According to the parliamentary library research, it was estimated that Australia had a shortfall of 524,000 social housing dwellings in 2022, adding to the already dire situation of the housing crisis. The average price of housing tops out at $1,333,985 as stated by the Australian Bureau of Statistics, which makes it exceedingly difficult to own a home. Even rental prices have gone through the roof. In November 2022, SQM Research reported that rents in Sydney have increased by 28% from the last year to an average of $709 per week. Similar rises have been observed in other cities, with rent increasing by 24% to an average of $574 in Brisbane. If left unchecked, the effects on the economy can be catastrophic if no immediate action is taken to combat this.
The National cabinet & federal government announced in August 2023 that they’ve promised $3 billion and $500 million respectively in incentives to support the building of 1.2 million dwellings over the next 5 years Given the abnormally long period it takes for councils to approve the smallest of construction projects, this move aims to encourage states and territories to quicken the pace of building approvals and housing construction. However, with rising material prices and the introduction of a tariff on imported steel, contractors & builders will face challenges in delivering houses using the conventional way.
With the ability to deliver housing at a faster and cheaper rate, modular construction & prefab methods have been pipped to be an effective solution to the crisis. A modular or prefab house can be completed anywhere from 30% – 50% sooner compared to conventional housing, with 60% – 90% of construction being done offsite in a factory. Additionally, prefab houses are built in an environment where quality and safety is guaranteed. And it gives future home owners limitless options to customize their home according to their need.
With the urgency of building affordable housing, Modular for Affordable Housing by Trueventus is aims to create a premier destination for construction industry professionals to gain insights and experience first-hand on the latest innovations and opportunities in modular & prefab construction. Learn & understand emerging construction technologies that are becoming increasingly leveraged to aid the design and development of modular construction. Many have realized the glaring opportunity stand before them and have begun the transition of modularizing their projects. Don’t get left behind or it may be too late.