Calls for housing reform as crisis threatens to worsen

SIGNIFICANT FINDINGS IN THE STATE OF THE HOUSING SYSTEM 2024 REPORT

* Supply is at the heart of the housing crisis, with Australia lacking enough housing of all types

* Australia's housing landscape is marked by rampant price growth, shortfalls of supply and an over reliance on a private market

* Though the federal and state governments have committed to delivering 1.2 million new well-located homes over the next five years, it is forecast to build only 903,000 dwellings with another 40,000 social and affordable homes

* Housing has become less affordable for mortgage holders because increasing interest rates have increased repayments by as much as 60 per cent

* An average aspiring home owner will have to save for about 10 years before they can pay for a 20 per cent deposit on an average home

* Rents have increased about 35 per cent since 2020, while rental vacancy rates have hit its lowest level on record and is 0.5 per cent in some capital cities

* The number of people on public housing wait lists have grown by 2.4 per cent

* The worsening affordability will hit vulnerable Australians the hardest, including low-income earners, young people, single parents, pensioners, First Nations Australians and those fleeing domestic or family violence

* Homelessness has increased with 122,000 Australians without a roof over their heads

* Demand has risen because of strong population growth but this is expected to stabilise

* Australia is struggling to meet demand because of workforce shortages in the construction industry, builder insolvencies and rising construction costs among other factors