Stockland cries wolf on housing shortages

Unbelievably, Australia’s largest listed developer, Stockland, has warned of imminent housing shortages despite negative net overseas migration, the lowest population growth in generations, and record rates of homebuilding:

The head of Australia’s largest residential property developer, in the final month of his eight and a half year tenure, has warned that policymakers will have to deal with shortages in Sydney and southeast Queensland that will become more pronounced once borders reopen…

“Our view is that Sydney and southeast Queensland in particular have faced significant under-supply,” [Stockland chief executive Mark Steinert] said. “A number of the key markets we operate in those two locations are undersupplied today, even with the drop in population growth, with reduced skilled migration.”

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