Property Council welcomes “rain-making” budget - says that growing population needs better local planning & density

The Property Council of Australia has welcomed the Victorian Government’s record infrastructure budget spend and investment in skills and training.

This investment is necessary to turn the challenge of our booming growth into an opportunity for a more prosperous and liveable Victoria.

The Property Council has also warned that this investment must be accompanied by long-term improvements to the planning system needed to accommodate the 140,000 new Victorians every year.

Interim Victorian Executive Director, Mike Zorbas, said, “This budget is an election year rain-maker, easing congestion, and supporting skills and jobs.

“Yet with property taxes at 48 percent of state revenue, more money can and should be directed to deliver more and diverse housing supply and transport-oriented density across metropolitan Melbourne.

“Victoria should also be leading the way on a build-to-rent asset class to give long-term rental security to tenants and boost housing supply and choice,” said Mr Zorbas.

With the State Election due on 24 November, the Property Council is also advocating:

Tax policies that stimulate overseas investment in commercial and residential property

Overseas investment is often essential to getting bank approval for office developments and inner-city housing supply. Support for overseas investment includes reinstating stamp duty concessions for off-the-plan apartment purchases in the CBD and a review of the impact of the absentee owner’s land tax surcharge.

Planning policies that support a strong CBD

Since the introduction of Melbourne Planning Scheme Amendment C270, permits for commercial developments in the CBD have slowed significantly. This has the potential for large tenants to choose other jurisdictions over Melbourne which, in time, may lead to a slowing of job growth in Victoria. It is vital that government and industry work in partnership on the establishment of major residential and commercial precincts and balanced CBD planning controls.

Media contact:  Mike Zorbas | M 0434 182 362 |  E [email protected]