PHOTO: Housing developers are joining calls for the HomeBuilder grant scheme to be extended. Photo: Peter Rae

House and land developers are calling on the federal government to extend the HomeBuilder grant by 12 months in a bid to reduce the catastrophic impact of the coronavirus pandemic on the industry.

Research released on Monday by the federal government’s National Housing Finance and Investment Corporation revealed that demand for new home construction would collapse over the next three years as Australia’s population growth plunged to levels not seen since World War I.

It is estimated that demand for housing could fall by anywhere between 129,000 and 232,000 dwellings, as border closures brought net overseas migration – typically half of which is made up of international students – to a halt.