Australia’s Population Time Bomb: Is the Nation Prepared for the Future?

In this week's episode of the podcast, we tackle the thorny issue of Australia's population growth and how we plan to provide accommodation for the influx of people that are set to arrive on our shores. With immigration back on the table, the government has forecast a 60% increase in population by 2050, which raises a number of difficult questions.

First and foremost, we simply don't have enough housing to accommodate our current population, let alone a larger one. Building companies are struggling, there's a labour shortage, and the cost of materials and capital is rising. This is going to make it extremely difficult to ramp up the supply of new housing, especially when there will be stiff competition for resources.

But housing is just one piece of the puzzle. We will also need to consider where these people will work, shop, and go to school. This requires careful planning and reliable forecasting, something that Richard Temlett, our guest on the podcast, specialises in. As a director of Charter Keck Cramer's strategic research department, Richard helps industry players make development and investment decisions based on forward-looking, evidence-based outputs.

In this episode, we dive into the specific challenges that Australia's population growth presents in the apartment space. With more people looking for smaller, more affordable homes, how will the market respond? And what impact will this have on  existing apartment buildings and the broader property market? Richard shares his insights and predictions for the future, painting a picture of what life might look like in Australia in 2050. Tune in to hear the full conversation and gain a deeper understanding of the challenges and opportunities that lie ahead.

Episode Highlights:

00:00 - Introduction

01:28 - Who is Richard Temlett?

02:31 - Richard’s take on the development space in 2023 coming out of COVID

05:52 - What’s happening to the supply and demand in the Australian housing market?

12:30 - The mismatch between supply and demand

14:36 - How important are foreign buyers in the build-to-sell sector

19:12 - What’s going to solve the housing crisis in Australia?

23:11 - Are foreign investors becoming a problem in Australia?

28:36 - The challenges that developers face with labour shortages and building prices

32:05 - How will the Australian housing market respond to fluctuations in the cash rate?

36:27 - Let’s talk about the issues with price rises and settlement risks

39:52 - The problem with the current financing arrangements for developers

44:57 - How builders are getting around the fear of quality being a problem

50:59 - How does the Olympics impact the construction industry in Australia right now?

54:24 - The impact of labour shortage in Australia

55:25 - Richard’s property dumbo

About Our Guest:

Richard Temlett is a Director in Charter Keck Cramer's Strategic Research department. A former lawyer, Richard specialises in producing forward-looking evidence-based outputs which identify the target market(s), identify the property market risks as well as validate inputs for development and investment decisions. Richard has worked in both the private and public sectors, as well as in consulting and developer roles. He is a regular contributor and presenter at events and seminars in the property industry.

Connect with Richard Temlett:

• Connect with Richard on LinkedIn https://www.linkedin.com/in/richard-temlett-9386054a/

Resources:

• Visit our website https://www.theelephantintheroom.com.au
• If you have any questions or would like to be featured on our show, contact us at: The Elephant in the Room Property Podcast - questions@theelephantintheroom.com.au
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