In an article published this week, CEO Tom Forrest explores some of the other issues affecting housing supply besides the need for root and branch planning reform.
Figuring large were all the additional costs being lumped on the cost to produce housing:
· skyrocketing costs (building materials alone are up 33% since COVID)
· endless charges, taxes and other imposts placed on developers (akin to taxing bakers during a bread shortage)
· higher finance costs as a result of interest rate hikes and the increased risk that lenders see in the development sector.
While little could be done about construction costs, by investing in infrastructure, Governments could assist in reducing costs, uncertainties and delays that currently impact development. With the State’s all fiscally challenged, much of the responsibility in this pace should fall on the Commonwealth.
To read the article, click here.
