Australia’s housing shortage is set to worsen in the coming years due to interest rate hikes and a surge in population growth, according to the latest modelling from the National Housing Finance and Investment Corporation. The agency predicts that 106,000 dwellings will be needed by 2027, while only 57,000 apartsments and multi-density homes will be added to the market annually over the following five years. A sharp increase in interest rates, decade-high construction costs, and a lack of suitable land for projects are among the main factors contributing to the crisis, along with a lack of community support for new development. Australia’s Housing Minister, Julie Collins, suggested a $10bn social and affordable rental homes fund to tackle the housing crisis, however, the government has failed to secure enough votes to pass the housing fund bill.