LABOR’S land release of 50,000 blocks over four years is a feeble drop in the ocean given Victoria is growing by 150,000 people per year and Melbourne is the fastest growing city in Australia, says Shadow Minister for Housing Tim Smith.
Victoria’s population is growing by approximately 12,000 per month, adding to the existing pressures on Victoria’s housing market.
Housing prices have spiralled by 300% over the last two decades, which has left too many Victorians unable to afford the great Australian dream of owning their own home.
These rising prices are a function of the basic laws of supply and demand.
The solution is simple – release more land supply so houses can be built. Not only will this ease the strain on housing prices, but it will create more jobs.
Melbourne needs another 1.6 million new homes over the next 35 years for our newest Victorians with an integrated public transport plan for newcomers who live beyond the suburban rail system.
That means we need 50,000 new dwellings every year. Without this, high housing prices will continue, preventing Victorians from entering into the market to buy their own homes.
With only 50,000 new blocks to be released over the next four years, the Andrews Labor government is barely scratching the surface.
“Do nothing Dick Wynne” has virtually halted all development in Melbourne’s CBD. This government has no plan to manage population growth aside from piling more and more people into established suburbs, severely impacting the neighbourhood character and liveability of existing communities and residents.
Victoria needs a co-ordinated approach to managing population growth by decentralising our state, taking the pressure off Melbourne, and growing regional Victoria – whilst ensuring land supply keeps up with demand.
Comments attributable to Shadow Minister for Planning, Tim Smith:
“Victoria’s population is growing by around 12,000 a month and Labor has no plan to manage it.
“Housing affordability is out of reach for far too many Victorians. It’s clear we aren’t keeping up with this demand, and the chronic lack of supply is forcing prices through the roof.
“With little to no more development in the CBD, the only solution is increased land supply so more housing can be built.”
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