Are you as much at sea as we are, when it comes to figuring out the implications and detail behind how the promised one million affordable homes will be built nationally over 5 years from 2024?
We’d love to have all the answers, but instead – still have a whole bunch of questions!
- To what extent will developers and builders be represented at any of the various official forums?
- At a federal level, the first Treasurer’s Investor Roundtable convened on 25 November 2022, with a focus on Housing and how to identify and overcome barriers to investment. It consists of 20 core participants – primarily leaders from major banks, superannuation funds and global asset managers.
- An outcome of the Roundtable was that a National Housing Supply and Affordability Council was formed to provide independent expert advice to the Government, to be led by Susan Lloyd Hurwitz, current CEO of Mirvac Group. The Council met for the first time on 28 February 2023.
- At a state level, the Queensland Government has extended the remit of the existing Queensland Housing Supply Expert Panel, to provide advice on housing supply state-wides, instead of purely South East QLD as previous. In addition, a renewed Panel was appointed comprising 12 experts from planning, property, economics, development, social housing and Aboriginal and Torres Strait Island housing from across Australia. The Panel will be chaired by Julie Saunders, Director, Urbis.
- Of the one million affordable homes to be built nationally over 5 years from 2024, what will be the likely split between rental housing, and home ownership? How might that vary from state to state?
- What does ‘affordable’ look like? For rentals, the National Housing Accord 2022 suggests rental housing is provided to qualifying tenants at between 70 and 80% of market rent – but what about home ownership prices?
- What is the target market for these affordable homes? We suspect the customer profile might surprise us – with mention of those employed in essential services, for example.
- If I’m a developer and my land is in the ‘well located areas’ (the Accord mentions the example of state land in and around train stations and TAFE campuses), does that mean my sale prices could be capped? How will I get early awareness of what is planned – especially as land release is on the list of ‘immediate’ actions?
What do you think? What have we missed?
We’ll be following with interest!