Commitment
Housing Accord: 1.2 million homes
Is the government on track to build 1.2 million new homes in five years from July 2024?
Housing Accord: 1.2 million homes. Off track.
- Latest
- 74%
- Since the government took office
- Over the past year
- Better+15.8%
New dwellings completed per quarter
- Original (not seasonally adjusted)
The commitment
Build 1.2 million new well-located homes in the five years from 1 July 2024.
How the verdict is reached
On track if homes completed since July 2024 are at or above the 60,000-a-quarter pace needed; at risk if up to 10% behind; off track if more than 10% behind.
Today: Completions are running at 74% of the pace needed.
What this is
Under the National Housing Accord, federal and state governments committed to 1.2 million new homes in the five years from 1 July 2024. That is 60,000 a quarter. We add up ABS new dwelling completions since then.
Why it matters
It is the government's own target. Falling behind means rents and prices stay under pressure, especially while population growth is strong.
More from the figures
- 354,354 homes completed in 8 quarters, against 480,000 needed to stay on pace: a shortfall of 125,646.
- To reach 1.2 million, completions would now need to average 70,470 a quarter for the remaining 12 quarters.
- Latest quarter: 47,495 completions and 51,971 commencements.
- The government's own advisory body, the National Housing Supply and Affordability Council, counts 308,000 completions (about 26% of the target) after 7 of 20 quarters. It expects 1.2 million to be reached only in the December quarter 2030, 18 months after the Accord ends.
How it’s calculated
Sum of ABS new residential dwelling completions (original series) from the September quarter 2024 (the Accord began 1 July 2024) to the latest quarter, compared with 1.2 million ÷ 20 quarters = 60,000 per quarter.