State of Supply Report 2008

Table of Contents

Foreword

Executive Summary

Chapter 1 - Introduction

• Role of the National Housing Supply Council
• Context
• Factors influencing housing supply and demand: a framework

Chapter 2 - Demand

• Key points
• Overview
• Current demand
• Projections of demand
• Overview of results
• Factors influencing housing demand
  • Underlying demand
  • Effective demand
  • Demand from owner-occupiers
  • Demand from investors
• Government assistance measures
• Taxation and investment
• Government assistance for low income renters

Chapter 3 - Supply

• Key points
• Overview
• Existing supply
• Tenure characteristics and changes in social housing stock
• Projections of future supply
  • Estimates based on dwelling completions
  • The land and housing supply pipeline
  • Estimating and monitoring conversion of land supply to housing
  • Influences on supply
• The supply pipeline
  • Planning approval processes
  • Infrastructure provision and charging
  • Taxation and other charges
  • Construction costs
  • Alternative construction and design approaches to reduce housing costs
  • Other government intervention

Chapter 4 - Projections of the demand-supply gap

• Key points
• Overview
• The gap between total demand and total supply in 2008
  • Homeless persons – sleeping rough
  • Homeless persons – sharing with friends or relatives
  • Homeless persons – marginal residents of caravan parks
  • Government initiatives in the homelessness White Paper
  • Efficient vacancy rate in housing submarkets
• The size of the gap in 2008
• Future changes in the demand-supply gap
• Medium demand and medium supply
• Sensitivity of estimates of the gap
• Other considerations
• Key indicators for demand-supply gap

Chapter 5 - Affordability

• Key points
• Key elements of affordability
  • Overview
  • Measuring housing affordability
• Affordability for first home buyers
• Affordability issues for renters
  • Lower income renters in the private market
  • Impact of decline in social housing stock on low-income renters
  • Impact of decline in low-rent private rental housing stock on low-income renters
• Key supply indicators for affordability

Chapter 6 - Conclusions

• Implications of findings to date
• Summary of future research priorities

Appendices

• Appendix 1 - Terms of Reference, National Housing Supply Council
• Appendix 2 - Summary data
• Appendix 3 - Data sources and methods
• Appendix 4 - Housing hotspots
• Appendix 5 - Affordability measures

Glossary and abbreviations

List of Figures and Tables