The Property Council of Australia is calling on Parliament to pass the federal government’s housing legislation without delay, starting with the Help to Buy scheme this week.
With Australia facing a significant housing shortfall, building only 160,000 homes annually against a target of 240,000, the council warns that inaction will prolong the housing crisis.
Property Council Chief Executive Mike Zorbas said the situation was becoming critical.
“These last few sitting weeks of the year are the right time to sideline entrenched political views and pass legislation to build more homes and get more Australians onto the property ladder,” Mr Zorbas said.
The council is calling for bipartisan support to address flaws in the legislation currently before the Senate, which could unlock substantial investment in rental housing.
Mr Zorbas said a joint proposal by the Property Council, Community Housing Industry Association, and National Shelter to create 105,000 additional rental homes over the next decade, with 10 per cent designated as affordable housing.
The housing market faces numerous challenges, including financing difficulties, high household formation rates, immigration pressures, rising construction costs and planning delays.
Other factors impacting the sector include decreasing construction productivity, competition for labour, escalating infrastructure costs, and changing state property taxes particularly those affecting overseas investors.
The Property Council argues that passing the housing legislation is crucial for addressing these issues and meeting Australia’s housing needs.
“This should not take a double dissolution election,” Mr Zorbas said.
“Neither of the housing bills are a silver bullet but we are decades behind in supplying the at market and social housing Australia needs.”
