Australia’s rent & housing affordability crisis about to worsen
Luke is joined by Brian Seidler, the Executive Director at Master Builders New South Wales, following news yesterday that a collapse in new home approvals is set to exacerbate the nation’s rent and housing affordability crisis.
Treasury secretary Steven Kennedy has issued a warning, expressing concerns that the Australian economy may already be experiencing a period of weak growth. Adding to the uncertainty, the Reserve Bank is contemplating another potential interest rate increase in the upcoming week.
Supporting this cautionary outlook, recent data from the Australian Bureau of Statistics reveals a further decline in dwelling approvals, plummeting by 8.1 percent in April to reach 11,594. These approvals have now experienced a significant drop of more than 24 percent over the past year.
Notably, private house approvals have witnessed substantial decreases as well, with a decline of 23 percent in NSW, nearly 21 percent in Victoria, and over 19 percent in WA within the last year.
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