Housing Oversupply - Australia
House prices based on undersupply myth, ANU says
www.first2move.com.au
Australia does not have a housing shortage, with inner-city areas of Sydney, Melbourne and Brisbane some of the nation's most oversupplied regions, according to new research from ANU.
Key points:
•Australia has built 164,000 more dwellings than it needs to cater for a growing population
•Inner-city areas in Australia's three biggest cities have the greatest oversupply
•Outer suburban areas and central Adelaide had some of the most significant housing shortages
The analysis estimates the nation's housing oversupply at 164,000, or 32,000 if the significant increase in unoccupied dwellings is excluded.
The study by associate professor Ben Phillips and researcher Cukkoo Joseph from the Australian National University shows that between 2001 and 2017 Australia built more homes than it needed to house the growth in population over that period.
The academics' findings tally with other recent research showing that Australia has a moderate housing oversupply.
However, this research used a relatively sophisticated methodology that accounted for demographic changes.
Additionally, it accounted for an increase in people residing in "non-private dwellings" — such as student accommodation or nursing homes — that are often excluded from housing supply-demand analyses and tend to exaggerate an apparent housing shortage.
This report has also gone below state-level analysis to regional calculations.
It found that the inner-city area of Sydney had the nation's largest housing oversupply, at just under 6,000 dwellings.
That was in contrast to areas in the mid and far-west of Sydney, which generally had moderate undersupply, as did Wyong on the Central Coast.
Inner-Brisbane had the nation's second largest oversupply of around 4,500.
Melbourne CBD and surrounds had the fourth highest oversupply of just under 4,000 excess dwellings.
(Source: Australian Broadcasting Corporation )
www.first2move.com.au
Australia does not have a housing shortage, with inner-city areas of Sydney, Melbourne and Brisbane some of the nation's most oversupplied regions, according to new research from ANU.
Key points:
•Australia has built 164,000 more dwellings than it needs to cater for a growing population
•Inner-city areas in Australia's three biggest cities have the greatest oversupply
•Outer suburban areas and central Adelaide had some of the most significant housing shortages
The analysis estimates the nation's housing oversupply at 164,000, or 32,000 if the significant increase in unoccupied dwellings is excluded.
The study by associate professor Ben Phillips and researcher Cukkoo Joseph from the Australian National University shows that between 2001 and 2017 Australia built more homes than it needed to house the growth in population over that period.
The academics' findings tally with other recent research showing that Australia has a moderate housing oversupply.
However, this research used a relatively sophisticated methodology that accounted for demographic changes.
Additionally, it accounted for an increase in people residing in "non-private dwellings" — such as student accommodation or nursing homes — that are often excluded from housing supply-demand analyses and tend to exaggerate an apparent housing shortage.
This report has also gone below state-level analysis to regional calculations.
It found that the inner-city area of Sydney had the nation's largest housing oversupply, at just under 6,000 dwellings.
That was in contrast to areas in the mid and far-west of Sydney, which generally had moderate undersupply, as did Wyong on the Central Coast.
Inner-Brisbane had the nation's second largest oversupply of around 4,500.
Melbourne CBD and surrounds had the fourth highest oversupply of just under 4,000 excess dwellings.
(Source: Australian Broadcasting Corporation )
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