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The territory’s government has introduced several housing initiatives that it hopes will increase supply and assist affordability.
With population growth of 500,000 expected by the end of the decade, the ACT government has introduced a number of targets it hopes to meet in the next five years. This includes increasing land supply and adding 30,000 dwellings to the region’s stocks, which would increase the total housing supply to 210,000.
Additionally, the housing initiatives, outlined in the territory’s 2022 budget, will also continue to fund the renewal and growth of public housing stock, as well as more build-to-rent properties amongst others.
The housing projects outlined by the ACT government include:
More land release:
The 2022 Indicative Land Release Program stipulates the release of 16,417 dwelling sites over the next five years, while the supply pipeline will be amplified by a number of private dwelling site releases territory-wide.
Built to rent:
The government’s Build-To-Rent Investment Prospectus looks to encourage more build-to-rent developments within the territory and provide financial support on affordability components of development proposals.
Partnership opportunities with the Commonwealth:
The territory will work in partnership with the Commonwealth government to implement its housing affordability policy commitments — outlined during the 2022 federal election — which, based on per capita allocation, will add 600 additional properties to the territory.
Both governments will work together on the redevelopment of the former CSIRO Ginninderra site and renewing the AIS precinct.
Growing and renewing public housing:
The budget includes a $30 million investment to support the Growing and Renewing Public Housing program, adding 140 new public housing dwellings to deliver the 400 additional public housing dwellings outlined in the parliamentary and governing agreement.
Additionally, $57.3 million has been allocated to undertake additional public housing repairs and maintenance to maintain high-quality social housing, with this promise building on the $80 million allocated in the 2021–22 budget.
Tax reform to lower barriers to entry:
A continuation on the reduction of stamp duty, as well as provisions to cut stamp duty in every budget this parliamentary term.
Exploration of new policy directions to address housing affordability:
Beyond the initiatives, more funding has been allocated to explore additional policy options to further improve housing affordability for low- to medium-income Canberrans and includes an examination of the Affordable Home Purchase Scheme.
ACT Chief Minister Andrew Barr said a decade of leading the nation in population growth “has placed pressure on [its] local housing market”.
Mr Barr said the government is moving to further improve both affordability and supply of housing in the territory to ensure Canberrans have access to “safe and secure homes”.
He concluded that his government would work collaboratively with the new Commonwealth government “increase the supply of public, community, affordable and privately owned housing”.
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