Media Release Begins

Twelve months on from the release of the Victorian Government’s Housing Statement, progress has been made, but urgent support for industry to deliver homes is needed, according to the leading industry association for urban development.

UDIA Victoria CEO, Linda Allison, says that industry and government have worked closely together to bring incremental change to planning reforms, referral authorities and to shape future activity centres.

“UDIA Victoria remains a signatory to the Housing Affordability Partnership and is committed to working with all stakeholders involved in delivering more homes for Victorians, in what are extremely difficult conditions,” she said.

While UDIA Victoria acknowledges the progress made, particularly on planning issues, there are missing elements of the Housing Statement that require urgent action from government. Victorian is likely to build less homes this year, not more.

“We have said since day one that the Housing Statement is missing a chapter, and that is a framework for reducing property taxes and attracting investment in Victoria” Ms Allison said.

UDIA Victoria is calling for five key actions that will speed up delivery of new homes:

1. A pause of the Foreign Purchaser Additional Duties to bring global investment back to Victoria
2. Review Windfall Gains Tax, including its impact on regional development, urban renewal areas and Metropolitan Activity Centres
3. Reinstate broader off the plan concessions and increase concession thresholds to align with current dwelling prices
4. Commit to a stable land supply pipeline (30% of 80,000 for metropolitan Melbourne should be at least 18,500 greenfield dwellings, the balance in the regions) and report against them in the Victorian Planning Authority’s Business Plan
5. A ten-year plan for priority infrastructure delivery to unlock housing, aligned with Plan for Victoria.
   Ms Allison noted that housing projects across virtually every dwelling type are struggling to get out of the ground. Victoria’s higher taxes and building costs are making the State unattractive for developers and investors.

“Despite best intentions, most projects simply don’t stack up at present. We need property tax relief that will not only make projects more viable, but also send a confidence signal to consumers and investors alike – Victoria is open for business, and is a location of choice.
“There is a huge reform agenda underway that will deliver dividends in the future, but we need urgent support for industry now to boost a new wave of homebuilding” Ms Allison said.

-ENDS-

Download the media release here.

MEDIA CONTACTS AND REQUESTS FOR INTERVIEW:
Linda Allison | CEO
ceo@udiavic.com.au