Property Council welcomes ACT Budget to tackle housing crisis
The Property Council of Australia has welcomed the ACT 2023-24 Budget, which places housing as its centre point, with a substantial allocation of $345 million to address housing issues. Property Council’s ACT and Capital Region Executive Director Shane Martin said as more people recognised the appeal of the ACT and chose to relocate, the demand was driving upward pressure on housing affordability.
“The key to affordability lies in increasing supply, and the government is taking steps to expand housing stock across the board,” Mr Martin said.
“The recently passed Planning Bill sets the foundation for increased housing supply and we look forward to the release of a revised Territory Plan and District Strategies to make this happen.
“We are particularly pleased to see additional measures to promote land release. The government has flagged an intention to release land for 16,000 dwellings over the coming five years and we look forward to working with the relevant agencies to make this happen.”
Mr Martin said the government’s ongoing commitment to the transition from stamp duty to land tax was commendable and increasing the stamp duty waiver from $600,000 to $700,000 for off the plan purchases should stimulate the housing market.
However, Mr Martin said the changes to the Lease Variation Charges (LVC) were not supported.
“With our industry facing so much economic volatility, now is not the time to be increasing LVC,” he said.
“The Property Council looks forward to continuing its ongoing consultation with the Government on this change as well as other aspects of the ACT Budget.”
Mr Martin said it was positive to see Build-to-Rent (BTR) initiatives in this budget.
“BTR will play a crucial role in Canberra, especially for individuals relocating for new job opportunities who may be unsure about permanent residency,” he said.
“BTR offers long-term leases in convenient locations, providing tenants with secure tenure and fostering a supportive community environment. Canberra is the right place for BTR Investment.
“The Property Council now calls on the government to take a fresh look at some of the ageing office stock in our strategic centres.
“Incentivising adaptive reuse can minimise embodied carbon implications for our climate, while reinvigorating old buildings and providing for better night-time activation of our centres.”
ENDS
Media contact: Aidan Green | 0491 030 028 | [email protected]