Introduction
Australia has been dealing with a housing crisis for decades. Housing affordability became a significant issue during the early 2000s, due to a combination of factors such as rising land prices, high-interest rates, and increasing population growth. According to the Australian Bureau of Statistics (ABS), the ratio of house prices to household income in Australia increased by 60% between 2002 and 2017. The high property prices have made it challenging to provide affordable housing options, and due to this, many people are left homeless or unable to afford quality housing (Mission Australia reference this). In recent years, there has been a growing need for new and innovative solutions to address this crisis. This paper proposes
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According to the Productivity Commission, in 2021, more than 116 000 Australians are homeless, and more than 500 000 households pay more than 30% of their income on rent (Productivity Commission). The lack of affordable housing is not only affecting low-income families, but it’s also affecting the quality of life of those that can’t afford to secure traditional housing loans (National Housing Conference). This ongoing problem is not only affecting people's livelihoods but also impacting the economy at a macroeconomic level.
Industry
The industry that is impacted by the lack of affordable housing in Australia is the housing and construction industry. The sector is continually adapting to meet the needs of the market, with an ongoing surge for more affordable housing options(Australian Housing and Urban Research Institute ). According to the ABS, the industry's contribution to the Australian economy was AUD 124.3 billion in 2018 to 2019 (Australian Bureau of Statistics. (2020) . With housing affordability becoming a significant issue, the industry's demand for innovative solutions to address this problem is also increasing.
Problem or opportunity of consumer unmet