The housing shortage in Australia will continue to exist, say official forecasts. The figures suggest that the supply gap in this sector has worsened and that the situation is not going to improve soon.

As many as 10,000 prospective buyers have already faced a supply shortage and were forced out of the market as on June 30, 2009.

A report published in The Australian has also suggested that the struggle will continue to get worse. Estimates show that by 2029, the demand and supply gap will be close to 500,000.

The main reason for this is the ever rising population of Australia. Bureau of Statistics data shows that the population of Australia has risen by 2.1% in 2009. This is double of the world average of 1.1 %.

New South Wales is the major sufferer. And because of this gap, the price of real estate is undergoing a boom as rising demand coincided with inadequate stocks of homes.

While it's said that Australia was the only nation amongst the developed countries that suffered the least possible because of the financial crisis, it can't be denied that it did leave an impact on the real estate developers.