❓ Mr. Folkard asks about the impact of housing tax reforms on housing diversity and affordability, and how they build on social housing investments. The Minister outlines initiatives like stamp duty rebates, land tax concessions for build-to-rent, and Keystart eligibility changes to increase housing supply and choice.
AnsweredQoN 320Legislative Assembly
QuestionView source ↗
HOUSING
— AVAILABILITY
320. Mr M.J. FOLKARD to the Minister for Housing:
I refer to the McGowan Labor government's commitment
to boosting the supply of housing and land across WA and delivering more
housing choice for Western Australians. Can the minister outline to the house
how the housing tax reforms and incentives announced in the state budget will
help further drive housing diversity and housing affordability across the
state; and, can the minister advise the house how this reform package builds on
this government's significant investment in social housing?
— AVAILABILITY
320. Mr M.J. FOLKARD to the Minister for Housing:
I refer to the McGowan Labor government's commitment
to boosting the supply of housing and land across WA and delivering more
housing choice for Western Australians. Can the minister outline to the house
how the housing tax reforms and incentives announced in the state budget will
help further drive housing diversity and housing affordability across the
state; and, can the minister advise the house how this reform package builds on
this government's significant investment in social housing?
AnswerView source ↗
I thank the member for his question. Our government has been driving
a very clear reform program in the delivery of housing in Western Australia. Of
course, we announced our massive social housing injection of $875 million last
September and $2.4 billion over the next four years. As I have talked about
previously in this house, given the current constraints and given that we have
a booming economy with the lowest unemployment rate in the nation and that
there are supply issues, we have pivoted our agencies to move to spot
purchasing, converting existing commercial stock that would be sold to the
market and, of course, the modular program for the regions. We also understand that we need to look to the future and
continue to identify where we can create a further pipeline of housing choice, and that is in the apartment market. It is fair to say that Western Australia
has been behind the other states in density and apartment living. We know that
cities around the world that are highly successful embrace density and
apartment living, because that drives economic activity, particularly for small
business, and particularly at night, but it
also enables people to have access to social services and so forth—that
walkability.
We understand this. It is about
providing housing choice, particularly for younger people. That is why, through
our housing and residential land supply committee, working with stakeholders in
the sector, we have created a new reform
program. That includes the 100 per cent stamp duty rebate on apartments for
$500 000 or less. That is targeting the affordable product at the bottom
range.
We have also announced a 50 per cent
build-to-rent land tax concession. This is critical. This will make our state
competitive with the other states. Why is this important? It is because build
to rent is often used as a model for affordable workers' accommodation
and it is also used as a mix with community housing. This should encourage
greater investment in build-to-rent models.
We have also lifted Keystart income
eligibility limits to enable people to enter the housing market. We have also
created, and are creating, a new product for Keystart that is actually targeted
around Metronet stations infill, particularly in the CBD. All these measures
have been welcomed by the Property Council of Australia and the Urban
Development Institute of Australia because there is a recognition that these
kinds of policies will create not only
investment in apartments, but also demand, and that is what we need. We need to
look to the future and provide housing choice and enable even downsizers
the ability to continue to live in their own suburbs by choosing to live in an
apartment. I am deeply proud of this package of reforms, working with the
Minister for Planning, because it demonstrates a longer term vision about
creating affordable housing supply in Western Australia.
a very clear reform program in the delivery of housing in Western Australia. Of
course, we announced our massive social housing injection of $875 million last
September and $2.4 billion over the next four years. As I have talked about
previously in this house, given the current constraints and given that we have
a booming economy with the lowest unemployment rate in the nation and that
there are supply issues, we have pivoted our agencies to move to spot
purchasing, converting existing commercial stock that would be sold to the
market and, of course, the modular program for the regions. We also understand that we need to look to the future and
continue to identify where we can create a further pipeline of housing choice, and that is in the apartment market. It is fair to say that Western Australia
has been behind the other states in density and apartment living. We know that
cities around the world that are highly successful embrace density and
apartment living, because that drives economic activity, particularly for small
business, and particularly at night, but it
also enables people to have access to social services and so forth—that
walkability.
We understand this. It is about
providing housing choice, particularly for younger people. That is why, through
our housing and residential land supply committee, working with stakeholders in
the sector, we have created a new reform
program. That includes the 100 per cent stamp duty rebate on apartments for
$500 000 or less. That is targeting the affordable product at the bottom
range.
We have also announced a 50 per cent
build-to-rent land tax concession. This is critical. This will make our state
competitive with the other states. Why is this important? It is because build
to rent is often used as a model for affordable workers' accommodation
and it is also used as a mix with community housing. This should encourage
greater investment in build-to-rent models.
We have also lifted Keystart income
eligibility limits to enable people to enter the housing market. We have also
created, and are creating, a new product for Keystart that is actually targeted
around Metronet stations infill, particularly in the CBD. All these measures
have been welcomed by the Property Council of Australia and the Urban
Development Institute of Australia because there is a recognition that these
kinds of policies will create not only
investment in apartments, but also demand, and that is what we need. We need to
look to the future and provide housing choice and enable even downsizers
the ability to continue to live in their own suburbs by choosing to live in an
apartment. I am deeply proud of this package of reforms, working with the
Minister for Planning, because it demonstrates a longer term vision about
creating affordable housing supply in Western Australia.
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