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“HIA has long been advocating for a greater focus on addressing supply side constraints for new housing.
“The announcement to invest in a financing guarantee pilot is welcomed,” Mr Bare said.
“Derisking investment could see faster delivery of new dwellings. There is little detail on the approach to be adopted in the pilot however, nor what type of development will be the focus and the financial instruments to be adopted.
“Options such as the NSW Government acting as a finance guarantor, pre-purchasing homes off the plan and providing financial support for materials supply have been floated.
“At odds with identifying access to finance as a barrier to supply is the ridiculous decision to increase foreign purchaser duty surcharge to 9 per cent and the foreign owner land tax surcharge to 5 per cent from 1 January 2025.
“While each increase is an additional 1 per cent these punitive taxes send the message that NSW is shutting the door on overseas investment to support housing supply,” Mr Bare said.
“HIA calls on Treasurer Mookhey to remove these taxes and encourage overseas investment to support housing supply.
“An additional $253.7 million to pay for planners and technology to speed up development approvals is positive.
“A further announcement is that the NSW Productivity Commissioner is to deliver recommendations to address barriers to housing supply by the end of August this year.
“HIA has previously proposed that Commissioner Achterstraat look at construction industry capacity and constraints, and it appears that this may be part of the proposed review.
“HIA looks forward to working with the NSW Government on the detail of the proposed financing guarantee pilot and Commissioner Achterstraat’s review,” Mr Bare concluded.
“The Housing Industry Association (HIA) welcomes the announcement of the new Ministerial cabinet, set out by the Prime Minister today, and in particular the expansion of the housing portfolio to take in the future cities planning and a separate special envoy focused on social housing and homelessness,” said HIA Managing Director, Jocelyn Martin.
Building approvals for dwellings in Canberra for the year to the end of March have shown some signs that the market may be turning the corner but still remain well below government targets.
“Australia has just seen its two weakest years of new home commencements in over a decade, meaning these ongoing shortages of skilled trades are not being caused by home building activity,” stated HIA Chief Economist, Tim Reardon.
“There were 48,620 new homes approved for construction in the first quarter of 2025, up by 20.8 per cent on a year earlier,” stated HIA Senior Economist Tom Devitt.