Labor’s 1.2m homes target not on track despite rebound

Labor’s 1.2m homes target not on track despite rebound

Yesterday’s ABS commencements data announcement revealed a positive uptick of over 2,000 more homes being commenced in New South Wales in the 12 months to September 2024 over the 12 months to June 2024.

The Australian reports that despite the rebound, the Federal Labor Government are still significantly behind their promised target of 1.2 million homes as per the National Housing Accord.

Urban Taskforce CEO, Tom Forrest commented on the rise of commencements, saying:

“What we have seen in recent times is a decline in numbers, leading to a massive crisis affecting rents, home prices as well as both the economy and the broader community…While the uptick in commencements is welcome, we remain a very long way away from delivering the 77,000 new homes each year required by the NSW Housing Accord target.”

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