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In its Policy Imperatives for the 2022 Victorian election, HIA has outlined that Melbourne home buyers pay nearly 40 per cent of the cost of a new house and land package in taxes, fees and charges - locking thousands of Victorians out of home ownership.
The National Housing Finance and Investment Corporation estimates that development contributions can collectively amount to between $37,000 and $77,000 per dwelling in Victoria.
“This burden must be eased by the next Government – rather than shouldered by those who are among the least able to afford it,” says HIA Executive Director, Fiona Nield.
“New residential land is captured by a range of local and state taxes including the Growth Areas Infrastructure Contribution and the soon-to-apply Windfall Gains Tax. While local taxes have some relevance in terms of delivering local infrastructure to the person paying the tax, the state taxes do not.
“Victorians continue to pay the highest rate of stamp duty in Australia, imposing a significant financial burden on all home purchasers. Depending on how the sale process is undertaken, stamp duty can apply multiple times to a new home build.
Ms Nield said the State Government elected in November should:
“Continuing to load the tax burden onto home buyers is lazy and unfair.
“Layering tax upon tax on home buyers and the housing industry puts pressure on affordability across the housing market. More concerningly, every increase in the price of a new home traps those saving for a home in the private rental market – and makes their dream of home ownership further out of reach.
“To make home ownership a reality for more Victorians, we must reduce the amount of money they’re paying into government coffers to reduce the cost and length of a mortgage.”
“The number of housing loans issued to first-time home buyers has been steadily increasing in recent months, pointing to strong demand for homes among aspiring homeowners,” stated HIA Economist, Maurice Tapang.
“House approvals are taking longer than ever to get through local councils and exacerbating Australia’s worsening housing and rental shortages, and this is even more pronounced in regional Australia,” said Mike Hermon, HIA Executive Director, Planning & Environment.
The 10th annual Queensland HIA Building Women Awards recognised stellar talent, and shone a spotlight on the huge contribution women are making to building more homes.
HIA has today released a comprehensive Planning ‘Scorecard’ that assesses each state and territory’s current planning system’s progress against the implementation of National Cabinet’s National Planning Reform Blueprint.