Almost every economist, banker, and builder agrees that Australia's housing construction targets are far from being met. A recent analysis by the Australian Master Builders Association shows that the Albany government's goal of building 1.2 million homes by 2029 will be unattainable, with a current shortage of 48,000 homes per year.
The modular housing industry says it can fill this gap, but requires policy changes from the government and banks.
Prefabricated homes are built in factories and then transported to the site for assembly, somewhat like building with Lego or DUPLO bricks. Master Builders Association data shows that building a traditional house in Australia takes 55 weeks, while a prefabricated house takes an average of only 16 weeks.
A granny-style prefabricated home can cost as little as AU$100,000; of course, depending on your budget and needs, you can opt for architect-designed products costing over a million dollars. This style of construction is increasingly popular, currently accounting for 8% of new homes in Australia, and the industry hopes to reach 30% by 2035.
