Media Release
Governments' $2 billion support package welcomed
at volatile time for WA housing industry
The Property Council of Australia welcomes the Albanese and Cook Labor governments' $2 billion landmark agreement to boost housing supply across Western Australia.
Today's announcement will support WA's construction and development industry to build new homes in two of the most challenging areas for the housing market - affordable homes for first home buyers and new residential infill projects.
Keystart's $250 million First Home Buyer Commercial Financing Facility is a nation-leading initiative that will support the private sector in those two challenging areas of the market.
Newly announced, the First Home Buyer Commercial Financing Facility will target apartments, townhouses and other multi-unit developments, offering mezzanine-style concessional financing to give developers greater confidence to start infill housing projects more quickly.
The announcement also includes $694.3 million for infrastructure and development works in Metronet station precincts to encourage private sector investment in these key locations.
An additional $40 million for Infrastructure Development Fund will further support much needed infill development across Perth metropolitan and regional areas.
Comments attributable to Property Council WA Executive Director Nicola Brischetto:
"It is an incredibly difficult time to be an aspiring first home buyer in Perth and across Western Australia."
"A restrained labour market, rising material costs and disrupted global supply chains are posing immense pressure on the construction industry to deliver dwellings where aspiring home owners need them the most - at the affordable end of the market and in residential infill projects.
"Investment in enabling infrastructure is critical in enabling delivery of new homes, particularly in transit precincts and established suburbs.
"As Western Australia strives to reach its National Housing Accord target, these are crucial areas of the housing market that need to be supported by government at this volatile time.
"The Property Council of Australia welcomes today's announcement by the Albanese and Cook Labor governments.
"The ability to access low cost financing, along with the recently announced pre-sales guarantees will help apartment projects in key infill areas get out of the ground faster.
"The additional $40 million for the IDF will further support these projects.
"We do, however, encourage the WA Government to explore expansion of the IDF's eligibility criteria and increasing its rebate payments on government-associated development costs to improve its utilisation."
