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CEO Urges tackling of 1.2 million Homes Challenge, The Greens propose a Public Property Developer, and Western Australia sees investment surge
Welcome to Property Buzz! I’m Grace Ormsby
Today is Thursday, the 7th of March.
The CEO of the Property Council of Australia, Mike Zorbas, has addressed the National Press Club, urging the completion of Australia’s 1.2 million home target, and everyone “have a proper crack”.
Calling for more modular construction, better use of airspace, and backing of industry training, the CEO said there’s a need for partnership between government and industry.
He also asked State parliaments to commit their treasuries and planning systems to deliver better supply and choice of housing to a changing and ageing population.
Also at the National Press Club, the Greens announced their first election policy. Â
– Greens spokesperson for housing, Max Chandler-Mather, blamed private developers for the housing crisis, accusing them of restricting supply and inflating prices for profit.
– The Greens propose a department to oversee the construction of 360,000 homes in five years. One third would be sold just above cost price, and the rest rented, with 20 per cent of rentals for the lowest earners.
The plan, estimated to cost almost $30 billion over a decade, would be funded by changes to negative gearing and capital gains tax.
Finally, Western Australia saw a remarkable surge in housing loans to investors in 2023, according to the ABS.
Jumping over 10 per cent from the previous year and a staggering 37.3 per cent increase from 2021, the state’s real estate institute has welcomed the boost in activity.
That’s despite a shift in owner-occupier activity, with a notable decline in new loans, particularly for building.
That’s Property Buzz for today. See you again tomorrow, 08 March, for your daily dose of Property Buzz.
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