According to new data released by the Housing Industry Association today, the sales volumes of new homes across the country have catastrophically dropped to even further lows, down by 8.1 per cent for October.
This, coupled with new house building approvals and starts dropping to decade lows, shows that Australia’s housing crisis is set to worsen in 2024, not improve.
This is even further proof that home ownership and the residential construction industry have never been a priority for Labor.
The twelve interest rate rises since Labor’s election have added an extra $24,000 per year to a family with a $750,000 mortgage, yet this Government continues to remain silent on its key promise to deliver ‘cheaper mortgages'.
And despite our nation's deepening housing crisis, Labor still plans to ensure record population growth with an additional 1.5 million migrants arriving in Australia over the next five years.
New data published by the ABS this week also confirmed Australia is on track to accept more than half a million migrants this year alone.
While so many Australians struggle with acute housing shortages in both the rental and purchasing space, things are only set to worsen as Labor's Big Australia keeps getting bigger.