The Urban Development Institute of Australia (UDIA WA) has congratulated the McGowan government on their good financial management to date and says now is the time to support more first home buyers into property ownership.
“UDIA WA is pleased to see that following the state budget mid-year review, the Treasurer expects the budget to be back in surplus in 2019-20,” UDIA WA CEO Tanya Steinbeck said.
“While the government has committed to increasing Keystart’s borrowing limit by $421 million, we believe now is the time to seize the opportunity to expand Keystart’s eligibility criteria to support more potential home buyers into the market,” Ms Steinbeck said.
“Given the tightening of institutional lending criteria and the impact of the banking royal commission, expanding the Keystart eligibility criteria at this time will be essential for households to get their foot in the home ownership door,” Ms Steinbeck said.
“This comes at a time when the rental vacancy rate is dropping so we are likely to see upward pressure on rents in the coming year,” Ms Steinbeck said.
“The development industry is also keen to see work on proposed METRONET precincts move forward, so that industry and government can work together to deliver vibrant, affordable homes around new and existing train stations,” Ms Steinbeck said.
“The delivery of METRONET over the coming years is critical to the future growth of Perth and the ability for the development industry to continue to deliver well connected, affordable communities,” Ms Steinbeck said.
“The state government need to be mindful of creating additional cost impacts on industry as a result of initiatives such as DesignWA and the impact it will have on delivering affordable housing within the METRONET precincts,” Ms Steinbeck said.
“Whilst the policy intent of DesignWA is sound and supported, the devil is in the detail in terms of the Apartment Design Policy and the cost implications for implementing the individual design controls,” Ms Steinbeck says.
“We are looking forward to the opportunity to review the financial modelling behind the DesignWA policy to ensure affordability isn’t compromised where and when it is needed most,” Ms Steinbeck said.
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For more information:-
Gemma Osiejak
UDIA WA Executive Manager Communications & Marketing
E: gosiejak@udiawa.com.au
M: 0421 506 819