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$2 billion boost to public housing welcomed

Property Council welcomes Australian Government’s $2 billion boost to public housing & says national housing targets are essential

The Property Council of Australia has welcomed the Australian Government’s $2 billion social housing accelerator plan as a positive step in addressing Australia’s housing affordability crisis.

Recent estimates put Australia 1.3 million homes behind where we should be in the twenty years to 2021, relative to supply over the twenty years to 2001.

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“For decades, Australia has not supplied enough social, key worker or at-market housing to keep up with demand, let alone apply downward pressure on prices,” Mr Zorbas said.

“This investment is a welcome addition to the 30,000-home promise of the Housing Australia Future Fund but we still need the Senate to pass the HAFF next week.

“One million new homes by 2029 should be a very modest target for a nation with our advantages but with further delays in the Senate and the deep declines in new apartment construction in particular, we may fall short.

“The Australian Government is attempting the challenging task of improving state performance in housing supply through a national housing accord while opening up customer-led housing choice for renters through levelling the playing field for build-to-rent housing investment.

“The role of purpose-built student accommodation and retirement living communities in putting downward pressure on prices in the general rental market, as well as encouraging downsizing, should also be on the radar of decision-makers.

“The NSW Productivity Commission recently reported we could chop national house prices by 25 percent with a 10 percent increase in the supply of new homes and apartments.

“We need better planning systems for our cities and the roll-out of annual state housing targets for social, affordable, and at-market housing through the national housing accord.

“First ministers and state planning ministers need to get their skates on, and state Treasurers need to stop putting additional taxes on investment in new housing,” he said.

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