Housing supply in Australia worsened in 2024 after 62,000 fewer homes were built than needed to accommodate population growth, according to PropTrack.

Whilst this was an improvement on the previous financial year (2023) when there was a shortfall of 110,000 homes relative to population growth.

Only 72% of the homes needed to accommodate population growth were built in 2024. It was even lower in the previous year, with just 61% of the number needed completed. 

The undersupply of new homes remains greatest in Western Australia, with just 48% of the new homes needed in WA built, compared to the 36% built in 2023. Perth has had the sharpest growth in property prices over the past year. 

Tasmania and the Australian Capital Territory (ACT) were the only states where housing supply has kept up with population growth. In Tasmania new home construction has far exceeded population growth, with more than four times the number of new homes needed completed.