New net migration figures in the May 2023 Federal Budget represent an excess of 379,000 migrants over the initial estimates between 2022 and 2028, announced in the October budget last year.

This research report estimates the shortfall in housing supply as a result of the expected increase to migration announced by the federal government.

Key findings:

• Between 2023 and 2028, net overseas migration to Australia is expected to reach 1.755 million. This is the equivalent to 117,000 new households formed from immigration alone in search of housing every year.
• This will be in addition to the creation of 69,617 new domestic households every year, which will require 417,700 new housing units by 2028.
• Between 2023 and 2028, housing supply is forecast to increase by only 866,900 units.

The report utilises data derived from: forecast modelling by the National Housing Finance and Investment Corporation's 2022-23 State of the Nation’s Housing Report, the 2023-24 Federal Budget and the Australian Bureau of Statistics.