The 2011 census has shown the foundations of Australia’s housing boom may not be as concrete as first thought. The property industry has frequently said an acute shortage of homes in Australia will put a floor under Australia’s overpriced housing market.
Bloomberg told the world last night, “Australia has almost 1 million fewer households than assumed in government forecasts of a housing shortage, raising doubts about a supply shortfall cited as the main reason the nation will avoid a U.S.-style crash.”
The government forecasts comes from The National Housing Supply Council, an independent group set up by the Australian Government in May 2008 to monitor housing demand, supply and affordability. Chairman Owen Donald, told Bloomberg, “On the face of it, 900,000 is a gigantic difference,”
“We need to get to the bottom of what’s in the statistics bureau numbers.”
» Vanishing Households Undercut Claim of Australia Shortage – Bloomberg, 22nd June 2012.