In the March quarter of 2024, 41,329 homes were completed across Australia, a decrease from 45,643 in the December 2023 quarter. This represents a seasonally-adjusted quarterly fall of 9.5 per cent and is the second lowest quarter of housing completions in the last 10 years.
To reach our national housing target of 1.2 million new homes by 2029 Australia needs to be averaging 60,000 homes each quarter over the next five years.
Property Council Group Executive Policy and Advocacy Matthew Kandelaars said low housing completions cast a dark cloud on the nation's 1.2 million new homes target, which came into effect this month.
"Today's figures reveal the extent of the challenge and just how much we need to lift our game to hit our targets," Mr Kandelaars said.
"If housing supply stays this low, we will only manage to build around 830,000 homes over the next five years, leaving us a whopping 370,000 short.
"If we don't start increasing the pace, we will miss what should be an achievable target by a country mile.
"Governments across the country need to utilise every possible measure to assist the industry deliver the supply of new homes we so desperately need.
"We will only achieve our target of 1.2 million homes by applying increasing amounts of federal funding, state resources and a 'yes' mindset to reach that goal.
"It's time to properly address our housing crisis with determination and speed that matches the urgent need to provide more housing for Australians," he said.
