Will it take 10 years to fix the property market in Australia?

The Toowoomba Chronicle ran an article on 20 June 2024 quoting experts who said that it would take 10 years for the Australian property market to be fixed.

The article states that there are skyrocketing rents and runaway home prices.

They identify lack of development, redtape, and planning issues as areas that need to be addressed.  They also identified that countless small to medium builders have gone bust in recent years as soaring costs and painful delays have shrunk profit margins to unsustainable levels.

The article outlines the response from the Federal government which is a $32 billion initiative to build 1.2 million homes in the next 5 years to flood the market with supply and ease pressures.  However, the article states many experts believe that this goal is unachievable thanks to a lack of confidence among builders, high material prices, a chronic skilled labour shortage, and frustrating red tape at council and state government levels.

There appears to be a lot of finger pointing and shifting of blame as to who is to blame.

What also appears to be clear is a distinct lack of co-operation between the various levels of government to address these issues.

There is never one silver bullet to fix issues and it is usually a collection of initiatives that working together that solve problems.

Hopefully, something can be done and things can start to change.