Monitoring housing demand, supply and affordability
Around 31 per cent or nearly 3 million households in Australia are renters, with 26 per cent of households renting from private landlords and 3 per cent of households renting from state or territory housing authorities. Changes in the rental market are important because they typically accommodate lower income earners who are more vulnerable to experiencing housing stress. The COVID-19 pandemic period has had a substantial impact on Australia’s rental markets, with vacancy rates now at low levels in most cities and regions. There has also been an unusually high degree of variance in rental markets due to specific local demand and supply drivers.
This first research report by NHFIC - Building jobs: How residential construction drives the economy – looks at the important role the residential construction industry plays in generating jobs and growth across the Australian economy.
The residential building construction industry generates more activity across Australia than nearly every other industry, with each $1 million of economic output supporting nine jobs across the economy.