20,000 more properties needed each year: CEDA

Australia needs  20,000 new affordable properties each year to house low income people, according to one recommendation by the Committee for Economic Development of Australia (CEDA).

CEDA’s released its report Housing Australia, which warns that Australia’s housing affordability challenge could have long-term budget and political implications as more people retire without owning a home, or end up on the city fringe.

CHIA CEO Peta Winzar was on the panel at the Melbourne launch of the report.

Í welcomed the Commonwealth Government’s budget package as an important first step in addressing the issues surrounding housing affordability, but the CEDA Report shows clearly how much work still needs to be done,’ Ms Winzar says.

Ms Winzar also urged the Victorian Government to identify more government land to be developed or redeveloped for affordable housing.

CEDA Research and Policy Committee Chairman, Professor Rodney Maddock says, ‘Prolonged housing affordability issues will result in more people entering retirement without owning their home and low socioeconomic households pushed to outer or regional areas where transport infrastructure is poor and job prospects are lower.

‘In the long term this could have budget implications for governments as more people become reliant on government assistance,’ he says.

‘With most Australians choosing to live in our major cities, it is likely the trend of more people living in apartments and more long term renters will become permanent and we need to accommodate this better with increased protections for renters.

‘In addition, we also need to ensure better transport and infrastructure to accommodate increased inner city density and to connect outer suburban developments to employment hubs.’

You can download a copy of the CEDA report here.