The re-elected ACT Labor government has pledged to deliver 30,000 additional homes by 2030 to accommodate Canberra’s growing population, the Property Council reported.
Chief Minister Andrew Barr (pictured above left) stressed the importance of this initiative.
“We know that Canberrans want more homes to buy and rent across the city and Labor’s plan will deliver the housing future generations will need, while putting in place necessary environmental protections on sensitive land,” Barr said.
In addition to increasing housing supply, ACT Labor plans to phase out stamp duty, starting with first-home buyers, pensioners downsizing, and those purchasing off-the-plan units or vacant land.
“Next term, ACT Labor will progressively begin to deliver early on our long-term commitment to fully abolish stamp duty,” Barr said.
The Property Council of Australia welcomed the commitment, calling it a significant step towards addressing the housing crisis.
Property Council acting executive director ACT Katie Stevenson (pictured above right) highlighted the urgency.
“With a population explosion expected over the next 25 years, now is the time for bold action to increase housing supply,” Stevenson said.
She praised the alignment of the announcement with the Property Council’s priorities.
“The ACT has the fastest growing population in the country, with government data anticipating an almost 60% increase by 2060 to 784,000, and the median cost of housing already double 2011 prices,” Stevenson said.
Stevenson also acknowledged the focus on “missing middle” housing, planning system improvements, and investment in local centres and mixed-use development.
“While these measures will provide a shot in the arm, we need to continue with bold reform to deliver the right supply and mix of housing,” she said.
Stevenson called for additional zoning reforms and planning system enhancements to create more housing capacity.
“A review of residential zoning rules to allow uplift in existing areas close to public transport and other local amenities could help lower the pressure on greenfield development and deliver more diverse housing options sooner,” she said.
The Property Council plans to continue working with all parties ahead of the October election to prioritise housing solutions.
Stevenson stressed the need for faster development application processing, more support for build-to-rent projects, and reforms to boost social and affordable housing, retirement, and student housing.
The “announcement is a great start, and we’ll continue to work with all parties to put the property sector at the heart of housing solutions,” she said.
Get the hottest and freshest mortgage news delivered right into your inbox. Subscribe now to our FREE daily newsletter.
