The recent slump in residential construction activity could result in a future housing bubble, RP Data’s chief executive officer Graham Mirabito has said.
Mr Mirabito told Real Estate Business, an online real estate news forum, that Australia currently faces a critical housing shortage that can only be resolved with government and council funding.
“Not only are we facing a critical housing supply shortage, but to make matters worse, we are also experiencing record migration and a baby boom,” Mr Mirabito said.
“Australia’s population is rocketing skywards and our construction activity is simply not keeping pace.
“On top of that, more than 65 per cent of our population live in Sydney and Melbourne, so it is not just about turning dairy farms into properties. Something has to be done. If the government or local councils don’t step in now, we will be faced with a real problem come 2015.”
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