Sunday 16 February 2025
MEDIA RELEASE
Recognition of supply-boosting housing investment welcomed by the Property Council
The Property Council of Australia has noted today’s announcement that foreign investors will be prohibited from buying established homes for two years as a sensible way to focus on delivering new homes and apartments that will help close the housing supply gap.
Starting April 1, foreign investors will be prohibited from purchasing existing properties until March 31 2027.
Property Council Group Executive Policy and Advocacy Matthew Kandelaars said every effort must be made to boost housing supply and that today’s announcement offers a sensible carve-out.
“It’s pleasing that both major parties have recognised that building new homes is the most important way our nation will address its housing affordability challenge,” Mr Kandelaars said.
“Australia has relied on global investment – using other peoples’ money – to help build and shape our cities for the last three quarters of a century, and we shouldn’t stop now.
“Policies that sensibly focus that investment into new homes and apartments to house our growing population make sense.
“We need to double-down on the delivery of new greenfield homes, apartments, build-to-rent developments, retirement villages and purpose-built student accommodation by ensuring investment and tax settings are right and boosting productivity and cutting red tape.
“Focusing investment into new homes needs to be matched with ensuring we have the people and skills to build them.
“Over the past two decades, less than two in every 100 skilled workers coming to Australia has done so with a construction trade. It’s vital that even in a lower overall migration intake, we get that mix right to complement our existing skilled workforce and build the homes we need,” he said.
ENDS
Media contact: Rhys Prka | 0425 113 273 | [email protected]