Australia has a housing conversion problem

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The latest dwelling completions data from the Australian Bureau of Statistics (ABS) showed that only 173,400 homes were built in the year to March 2026, 66,600 (28%) fewer than the 240,000 annual run rate required to meet the National Housing Accord’s target of building 1.2 million homes over five years.

Albo's housing target

Over the first 21 months of the National Housing Accord, 112,400 fewer homes have been constructed than the target, representing a 27% shortfall. NSW and Queensland, in particular, are tracking well behind the target.

National housing target
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On Wednesday, the ABS released dwelling approvals data for August, showing that 208,180 homes received approval for construction over the year, the strongest result since April 2022, albeit still 31,820 (13%) fewer than the National Housing Accord’s annual target:

Dwelling approvals Australia

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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
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