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Inflation data from the Australian Bureau of Statistics has shown annual rental inflation accelerated by 7.8 during the March 2024 quarter, the worst result in 15 years.
Master Builders Australia CEO Denita Wawn said the worrying intensification of rental pressures follows the worst year in over a decade for new home-building starts.
“This is in stark contrast to the overall rate of inflation which dropped to 3.6 per cent, its lowest since late 2021.
“The answer is to increase the supply of new homes.
“Higher density home building starts sank to a 12-year low during 2023 which is only driving rental inflation further.
“Today’s figures also show that owner occupiers are paying 5.0 per cent more for a new home compared with a year ago. This is on top of major price escalations since the start of the pandemic.
“Master Builders’ latest set of forecasts indicates that we will build 110,000 fewer new homes than what we need to meet the Housing Accord.
“To boost housing supply, we have to make it more attractive to build that means not removing tax incentives like negative gearing or CGT, and reducing the time and cost of building,” Ms Wawn said.
Media contact: Dee Zegarac, National Director, Media & Public Affairs 0400 493 071 | dee.zegarac@masterbuilders.com.au
