Christian Nygaard, a housing economics professor, asserts that simply building 1.2 million homes as targeted by the Australian government will not adequately address the housing affordability crisis facing the country. Despite the ambitious goal set by the Albanese administration as part of their housing accord, experts express skepticism about the feasibility of achieving this target, which would require unprecedented levels of housing investment and coordination from both federal and state levels.

Nygaard elaborates on the situation, highlighting that even if the target is miraculously met within the next five years, and repeated success continues for the next 15 years, the anticipated improvement in housing affordability will remain marginal. Current forecasts from the National Housing Supply and Affordability Council estimate a shortfall of nearly 262,000 homes compared to the government’s aims for the latter part of the decade, indicating the deep challenges still faced in the housing sector.

The ongoing crisis is especially pressing for younger Australians, who are increasingly frustrated by the lack of affordable housing options. Nygaard's commentary suggests that without a fundamental restructuring of how housing is financed and developed in Australia, merely increasing the supply of homes will not satisfy the significant demand or improve affordability, leaving many Australians struggling to find suitable living options in the years to come.