Century 21, the largest real estate sales organisation in the Asia Pacific region, believes the regulatory burden placed on developers attempting to create new housing stock is disadvantaging first home buyers trying to enter the property market.
“Red and green tape is stifling developments across many parts of Australia which is reducing supply and making it more difficult for first homebuyers to access affordable housing,” said Charles Tarbey, Chairman and Owner of Century 21 Australasia.
“While regulations are necessary, they must be reasonable and balance different interests.
“First home buyers will continue to be at a disadvantage if this regulatory burden is not examined and reduced by the relevant legislative bodies,” said Charles Tarbey.
The recently released RP Data-Rismark’s Hedonic Home Value Index saw home values finish the 2013 calendar year 9.8 per cent higher, the largest calendar year increase in values since 2009.
The Housing Industry Association’s (HIA) analysis of data from the Australian Bureau of Statistics reveals that to house Australia’s forecast population of 29 million people in 2030, a considerably higher average build rate will be required than the historical average of the past 20 years.
According to the HIA, there has been no commensurate boost to the supply of new housing in line with these demographic changes and it is time for policy makers to acknowledge the imminent policy challenge that this situation poses.