Australia is facing a housing shortage, and the country plans to address its rising house prices through its national budget.
Despite aggressive monetary tightening measures by the Reserve Bank of Australia, house prices in the country continued to rebound after a slump in 2022 and have been rising steadily.
Australian real estate consultant CoreLogic's latest data shows that in April this year, Australian housing prices rose for the 15th consecutive month. Currently, the median housing price in Australia is currently 77,9817 Australian dollars (about 3734,900 yuan).
According to data released by the Australian Bureau of Statistics last month, the country's housing rents are also soaring, rising 7.8% year over year last year, the biggest increase since March 2009. According to the Australian Bureau of Statistics, the increase in the rental price of an apartment has outpaced the increase in the price of a house.
Eliza Owen, head of research at CoreLogic Australia, said: “From a mortgage repayment capacity perspective, Australia's housing affordability is currently at its worst level on record.” She also predicts that housing prices will continue to rise this year, but the increase will be lower than in 2023.
Australian Treasury Secretary Jim Chalmers is due to submit a budget on Tuesday, which is expected to focus on addressing the country's housing crisis.
The current Australian Government has indicated that it plans to allocate 88.8 million Australian dollars (about 425.3 million yuan) to train 20,000 local workers in the construction and housing sector. It also plans to spend $1.8 million to streamline skills assessments for 1,900 potential immigrants and prioritize 2,600 target occupations.