AFR: HomeBuilder boost not enough as new housing approvals fall
National President Simon Basheer was quoted by the Australian Financial Review following the release of UDIA National’s HomeBuilder Mark 2 submission:
In a new submission to the federal government, the Urban Development Institute of Australia argues the Commonwealth should extend the $25,000 grant, to the tune of an extra $1.25 billion, to support the construction of 50,000 new homes. HomeBuilder originally aimed to build 30,000 new homes by Christmas.
The government should also lengthen the construction time frame in which complying applications must start work to allow more detached homes and to make the grant applicable to apartment projects, the lobby group said.
“The UDIA and the property industry applaud the federal government for HomeBuilder, which we know is already working to boost confidence and trigger new dwelling commencements and stimulate employment,” said UDIA national president Simon Basheer.
“With the prospect of an elongated economic downturn and lower international migration, an extension of the scheme – matched with smart design solutions to maximise its breadth, reach and application – will bolster Australia’s prospects for recovery.”
As the Australian new-dwelling pipeline continues to contract, UDIA is calling for an extension and expansion to HomeBuilder to soften the economic impacts of reduced migration until it can return to normal levels.
The full article may be accessed (with AFR subscription) at: https://www.afr.com/property/residential/homebuilder-boost-not-enough-as-new-housing-approvals-fall-20200930-p560it