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ACT LABOR: MAKING HOUSING MORE AFFORDABLE

Published: August 19, 2008, 5:53 pm
Section: Jon Stanhope, MLA | Media Releases

The significant achievements of the ACT Labor Government in addressing housing affordability in the ACT were outlined today when the Chief Minister Jon Stanhope addressed the Legislative Assembly on the importance of increasing the supply of affordable housing.

Mr Stanhope said the government was increasing the supply of affordable housing through record land releases a major investment in community housing and a requirement that 15 per cent of blocks in all new residential estates must be affordable.

"In the year since the release of our Affordable Housing Action Plan the Government, industry and the community have achieved a great deal together, with all 62 initiatives contained in the original plan now implemented," Mr Stanhope told the Assembly today.

"To address the demand for land we have released more than 3,400 blocks in 2007-08 - the largest amount of residential land released in one year since self-government," Mr Stanhope said.

"Land is now available for purchase over the counter through the Land Development Agency - an option which has not been available for a number of years.

"Through the Government's OwnPlaceprogram, the Land Development Agency has partnered with builders to bring house and land packages under $300,000 direct to the market with the first homes to be available before Christmas this year.

"At least 15 per cent of blocks in all new residential estates must now be affordable, costing under $300,000. This will increase the supply of affordable homes on the market, making the dream of home ownership easier to reach for many more Canberrans.

"To reduce some of the upfront costs of home ownership the Government's Home Buyer Concession Scheme charges eligible buyers a concessional duty rate. We have also increased the stamp duty income threshold by 20 per cent to $120,000 and allowed the deferral of stamp duty payment for up to five years.

"Our innovative Land Rent Scheme will reduce entry costs and mortgage payments for homeowners by allowing eligible households to pay rent on land, rather than purchase it. This Scheme provides another option for low-income families who want to access affordable housing.

"We are injecting a record $40 million in equity to support CHC Affordable Housing to deliver 1000 new community housing properties over the next ten years and have established a $50 million loan facility which will allow CHC to replenish its housing stock to ensure more Canberrans can access affordable housing."

Mr Stanhope said that phase two of the plan would focus on homelessness and ageing.

"The Government wants to build on our achievements to date by focusing on two areas of challenge - meeting the housing needs of an ageing population, and addressing the critical issue of homelessness," Mr Stanhope said.

"I have reconvened an Affordable Housing Steering Group and asked it to focus on options to increase the supply of affordable housing for older Canberrans and further initiatives to address homelessness which is, of course, not just about the provision of shelter.

"The ACT Labor Government is committed to ensuring all Canberrans have access to safe, secure and affordable housing and through our Affordable Housing Action Plan we have been leading the way in increasing the supply of affordable housing in the ACT."

Since the release of the Affordable Housing Action Plan, the ACT Labor Government has:

  • released a record 3,400 blocks to the market in 2007-08 and adopted a new rolling five-year land release program;
  • streamlined land release and approval processes, and englobo land releases;
  • mandated the delivery of house and land packages priced between $200,000 and $300,000;
  • provided stamp duty concessions for low-income earners and pensioners;
  • increased the stamp duty income threshold by 20 per cent to $120,000;
  • allowed the deferral of stamp duty payment for up to 5 years for eligible home buyers;
  • introduced the land rent provision to enable more low-income families to purchase their own home;
  • invited institutional investors to provide affordable private rental accommodation;
  • boosted community housing with an equity injection of $40 million and a loan facility of $50 million;
  • ensured that better and more targeted use is made of public housing - 87 per cent of new allocations are made to applicants in urgent need of housing compared with just over 38 per cent nationally;
  • implemented measures to improve the energy efficiency of the public housing stock to reduce energy costs for public housing tenants;
  • commenced a pilot program aimed at helping young tenants to build supportive community networks;
  • released two demonstration villages to showcase affordable land and housing packages; and
  • funded a design award for excellence in affordable housing.

For more information visit http://www.actaffordablehousing.com.au/.

Media Contact:

  Jess Wurf   6205 0504   0411 772 700   jess.wurf@act.gov.au   
  Penelope Layland   6205 9777   0438 289 714   penelope.layland@act.gov.au