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The HIA says the obvious ramifications of the shortfall are higher property prices – and rents that will continue to climb.
Barry Ison said it was good news for property investors, particularly those who moved to expand their portfolio now.
“House prices rose by 10% last year and are expected to rise by the same amount again every year over the next decade,” he said.
“The global financial crisis has taken the wind out of the sails of developers – they are just not building houses and units at the same rates that we saw a decade ago.

“So the HIA’s prediction of a huge shortage by 2020 is likely to come true because developers are unlikely to catch up with demand in that time.”
Another March release of statistics – this time from the AFG Mortgage Index – shows that property investors are already returning in force in capital cities, where more than one-third of home loans were for investment purposes during March.