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{{propApi.successMessage}} {{region}} Change locationNSW budget focus on securing housing supply welcomed by HIA
NSW budget focus on securing housing supply welcomed by HIA
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"Importantly the $500 million package includes $300 million to enable the delivery of critical infrastructure necessary to unlock more shovel ready land, with 40% of that spend targeting regional areas.
“It is particularly pleasing to see an additional $33.8 million to develop a regional housing supply pipeline supporting findings of the Regional Housing Taskforce to which HIA members contributed substantial input.
"Initiatives to accelerate planning approvals ($89 million) and rezoning of housing precincts ($73.5 million) are welcomed.
"$300 million for the upgrading and maintenance of 15,800 social housing properties and $217 million supporting First Nations families housing are vital investments in meeting the needs of these communities.
"The home ownership measures announced are to be applauded with $728.6 million to provide first home buyers with the option to pay an annual land tax instead of stamp duty on houses worth up to $1.5 million.
“While much more will need to be done to reform such an inefficient and inequitable tax, this is a critical and welcomed first step by the NSW government in reforming stamp duty.
“The shortage of skilled trades for residential construction is at record levels, so the investment of $82.7 million over 4 years in providing an additional 70,000 fee-free training spots for apprentices and trainees is positive. However more needs to be done to promote skilled trades in construction as a legitimate career path.
"Doubling of the Foreign Investor Surcharge land tax sends all the wrong messages to overseas investors and is nothing more than blatant cash grab which will act as disincentive to potential investment in NSW.
"No consideration is evident in the budget of any interim remedies or support for the significant pressures faced by businesses in our industry, unable to effectively pass on the rising costs of labour and materials.
"HIA stands ready to work with the NSW Government on developing measures to support the industry navigate this challenging period," concluded Mr Bare.
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A plan for land is a plan for housing
“Adelaide, Brisbane and Perth are seeing residential land values grow at a rapid rate, while Sydney and Melbourne’s values remain relatively stable,” stated HIA Senior Economist Matt King.
New plumbing and drainage inspection procedures in Huntlee and-North Rothbury area
Plumbing and drainage inspections in the Huntlee and North Rothbury areas are moving from Cessnock City Council to Building Commission NSW.
BASIX transition period ending soon
The BASIX Transition period for eligible signed building contracts will end on 30 September 2024. BASIX Certificates must be generated by this date to apply the pre-1 October 2023 BASIX standards.
Lingering worker shortages see trade rates continue to rise
“As the number of new homes under construction continues to decline builders are reporting fewer difficulties scheduling skilled trades workers on their jobs, although availability of skilled workers remains worse than prior to the pandemic,” stated Geordan Murray, HIA Executive Director – Future Workforce.