The real estate industry in Victoria has expressed deep concern over the lack of initiatives to address the state’s housing crisis in the latest budget. While they were relieved that there were no further setbacks, they believe more needs to be done to tackle the critical shortage of housing in the state.
The budget includes some benefits for the housing industry, such as strengthening the state’s building regulator to ensure new homes are built to code. However, concerns remain about the lack of new supply and the impact of past tax increases on property owners and developers.
While the $700 million extension for the Victorian Homebuyer Fund is a step in the right direction, industry experts believe it is not enough to address the root cause of the housing shortage. More needs to be done to encourage the construction of new homes and increase housing supply.
Despite some positive aspects of the budget, such as cuts that could lead to more trades and materials being available for construction, there is a consensus among industry leaders that further reforms are needed. Tax reform, better utilization of existing housing stock, and incentives to boost housing supply are all seen as essential to addressing the housing crisis.
Overall, while the budget is seen as a step in the right direction, there is a call for more significant measures to be taken to address housing shortages and support the construction industry in Victoria. The industry is hopeful that future announcements will provide additional support and solutions to the ongoing housing crisis in the state.