Housing Crisis Yet To Peak Australia’s housing crisis is nowhere near its peak, according to RMIT which predicts it will continue well into 2025.
Senior lecturer in the School of Property, Construction and Project Management, Dr Peng Yew Wong, says the lack of supply will not be resolved in the short term which means the housing crisis will continue to affect all Australians.
Wong says the market is doing something it has not done since the 2008 Global Financial Crisis, and that is prices will continue to grow, despite high costs of living and high mortgage repayments.
With predictions Australian house prices will hit a new record high in the final quarter of 2023, it will become more expensive for home buyers.
“This will present a difficult conundrum for homebuyers, and especially prospective first homebuyers,” he says.
Wong predicts Australia will be short 106,300 new homes over the next five years and as a result, house prices will continue to go from strength to strength.
