Transform state agency approval processes to lower new housing costs: Property Council
A new report has found that fixing inefficiencies in the approval processes of major housing projects could unlock $360 million in economic benefits, and help ease some of the pressure on property prices.
Reducing the cost of new housing supply and tackling the deposit gap faced by aspiring first home buyers is the appropriate policy response to Australia’s housing affordability challenge,” says HIA Chief Executive Industry Policy, Kristin Brookfield.
"We have had the strongest period of supply for close to a decade and that’s feeding into a moderation of house price growth," says The Property Council's Chief of Policy and Housing, Glenn Byres.
Australia needs a federal housing minister, whose sole responsibility is to address the housing shortage by developing policies with their state counterparts to fix the constraints on supply in most capital cities.
The reinstated Turnbull government should appoint a federal Minister for Housing to oversee housing affordability, supply and demand, foreign investment and property taxes, says LJ Hooker CEO, Grant Harrod.
If negative gearing is restricted, there is a risk that investors will be discouraged from purchasing property, thereby reducing the number of rental options for those who choose or must rent their home.
