Six 'cold, hard facts' for residential properties
Property expert Housing Industry Association (HIA) has released a list of facts on the residential property sector.
This list includes the fact that 25,000 fewer homes will be built will be built than a decade ago, as the last 34 months have seen contractions in the building and construction sectors.
Because of this, over a million Australians working in this industry and are worried about their job security.
They point out the fact that small businesses have closed due to drops in new housing, and 40 per cent of the cost of a buying a house is made up of taxes, fees and levies.
Finally by 2020, Australia will need 1.3 million new homes - that will not be fulfilled at current rates of construction.
HIA managing director Shane Goodwin was upfront about the facts, saying: "Access to affordable housing is one of the biggest challenges facing the Australian community."
Despite these gloomy facts, sentiment in the property industry has recently reached an 18 month high in an industry confidence survey conducted by ANZ and the Australian Property Council.
The survey found that confidence index for the June 2013 quarter jumped from 107 to 124, where a score of 100 is considered to be neutral.