Australia is more than 20,000 properties behind the federal government’s target to build 1.2m new homes by 2029.

Institute of Public Affairs (IPA) analysis of the latest Australian Bureau of Statistics building approvals data revealed 15,498 new homes were approved for construction in 2024 – 4502 below the Albanese government’s promised monthly delivery target in the National Housing Accord.

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Since the Accord started in July 2024, there is now a cumulative target shortfall of 20,747 new dwellings – equivalent to an entire month’s building approval target.

IPA deputy executive director Daniel Wild said this was a disaster for Australians looking to purchase their first home.

Questions have been raised after the Housing Accord is ‘completely off-track after just four months’.

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“Home ownership is a fundamental component of the Australian way of life, it is the basis for family formation and community participation, and is a critical lifelong retirement asset for millions of Australians,” Mr Wild said.

“A full review must be undertaken to understand why the federal government’s Housing Accord is completely off-track after just four months.

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“The Housing Accord is shaping up to be one of the greatest policy failures seen in the last decade.”

However, the Property Council of Australia was pleased to see a significant rise in the number of apartments approved in October, with approvals for townhouses and apartments rising 24.8 per cent to 5859 — the highest level since May 2023.

There were 2782 high-rise apartments approved — up from 1815 in September.

But only 56,797 apartnments and townhouses have been approved in the year to October, down about 11 per cent compared to the year prior.

Property Council Group policy and advocacy executive Matthew Kandelaar said the under supply of housing had been allowed to “fester” for decades.

“It will require action to address rising construction prices and labour shortage, alongside planning delays, slow approval processes and shifting state property taxes,” Mr Kandelaar said.

It comes as the 2024 Living In Australia Survey by one of the nation’s biggest demographics groups has warned we aren’t getting the affordable housing we want.

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