The Property Council of Australia has renewed its call for Parliament to pass crucial housing legislation without resorting to a double dissolution.
This urgent appeal comes as Australia grapples with a significant housing shortage, building only 160,000 homes annually against a target of 240,000 needed to meet the national goal of 1.2 million new homes by 2029.
Property Council Chief Executive Mike Zorbas emphasised the pressing need for legislative action, stating: “The longer we wait to pass housing legislation, the longer the housing crisis drags on.”
Zorbas urged parliamentarians to set aside entrenched political views and focus on passing legislation that will increase housing supply and improve homeownership accessibility.
The Property Council, in collaboration with the Community Housing Industry Association and National Shelter, has proposed a build-to-rent initiative aimed at creating 105,000 additional rental homes over the next decade, with 10 per cent designated as affordable housing.
This proposal seeks to address the critical shortage in rental properties, especially as new apartment construction has fallen to half of 2017 levels.
Zorbas called for bipartisan support to amend the legislation currently before the Senate, emphasising the potential to unlock significant investment in rental housing.
The Property Council views the current bills, including Help to Buy, as important steps, though not complete solutions, to addressing Australia’s housing needs.
The housing sector faces numerous headwinds, including:
- High financing costs and hurdles
- A decade of high new household formation
- Catch-up immigration pressures
- Rising material and labour costs
- Decreasing construction productivity
- Low market capacity
- Competition for labour from infrastructure projects
- Planning delays
- Potential ACCC acquisition red tape
- Sluggish environmental and cultural approvals
- Changing state property taxes, particularly affecting overseas investors
As the final sitting weeks of the year approaches, the Property Council’s message is clear: urgent action is needed to address Australia’s housing crisis, and passing the proposed legislation is a critical step towards that goal.
