HOUSING SHORTAGE INTENSIFIES IN ‘DOUBLE WHAMMY’ FOR HOMEBUYERS

South East Queensland must increase its current annual dwelling production by nearly double to accommodate almost six million residents by 2046, according to recent RPM Group research.

Highlighting the critical under supply of new housing impacting Australia, RPM data suggests South East Queensland is at the epicentre of the housing crisis because of high migration.

RPM’s data says an average of 34,544 new homes will be required each year to meet housing demand under the regional plan but the current rate is around half that at just 17,485 lots registered in the year to June 2024.

“The pressure on the region’s land supply continues to intensify,” says Clinton Tresize, Managing Director of QLD & NSW at RPM Group which markets a range of new projects in the South East.

Speaking at the construction launch of SIG Group’s $230 million Amory at Ripley, which is set to deliver 630 dwellings, Mr Tresize said approvals needed to be fast tracked to meet supply needs.

Amory at Ripley is located on a 39ha site and lots range in size from low maintenance terrace sized 117sqm to 450sqm plus sized family friendly homesites. The Amory masterplan incorporates 1.66ha of open space and 2.7ha of drainage reserve that will add to the abundance of natural space featured in the overall precinct.

Construction of the preliminary stages has already commenced with these sites expected to be ready for settlement this time next year. SIG Group is aiming to have the last of the 13 stages of the Amory masterplan completed and settled in 2028.

“There is no doubt that housing supply and affordability issues are intensifying, however further releases to ease pressure on demand will address the affordability factor,” said Mr Tresize.

Ripley Valley, one of Australia’s largest urban growth areas, has seen a population surge of more than double (230%) from 2016 to 2022, positioning it as Queensland’s fastest-growing region.

The area is expected to have the highest population growth of any region in Queensland with 104,170 new residents forecast in Ripley between 2021 and 2046.

“To keep up with this demand, around 3,600 new dwellings need to be created each year, and at the current pace this means that Ipswich needs to increase its rate of production by 45% to meet demand,” said Mr Trezise.

As Ripley continues to expand, the timely delivery of Amory will help meet the increasing demand for housing, contributing to Ipswich’s broader efforts to double its housing production and keep pace with South East Queensland’s rapidly growing population.