, success and stability,” it said.
“It could be turning into something closer to a nightmare.”
