What is going on with the Nation’s Capital?

PARLIMENT HOUSE

What’s going wrong with home building in the nation’s capital?
Figures this week that showed that building approvals hit new highs nationally but there is concern that in Canberra things are taking a turn for the worse. The Property Council of Australia says that in the ACT there was a drop of more than 25 per cent in trend terms in the number of approvals this January compared with 2014 levels. The Property Council’s ACT executive director Catherine Carter says that reforms are needed in order to reverse the weakness of the region: “The ACT is simply not benefitting from domestic and foreign investment at the moment and there is also a potential emerging issue around building approvals not converting to actual starts due to costs, delays and obstructive policy settings.”
While there is continued pressure on the government and regulators to curb foreign investment, Carter says that would be a bad thing for Canberra and surrounding areas: “We can’t afford to be discouraging foreign investment, which is needed to turning approvals into actual builds.” She says that building is a powerhouse of the economy and policy reforms are needed to avoid it being stunted.
Source: Property Council of Australia

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Filed under ACT Canberra Australia, Fredericks Homes, LJ Gilland Real Estate Pty Ltd, ljgrealestate

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