The Albanese government’s National Housing Accord commenced on 1 July 2024 and requires the construction of 1.2 million homes over five years, which equates to 20,000 homes per month and 240,000 homes a year.
As illustrated in the next chart, the 240,000 annual housing target is beyond anything Australia has ever achieved before and way above the current construction rate of below 180,000 dwellings a year.
The 2025 State of the Housing Market Report, released last week by the federal government’s National Housing Supply and Affordability Council (NHSAC) forecast that only 938,000 dwellings will be built nationwide by mid-2029, 262,000 dwellings short of Labor’s target. This is illustrated by the green line in the chart above.
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