By Jacob Shteyman in Canberra

Australia’s goal of building 1.2 million homes in five years has slipped further out of reach, even though the number of homes under construction is the highest on record.

The nation completed 355,817 dwellings in the first two years of the National Housing Accord, which started in July 2024.

By the end of June 2026, Australia needed to have built 480,000 new homes to be on track to hit the target by the end date of mid-2029, meaning the sector is short 124,183 homes.

The industry is picking up pace, at least.

The Australian Bureau of Statistics on Wednesday reported 47,168 homes were built in the June quarter.

While that’s below the required run rate of about 70,000 per quarter, it’s better than the 44,592 dwellings completed in the three months ended March.

The total number of dwellings commenced in the quarter also rose.

New housing starts were up seven per cent to 52,201, driven by an 11.6 per cent jump in detached houses, while apartments and townhouses were basically unchanged.

Total dwellings under construction climbed to 248,733 – the highest number on record.

With data centre investment also fuelling a surge in non-residential construction, the total value of work done climbed to $45.8 billion in the quarter – 10 per cent higher than the June quarter 2025.

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