The number of housing completions fell last year for the first time since 2013.
The Banking and Payments Federation's Housing Market Monitor also found housing commencement numbers for the first four months of this year are around 40% of the levels observed in 2023.
The BPFI's Ali Ugur says apartment building numbers are way off target:
"It is well documented that apartment completions are struggling. There are various reasons in relation to that. It's the viability of some of the projects coming on stream. I think that's affected some of the apartment completions. In addition, we have some declines in the first four months of this year in relation to commencements which is a good indicator of the housing supply in the near term."
