Home loans: Australia must 'get going' on building property

Friday 06 November 2009

Article by Mozo

Australia must "get going" in terms of producing more affordable housing stock, it has been claimed in emerging home loans news.

The Road to Recovery conference presented by the Australian and the Melbourne Institute this week saw commentators speculate on the potential pitfalls of failing to have enough property on the market.

Wayne Swan, treasurer, made a keynote speech that focused on the issue, the Australian reports.

He said: "We’ve got to really get going when it comes to building a supply of housing or we’ll hit capacity constraints that will hurt us in the very near future."

Clare Martin, chief executive of the Australian Council of Social Service, warned that 850,000 Australians are in "housing stress".

She went on to add that there was an "outstanding need" for 250,000 affordable properties – something that could be promising for those looking to compare home loans.

There may be light at the end of the tunnel, however, since the Australian Bureau of Statistics this week published figures that show an increase in the number of building approvals in September.

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