New suburbs to drive housing affordability
The Property Council welcomes the Victorian Government’s announcement today on expanding land supply by 100,000 lots in the growth areas.
Property Council Victorian Executive Director, Sally Capp, said the Victorian property industry welcomes the new Precinct Structure Plans (PSPs) as a confidence boost to developers and home buyers alike.
“We need to keep accelerating housing supply if we’re going to crack the nut on the affordability issue and tilt the balance in favour of homebuyers and families,” Ms Capp said.
“New opportunities for housing provides increased investment and confidence in Victoria, and paves the way for more jobs,” said Ms Capp.
The Government has also announced increased funding to streamline planning and reduce council red tape.
“We know that planning delays drive up the cost of housing and the Government’s focus on clearing the backlog of planning permit applications is to be commended.
“The use of technology and ‘as of right’ categories for minor approvals to streamline planning also takes the edge off costs that get baked into new housing,” said Ms Capp.
In welcoming the new PSPs, the Property Council also urged Government to ensure a balance is struck between residential and employment needs.
“Residents also need jobs in accessible and appropriate locations. We look forward to working with Government to ensure these growth areas are a fantastic place to live, work and play.”
The Property Council welcomed the Government’s inclusionary zoning housing pilot on government land, providing the framework gives certainty upfront to all parties involved.
“There is no silver bullet in addressing housing affordability. We welcome private sector participation in this pilot to better understand the levers that can be used to improve affordability. Initiatives that reduce the costs, time and risks involved in the planning process are key to improving affordability and increasing industry investment and participation in delivering affordable housing.
“We believe there are further opportunities for asset recycling to deliver affordable housing in areas that people will want to live. We applaud these efforts by the Government to increase supply and reduce costs,” said Ms Capp.
Media contact: Sally Capp | M 0439 983 693 | E [email protected]