๐ช๐ต๐ ๐๐ต๐ฒ ๐๐ผ๐๐ ๐ถ๐ ๐๐ ๐ฝ๐ฒ๐ฐ๐๐ฒ๐ฑ ๐๐ผ ๐บ๐ถ๐๐ ๐ถ๐๐ ๐๐ผ๐๐๐ถ๐ป๐ด ๐ง๐ฎ๐ฟ๐ด๐ฒ๐
Ever since the federal government announced last year that it planned to facilitate the building of 1.2 million new homes in the five years from July 2024, there's been much speculation about whether it would achieve its target. New forecasting from the Housing Industry Association (HIA) suggests the government will fall about 200,000 homes short.
โIt is possible to build 1.2 million new homes over five years but it will require significant policy reforms. These reforms need to include lowering taxes on home building, easing pressures on construction costs and decreasing land costs,โ according to HIA economist Tom Devitt.
While Devitt believes homebuilding activity will recover in the 2024-25 financial year from recent decade-lows, he said this recovery would not be large enough.
โPunitive tax surcharges on foreign investors are squeezing out precisely the investment needed to help meet government housing targets. At the same time, recent changes to building codes are likely to add tens of thousands of dollars to the cost of building new homes,โ he said.
Subiaco finance brokers are here to help
Interest rate rises are here, but you donโt have to fear with the right broker on your side.
The team at Sonam Capital are here to empower you through financial knowledge.
Weโll take the time to get to know you and your unique situation and speak in a
language you can understand, with strategies you can implement for the best possible outcomes.
Nick, Wayne and Amanda at Sonam Capital are your Subiaco finance specialists.
