Released 30/07/2022 - Joint media release
The ACT Government will deliver a comprehensive package of initiatives to improve the affordability, diversity and supply of housing in Canberra. The objective of the package of initiatives is to ensure as our city grows, Canberrans can continue to access a diverse range of housing to meet their needs.
Over the next five years, the Government is planning for more land to be available than ever before to provide more housing options for more Canberrans.
With the ACT’s population set to reach 500,000 by the end of this decade, the Government is planning for an increase of around 30,000 dwellings in the ACT over the next five years. This will increase the total housing supply in Canberra from around 180,000 dwellings to around 210,000 dwellings.
The housing initiatives in the 2022 ACT Budget will also continue to fund the growth and renewal of our public housing stock, as well as the construction of more build-to-rent properties to significantly increase the supply of rental properties in the ACT.
The ACT Government’s housing package includes:
More land release
The 2022 Indicative Land Release Program (ILRP) released today outlines the release of 16,417 dwelling sites over the next five years. This ACT Government land supply pipeline will be augmented by a large number of private dwelling site releases across the Territory.
Built-to-Rent
The Government is releasing the Build-to-Rent Investment Prospectus, outlining our plans to encourage more build to rent developments in the ACT and provide financial support on affordability components of development proposals.
The Government has committed to the release of Block 3 Section 57 in Turner in 2022-23 to pilot Build-to-Rent with an affordable rental component through a market process and will outline the release of additional sites for large scale build to rent projects in the ILRP.
Partnership opportunities with the Commonwealth
The Territory Government will work closely with the Commonwealth Government to implement their housing affordability policy commitments announced during the 2022 Federal election. Based on a per capita allocation of these commitments, the ACT can expect around 600 additional properties under these programs.
We will also seek to partner with the Commonwealth on the redevelopment of the former CSIRO Ginninderra site and the renewal of the AIS precinct - presenting significant opportunities.
Growing and renewing public housing – Year four of the Growth and Renewal Program
The Budget will include a further $30 million investment to support the Growing and Renewing Public Housing program, adding a further 140 new public housing dwellings to deliver the 400 additional public housing dwellings outlined in the Parliamentary and Governing Agreement for the 10th Legislative Assembly.
The Budget also includes a further $57.3 million to undertake additional public housing repairs and maintenance to maintain high quality public housing. This builds on the additional $80 million allocated in the 2021-22 Budget.
Tax reform to lower barriers to entry
We are also cutting the costs associated with buying a home in the ACT as we continue to reduce stamp duty for the purchase of properties. The Government will cut stamp duty in every Budget in this parliamentary term.
Exploration of new policy directions to address housing affordability
The Government is delivering more affordable housing options for more Canberrans through our affordable housing initiatives.
Beyond this package of initiatives, funding has been allocated to explore additional policy options to further improve housing affordability for low-to-medium income Canberrans. This includes examination of the Affordable Home Purchase Scheme.
Quotes attributable to Chief Minister, Andrew Barr:
We have experienced nation leading population growth over the past decade and this has placed pressure on our local housing market.
In this Budget, the Government is acting to further improve affordability and the supply of housing in the Territory. From targeted stamp duty cuts through to the construction of hundreds of new public housing dwellings – we are taking further steps to ensure Canberrans have access to safe and secure homes.
The ACT Government will work in partnership with the new Commonwealth Government to increase the supply of public, community, affordable and privately owned housing.
The ACT Government has been building more affordable homes per capita than that national average. We want to see more Built-to-Rent projects in the ACT, and the Government will be pursing private investment into these projects over the coming years.
Quotes attributable to Minister for Housing and Suburban Development, Yvette Berry
The ACT Government remains committed to addressing housing affordability in the ACT with a range of initiatives available to support Canberrans in the housing market.
The ACT Government is committed to providing more and better public housing. Investment in the Growing and Renewing Public Housing program will ensure that both new and existing tenants are in housing that better suit their individual needs and circumstances.
By building 400 homes and upgrading 1,000 existing properties, the ACT Government is providing tenants with a home that meet their changing needs, are adaptable and suitable for people with a disability or to age in place, and cheaper to heat and cool with an energy efficient design and new appliances.
We are particularly focused on helping low to moderate income households have access to safe, secure and affordable housing. With this new budget initiative we are continuing to work towards the delivery of 600 affordable rental homes by 2025-26, working to increase the supply of properties in the market and improving access to housing for vulnerable members of our community.
We will continue to implement the ACT Housing Strategy and examine the range of programs we have available, and keep working with the community and industry to identify more opportunities to support and improve housing affordability in the Territory.
Quotes attributable to Minister for Planning and Land Management, Mick Gentleman
The Indicative Land Release Program (ILRP) is an important mechanism for the ACT Government to facilitate housing options for households of all incomes.
The ambitious target set out in the ILRP will guide the ACT Government’s work investigating the viability of and preparing land for sale over the next five years.
We’re committed to ensuring every Canberran has a place to call home and this package of budget initiatives represents further progress toward that goal.
- Statement ends -
Andrew Barr, MLA | Yvette Berry, MLA | Mick Gentleman, MLA | Media Releases