The Property Council of Australia has applauded Brisbane City Council's new Inner-City Affordability Initiative announced by Lord Mayor Adrian Schrinner at a packed Property Council breakfast this morning.
The Property Council's Queensland Executive Director Jess Caire said the announcement, which followed alarming research highlight the dire state of Brisbane's apartment pipeline, will see Council remove mandatory car parking requirements in designated inner-city zones including parts of Fortitude Valley, Kangaroo Point, Milton and Newstead.
"Delivering an apartment building has never been harder or more expensive, the Property Council welcomes today's announcement that will help boost much needed supply in our rapidly growing global city," Ms Caire said.
"This initiative for well-located sites that are easily accessible by public transport and close to amenities will attract the investment needed to deliver new homes.
"It is great to see Brisbane City Council listening to industry on ways to overcome some of the barriers to the delivery of new homes in our city.
"As seen in our 'On the edge' report into Brisbane's apartment supply pipeline, skyrocketing construction costs are pushing Brisbane's apartment supply to the edge - this much needed cost relief will go a long way to boosting supply in Brisbane," she said.
With skyrocketing construction costs it has never been more difficult or more expensive to deliver new homes, removing mandatory car parking requirements could take $100,000 off the cost of delivering a new apartment in inner Brisbane.
Supplying a basement or podium level car park for a high rise development in inner Brisbane often costs more than $100,000 per parking space.
Removing these mandatory requirements will help make delivering much needed new homes to market cheaper and faster.
