REIA calls for action on Australia's housing supply

KUALA LUMPUR/SYDNEY (Dec 22): The Real Estate Institute of Australia (REIA), the national professional association for real estate agents in Australia has called for action on housing supply with the release of the National Housing Supply Council's State of Supply Report 2011.

The report showed the gap between demand and supply is growing with the largest shortfalls evident in New South Wales and Queensland.

"All levels of government need to work together with industry to address the ever-widening gap," said REIA president Pamela Bennett in a statement on Wednesday.

The supply constraints are well known and include land availability, lengthy planning delays, skills shortages, the cost of entering the property market and state government charges. We do not need to wait for another report, such as the one to the Council of Australian Governments (COAG). We need to see immediate action by all levels of government," Bennett added.

"An adequate supply of housing is crucial in addressing housing affordability in Australia," she concluded.

The cumulative demand supply gap according to the report was 186,800 in 2010, 214,700 in 2011, an estimated 243,700 in 2012, an  estimated 272,800 in 2013 while in 2014 it is estimated at 301,100.