The Urban Development Institute of Australia (UDIA WA) has welcomed the state government’s announcement of a $150 million housing investment package this morning as a well thought out move that will benefit the state’s housing market and stimulate broader economic growth.
“Today’s announcement addresses many of the recommendations that were included in the package of policy reform measures to stimulate the struggling residential property market that were presented to the state government by industry in October,” UDIA WA CEO Tanya Steinbeck said.
“The residential property market has endured tough times in recent years and that has had a significant impact on jobs and the broader economy,” Ms Steinbeck said.
“Delivering 300 plus public housing dwellings as well as 70 refurbishments will not only have an important impact on addressing the housing affordability challenges currently faced by many in low income brackets, it will also help stimulate the construction sector,” Ms Steinbeck said.
“This is a fantastic initiative that directly responds to those most in need and provides a much-needed activity injection that will support jobs, training and apprenticeships for a more sustainable building industry moving forward,” Ms Steinbeck said.
“The extra investment in Keystart, including the 200 additional shared equity opportunities, as well as extending the relaxation of the income criteria and an additional increase to Keystart’s borrowing limit by $437.2 million are very sensible measures that will all help more people into their own home,” Ms Steinbeck said.
“Keystart is such an important mechanism to assist potential home buyers into home ownership,” Ms Steinbeck said. “We should be proud that we have such an effective program that can support people into achieving housing security and it is great that we are able to extend that opportunity to more people.”
“We congratulate the state government on recognising the importance of the property industry to the broader state economic recovery and we are glad they have listened to our recommendations,” Ms Steinbeck said.
“These are well thought out measures that will have a positive impact on people wanting to get into the market as well as boosting construction jobs and giving West Australians most in need a place to call home,” Ms Steinbeck said.
Ends.
For more information:
Gemma Osiejak
Executive Manager Communications and Marketing
UDIA WA
P: 0421 506 819
E: gosiejak@udiawa.com.au