Page 422 - Week 02 - Tuesday, 22 March 2022
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Ms Lee interjecting—
MS BERRY: The suggestion that land supply is driving price increases is simply not correct. House prices—
Ms Lee interjecting—
MS BERRY: Mr Assistant Speaker, I heard the Leader of the Opposition in silence.
MR ASSISTANT SPEAKER (Mr Davis): Yes, I think that is fair. I ask all members on my left to allow the minister to be heard in silence.
MS BERRY: Thank you, Mr Assistant Speaker. House price increases since COVID-19 have been driven by record low interest rates and tax incentives for investments in property, each of which are the responsibility of the commonwealth government. That is why, over the border in New South Wales and across the whole country, property prices are on the rise.
It is very easy and simplistic just to say, “Release more blocks,” but that is not a realistic answer to housing prices. It takes much more than a headline to develop a really great neighbourhood. We know that to meet Canberra’s needs and still deliver a sustainable city a mix of housing choices is required, and that is what Canberrans want; they want choices. They want to live in a city that keeps its natural beauty and has great services and amenities. Our single dwelling release targets reflect that mix.
The 2021-22 to 2025-26 indicative land release program shows 25 per cent of releases, or 4,171 dwellings, as single dwelling blocks, out of a total of 16,434 dwellings. The Suburban Land Agency and the Ginninderry joint venture are delivering against this target. It is simply not correct to say that single dwelling releases are far below expectations. It is also not correct to say that the government is constraining land supply.
For example, the estimate for releases by the SLA and the Ginninderry joint venture for 2020-21 was 1,194 single residential blocks. They released 1,113 blocks, which represented 93 per cent of the estimated releases for that year. The SLA and the Ginninderry joint venture had released 218 single residential blocks as at the end of December. This exceeded the forecast of releases for the first half of this financial year, which was 173 blocks. That is on top of the private sector releases that are not included in the ILRP.
For the four years 2017-18 to 2020-21, the indicative land release program identified land releases totalling 14,663 dwellings. The government, through its land agencies, delivered 14,503 dwellings, a variance of just 160 dwellings, or one per cent. The ILRP target for the next five years is 16,434 dwellings and the SLA is already working hard to make sure it meets that target.
Unlike private sector land developers, the government have taken the approach, over the last four years, of maintaining land supply. Not only are we not constraining land;
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