Forest & Wood Products Australia (FWPA) launched their More Houses Sooner Report, which is the first and only in-depth study to project the total dwellings required by 2034 to reach equilibrium and affordability levels.
Australia needs approximately 2.48 million new dwellings by 2034 to keep up with population growth and improve housing affordability, according to the More Houses Sooner report. This means building around 225,400 homes per year, a significant increase from the past decade’s average of 192,100.
Commissioned by Forest & Wood Products Australia (FWPA), the study highlights the role of timber-based construction and prefabricated housing in closing the supply gap. FWPA’s Kevin Peachey emphasises that factory based manufacturing can lower costs and speed up construction, benefiting the entire industry.
With Australia’s population projected to hit 31 million by 2034 and household sizes shrinking, systemic change is needed. Lead researcher Tim Woods says the study provides practical pathways beyond traditional housing forecasts, integrating affordability, income, and population trends.
Download the full report on the FWPA website here.