All levels of government are feeling the pressure as the steadily increasing demand is pushing more homes out of buyers’ budgets – rendering the current supply-demand imbalance a key social and political issue.
Recently, we have noted the announcement of several policy changes, updates, and funding initiatives designed to unlock new housing and its surrounding infrastructure. On a federal level, these include the National Housing Accord, National Planning Reform Blueprint, and the National Housing and Homeless Plan, as well as around $16 billion in targeted funding.
The QLD State Government offers the SEQRP, the Housing Availability and Affordability Bill, and funding initiatives including the Catalyst Infrastructure Fund, the Housing Investment Fund, and the Growth Acceleration Fund.
These and other policies (or amendments) take a firmer approach to unlocking more housing, prioritising infrastructure, and streamlining planning processes. Although they are neither quick nor perfect solutions, they are certainly a step in the right direction.
While we support any changes that facilitate greater and faster supply, a monumental uplift is promptly required. We must consider the timing between measures being enacted and their real-world impacts; we must also consider what can be done to increase affordable supply in the interim.
Greenfield land supply will continue to play a significant role in the supply and affordability equation – particularly considering the elevated build costs hampering feasible delivery of higher density supply in infill areas. Continuing to focus on ways to unlock greenfield supply could pay greater dividends in the shorter term.
This article references findings from our May 2024 SEQ Greenfield Market Report.