Housing
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Australia's housing industry was facing fresh scrutiny as Susan Lloyd-Hurwitz, Chair of the National Housing Supply and Affordability Council, shined a light on urgent concerns over rising property prices and the lack of affordable housing.

Hurwitz, while addressing the National Press Club on Wednesday, said the council was set to find solutions to the issues plaguing homebuyers for a long time and will also stress the critical need for a stronger course of action to increase the housing supply. She also warned that the current situation can worsen affordability issues and further strain the market, The Leader reported.

The council, set up by the federal government in December, provides independent expert advice on the housing industry. In May, the council released the first report stating that the country's goal of building 1.2 million homes in the stipulated timeline will be an uphill battle, per ABC.

The report suggested that only 13% of homes sold in the 2022-23 quarter were affordable for middle-income households.

Hurwitz described the housing market as "far from healthy," noting that there were no simple solutions to the industry's challenges. According to the Australian Bureau of Statistics' Monday report, new home approvals rose 10%, yet still trail historical averages.

During the speech, Hurwitz also sought urgent action from the government, saying, "It's puzzling to me why, given the acute situation we're in, that we don't prioritize the housing system more than we do," the Goulburn Post reported.

"There is no quick fix, no silver bullet. It's going to take consistent, patient, often confronting actions, year-in and year-out with all levels of government."

Hurwitz's comments came as CoreLogic reported a 0.5% rise in national house prices for August, extending the growth streak to 19 months.