State, private housing sector partner up

Treasurer Troy Buswell says the state government will partner with the private sector to develop new subdivision opportunities to avoid a second big spike in Perth land prices.


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Release of new housing lots and land supply in this State are two complely separate issues. Residential lot releases are controlled entirely by the relatively small cartel of land developers who are the beneficiaries (along with the banks) of the so called "land supply" constraints. Lot releases are controlled to maximise demand and push up prices. Perth has enough land already zoned urban to last until the middle of the century which is held largley by the major land developers. All they have to do is develop the land and release the lots. The WAPC has approved vastly more lots for subdivsion than are being released by the developers - go and look at the WAPC's Metropolitan Development Program for yourselves.

I agree with Greg, that the two are completely separate issues, but the greatest issue surrounding the potential land shortage is not so much the developers not releasing the lots, the issue is that lenders are not prepared to finance developments or development sites presently. I am in the commercial finance industry, and the majority of my clients are in a holding pattern, as lenders are not prepared to fund the development of these subdivisions, or if they are, their requirments and lending ratios are ridiculously low. Why does the govt partner up with these developers and perhaps offer the banks guarantees to assist the development of these lots!!!!!

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