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Govt 'must reduce the cost of building new property'

In order to boost Australia's housing market, the government must reduce the cost of building new property in the country, the Urban Taskforce has claimed.
The government must reduce the cost of building new property in Australia if it is to increase activity in the country's housing market.

This is according to Aaron Gadiel, chief executive at the Urban Taskforce, who said that the seven interest rate increases that have occurred since October 2009 have really affected housing supply across the country.

"If the federal government's unable to pursue policies that will dampen interest increases, then it must urgently act to reduce the costs of supplying new homes," he said.

Mr Gadiel went on to say that the country's supply of new housing will "dry up" if this does not happen.

His comments follow the publication of new figures by the Australian Bureau of Statistics relating to the approval of new property in Australia.

These showed that some 12,638 properties were approved in May, which is a decrease of 7.2 percentage points from the number that were approved in April.

Posted by Ravin Chatlani
- property, government, urban

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