Good morning
Please see attached and below a media release from the Urban Taskforce Australia re its new Urban Ideas Research Paper, What Makes Housing So Expensive?
A copy of the full report can be accessed here - Urban Ideas - What Makes Housing so Expensive
The paper examines the drivers of housing costs in Sydney, Melbourne and Brisbane, including fees, taxes and “contributions”, and why the costs are hgher in Sydney compared to other capitals.
It also breaks down building and planning regulations, which is much more onerous and time-consuming in NSW than other states. Only Sydney requires design contests and review, adding both time and cost, even for projects that engage top-tier local and international architects.
Even with the significant planning reforms introduced in NSW with the Housing Delivery Authority (HDA), government taxes - including the affordable housing taxes on new home buyers, the “Housing Productivity Contributions”, Stamp Duty and Land Tax - all weigh on the cost of financing a project.
The impact of these additional costs and delays is massive, resulting in young professionals and key workers voting with their feet and leaving NSW to find more affordable homes.
Tom Forrest, CEO of Urban Taskforce Australia, is available for interview.
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Key Facts:
• NSW imposes the highest fees, taxes, and charges on new property development in Australia
• Planning and building regulations are more complex in NSW than in any other State
• The current Planning Act fails to mandate housing supply that meets population growth
About us:
The Urban Taskforce Australia is a property development industry group, representing Australia’s most prominent property developers and equity financiers.
Contact details:
Todd Hayward, 0412 205 151.