Housing demand to take dramatic hit as Australia's net migration slumps

Demand for housing could fall by 232,000 dwellings over next three years due to international border closures and decline in population growth

The coronavirus pandemic could cut demand for housing in Australia by between 129,000 and 232,000 dwellings over the next three years, research by a federal government agency shows.

The National Housing Finance and Investment Corporation’s study found that population growth could be cut by 214,000 between 2019 and 2021, a 0.8% decline only surpassed by the first world war and the unwinding of the 1971 baby boom.

Continue reading...

from World news | The Guardian https://ift.tt/3mFowWQ