The State Election result key to NSW housing industry future

The Housing Industry Association today said this weekend’s State election result could be “make or break” for home builders and buyers in NSW.
HIA Executive Director NSW, Mr Graham Wolfe said the NSW housing industry was just starting to struggle out from beneath one of the worst industry downturns. “We are only now starting to see key indicators such as housing starts and building approvals trend in the right direction,” he said.
“But without continued support from whoever wins next weekend’s election this could easily stop.
“While both parties have made significant housing policy announcements, during the campaign, too often we have seen new governments fail to keep election commitments or bury them in red tape.
“Housing affordability, the skills shortage and business red tape are just some of the issues that will continue to be felt across NSW if they aren’t addressed over the next four years.
“Make no mistake, if the new government, be it Labor or Coalition, doesn’t keep its election commitments and continue to support new housing in NSW then families looking for affordable homes and young people looking for good jobs will pay a high price,” Mr Wolfe said.
Some of the Iemma Government promises include:

• Access to a proportion of the stamp duty exemption for first home buyers entering into a shared equity arrangement;
  
• Further reductions in workers’ compensation premiums;
  
• The establishment of another 15 Trade Schools across NSW; and
  
• A $700 increase in the rainwater tank rebate system and a $1200 rebate for the installation of an approved solar hot water system.
  

Some of the Liberals/Nationals Coalition promises include:

• Increasing the land tax threshold to $415,000;
  
• Topping up the First Home Owners Grant by $3000;
  
• Establishing a stamp duty concession of $4,000 to investors providing lower cost rental accommodation;
  
• Reducing the existing burden and cost of regulation by 5% each year;
  
• Introducing standard three-year competency-based apprenticeships and extending vocational training opportunities to year 9 and 10 students;
  

“The new government will be judged, not only, on its ability to deliver on these commitments, but also to stimulate new housing activity for the benefit of families across NSW. HIA is looking forward to working with them to implement their policies and address these challenges,” said Mr Wolfe.
For further information contact:
Name: Graham Wolfe
Title: Executive Director - NSW
Phone: (02) 9978 3304
E-mail: g.wolfe@hia.com.au
Reprinted with permission. Housing Industry Association. http://hia.com.au