NHFIC hosts industry presentation and panel discussion on “State of the Nation’s Housing 2022-23” report
The significant pressures impacting housing supply and affordability were canvassed at this morning’s industry presentation and panel discussion on the ‘State of the Nation’s Housing 2022-23’ Report. The Report was published by the National Housing Finance and Investment Corporation (NHFIC) on 2 April 2023.
The forum was attended by over 150 senior executives from the institutional investment and finance, property development and community housing sectors. The keynote presentation and panel discussions covered housing supply; demand (immigration and trends in household formation); housing affordability; institutional investment into the housing sector; and global investment trends into housing.
Since the publication of the Report earlier this month, recent data now suggests that net overseas migration (NOM) would likely be considerably higher than the latest Centre for Population estimates (on which NHFIC’s modelling is based), which could place even further pressures on an already tight rental market.
The keynote speech at today’s event was delivered by The Hon. Julie Collins, MP, Minister for Housing, Minister for Homelessness and Minister for Small Business who said, “I thank NHFIC for producing this significant report which highlights supply and is at the centre of the national housing conversation.
“It underscores the importance of the work the Albanese Government is undertaking to address Australia’s housing challenges. As I said at today’s launch, it’s exactly why we’re building on our ambitious housing agenda at every possible opportunity.”
Nathan Dal Bon, NHFIC CEO said, “We are facing extraordinary pressures on housing affordability for both homeowners and renters with the past year seeing the strongest and fastest synchronised upswing in rents across Australia’s major capital cities in the last two decades.
“NHFIC is committed to partnering with all levels of government and the private sector on sustainable long-term solutions to improve housing affordability and deliver on the Federal Government’s initiatives.”
Quotes attributable to panellists are below:
Sophie Fallman, Brookfield Real Estate Group Managing Partner and Head of Real Estate in Australia said, “We believe private capital and foreign investment will play an important role in unlocking opportunities in Australia and provide answers to affordability issues.
“We’re already seeing foreign capital having led the establishment of the multifamily and student accommodation sectors in Australia and there are many examples globally where, with the right policy and support in place, private capital and foreign investment can be instrumental in delivering a variety of housing solutions that answer issues of affordability and provide attractive alternatives for dwellers and investors alike.”
Wayne Swan, Cbus Super Chair said, “If the last 30 years were defined by technology, the coming decades will be about place and our built environment. This research shows the impact that underinvestment in housing of all types is having on working Australians.
“If addressed with the right thinking we have the opportunity to jump start local productivity and improve health, transport and emissions by strengthening our cities, towns and local communities. There are a lot of opportunities for institutional investors to be part of these solutions.”
Tarun Gupta, Stockland Managing Director and CEO said, “While undoubtedly our biggest lever, increasing the supply of private housing on its own will not solve Australia’s affordability crisis. It requires action across the entire housing continuum – from investment in social and affordable housing, build to rent and shared equity, to the sale of private houses – and diversity of product to suit people’s lifestyles and life stages.
“It is between these two ends of the spectrum that we need to be focusing more; to rethink existing models and consider how we can move people from social housing, to supported rentals and affordable housing, and eventually to private housing.”
About NHFIC
NHFIC’s mission is to improve housing outcomes for Australians. Established in 2018, NHFIC is a corporate Commonwealth entity that provides long-term and low-cost finance and capability building assistance to registered community housing providers (CHPs) to support the provision of more social and affordable housing. NHFIC lends, invests and provides grants to help finance the critical infrastructure needed to unlock and accelerate new housing supply. NHFIC supports home buyers by administering Government schemes that help them purchase their home sooner, and undertakes independent research into housing supply, demand and affordability in Australia. For more information and the latest data on our achievements, visit nhfic.gov.au
Housing Legislative Package - the Federal Government has introduced legislation to transition NHFIC into Housing Australia, with expanded responsibilities to support delivery of their Housing Policy agenda. The legislation includes renaming NHFIC as Housing Australia with primary responsibility for delivering 40,000 new social and affordable homes over 5 years from 2024. This comprises 30,000 homes to be delivered with funding contributions from the Housing Australia Future Fund (HAFF) (20,000 social, 10,000 affordable) and 10,000 affordable homes under the National Housing Accord. These additional responsibilities are subject to the passage of the legislation. NHFIC will continue to deliver the Home Guarantee Scheme (HGS), the Affordable Housing Bond Aggregator (AHBA) and the National Housing Infrastructure Facility (NHIF, which was recently expanded as part of the Federal Government’s 2022 housing election commitments).