According to the report by the Australia institute of Health and Welfare, in 2024, Australia's housing shortfall has increased, with an estimated deficit of 97,284 dwellings, expected to grow to 145,470 by 2026. This shortfall, exacerbated by high immigration and limited new constructions, continues to drive up prices and rents. The average housing price reached approximately $939,000 in late 2023, with further increases predicted as property prices rise due to demand outpacing supply. In 2024, Australia's rental crisis has escalated further, with Sydney rents increasing by 13.1% year-on-year, reaching an average of $1,037 per week. Brisbane has also seen significant rises, with rents now averaging around $574 per week. This worsening situation is driven by factors such as high population growth and limited rental supply.

According to Anchor Homes, Modular and prefabricated (prefab) housing continues to show promise as a solution to Australia’s housing crisis in 2024. New statistics suggest that modular homes can be built up to 50% faster than traditional methods, and about 70%-90% of the construction takes place offsite in controlled factory environments, which reduces delays caused by weather and site conditions. Prefab homes can also cut construction costs by up to 25%, helping ease housing affordability challenges. Furthermore, with customization options and quality control being high priorities, prefab homes offer greater flexibility for future homeowners while maintaining durability.

In 2024, Australia continues its efforts to address the housing crisis. The National Cabinet's updated plan now aims to build 1.2 million homes over five years, starting from July 2024, supported by $3.5 billion in incentives for states and territories. This includes $15,000 for each additional dwelling beyond the target of 1 million homes from 2023. However, according to the Property tribunal article rising material costs remain a challenge for the construction industry. Despite steel prices dropping by 10%, other materials like concrete have increased significantly, up by 16.2% over the past year. Labour shortages and rising inflation have also escalated costs, with new dwelling prices rising by 7.8% annually.

With the urgency of building affordable housing, 4th Annual Modular for Affordable Housing by Trueventus is aims to create a premier destination for construction industry professionals to gain insights and experience first-hand on the latest innovations and opportunities in modular & prefab construction. Learn & understand emerging construction technologies that are becoming increasingly leveraged to aid the design and development of modular construction. Many have realized the glaring opportunity stand before them and have begun the transition of modularizing their projects. Don’t get left behind or it may be too late.

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