Increasing housing output by 10,000 units would increase construction sector wages by approximately one per cent.

That's according to a new ESRI paper that assesses the difficulties the economy faces in increasing the housing supply.

The think tank says the spike in inflation will have a short-term impact on the housing market.

Kieran McQuinn, Research Professor at the ESRI, says greater use of vacant homes should be considered to address the imbalance between housing demand and supply.

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