The Property Council’s 2024-25 pre-budget submission presented a detailed roadmap for the Victorian government, aimed at unlocking investment and elevating both industry and consumer confidence.
The strategic proposal is set to tackle the state's pressing housing supply and affordability challenges, with a clear vision to achieve the goal of 800,000 new homes.
Cath Evans (pictured above), the Property Council’s Victorian executive director, stressed the urgent need for a novel approach to ensure the swift and effective implementation of the government’s housing plans.
Highlighting the shared objective between the government and the property industry, Evans pointed out the current lack of significant economic and tax reforms needed to attract the necessary investment to meet Victoria’s housing targets.
“The reality is that Victoria is competing for investment in a challenging national and global marketplace,” she said in a media release.
“Too often in recent times we have seen tax changes that have been regressive rather than progressive, which has made Victoria an increasingly unattractive place for people to invest their money. This has dire implications for our industry’s ability to build the homes to meet the target of 800,000 new dwellings in the next decade.
“With the Allan government’s focus on housing growth in established areas, ambitious and innovative policy solutions are required to attract the necessary investment to make this vision a reality.”
The Property Council submission advocated for the creation of special economic zones across metropolitan and regional areas, combining tailored planning schemes with attractive tax incentives to spur development.
“Broadly based on the existing Queensland Priority Development Area regime, special economic zones have also been used overseas with great success to enable governments to maximise the potential of important places and communities,” Evans said.
Acknowledging the budgetary constraints and the challenges of debt recovery, the Property Council stressed the importance of proactive measures. Evans warned that inaction would not only exacerbate the housing crisis but also hinder Victoria’s competitive edge in attracting investment.
Access the Property Council's 2024-25 pre-budget submission here.
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