SEQ’s current housing and affordability challenges, driven by rising demand and limited supply, remains a complex issue. A sustainable solution requires concerted efforts from all levels of government and industry. While the recent Housing and Affordability Bill aims to expedite and boost housing supply, the path towards better balancing supply with demand remains long.
One key challenge is that dwelling production rates are not keeping pace with the state’s booming population, resulting in upward pressure on housing prices and exacerbating affordability concerns.
This ongoing trend highlights the need for more proactive and efficient measures that will accelerate an increase of housing stock.
SEQ stands as a region with the potential to provide the affordable land supply needed. However, for affordability to remain achievable, timely and impactful government initiatives must be implemented to increase the pace of housing development. Without swift action, there is a risk that the current challenges will deepen future.
Despite these challenges, there are still significant opportunities for developers to contribute to housing supply in a high-demand market, including the delivery of diverse dwelling types that cater to a range of buyers.
Continued focus on efficient development practices and working in tandem with government initiatives will allow the industry to play a pivotal role in shaping the future of the SEQ residential market.
It’s important to remember that the great Australian dream of homeownership remains, and it remains strong. The pathway to keep new dwellings affordable and attainable. RPM will continue to support the timely release of greenfield land and approvals to reach this goal.
This article references findings from our May 2024 SEQ Greenfield Market Report.