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Big housing shortage looms



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JULIAN BEALE, M.H.R. Shadow Minister for Employment Training & Youth Affairs

MEDIA RELEASE

November 29, 1989

BIG HOUSING SHORTAGE LOOMS

Australia is beginning to run out of dwellings for its people, according to the Federal Member for Deakin and Coalition Spokesman on Housing and Small Business, Julian Beale.

Intending migrants are being conned by the Federal Government on the availability of housing in Australia.

These are just two of the consequences of the Hawke/Keating deliberate high interest rate policy.

Dwelling commencements are forecast to fall from 175,000 in 1988-89 to 133,000 this financial year and remain under 140.000 over the next few years.

The basic demand for dwellings is expected to be between 150.000 and 160,000 a year for the next five years.

There will not be enough housing stock available for our natural population growth or our migrants.

Prices for houses will rise steeply once again because demand will far exceed supply if the present Government's policies continue.

Rents will also rise sharply over the next five years if record high interest rates continue.

The number of first home buyers in Australia is declining now according to the latest figures of the Real Estate Institute of Australia.

The social cost of relying solely on high interest rates for economic policy will be enormous.

Homelessness and impoverished migrant families are two of the worst results.

The majority of housing sales are now at the top end of the market and this trend is likely to continue.

Intending migrants should be clearly informed of the housing problems they will face if the Hawke/Keating policies continue.

COMMONWEALTH PARLIAMENTARY LIBRARY MICAH

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For F u rth er In fo rm a tio n : (0 3 ) 8 7 3 1 8 5 5 , (0 6 2 ) 7 7 4 1 5 3