Major boost announced for housing initiatives in the ACT

A joint government commitment to unlock $250 million will help first home buyers enter the housing market in the ACT.

“The Housing Industry Association welcomes the Federal and ACT government’s commitment of $250 million to unlock up to 4900 new homes for the ACT, including nearly 1700 for first home buyers” HIA managing director Jocelyn Martin said.

“This investment includes concessional loans and grants to support more homes for first home buyers delivered faster, which is timely given home ownership rates for those under 40 are at decade lows.
 
“The $250 million joint commitment is primarily focussed on key ‘last mile’ enabling infrastructure including roads, sewerage, water and power to fast track new dwellings delivery across a range of projects in the Territory.
 
“This investment is critical to build more homes faster, as builders often tell us that getting this key ‘last mile’ infrastructure is what holds many projects back from being delivered in a more-timely fashion.
 
The $250 million commitment includes:

• $37.5 million to unlock 75 homes through supporting infrastructure works in the Kingston Arts Precinct project.
• $12.5 million to support 150 homes in Weston Creek.
• $100 million to support estate works including 537 homes across the ACT by 2034.
• $20 million for enabling infrastructure works relocating high-voltage powerlines in Kingston supporting 210 homes.
• $20 million for water management infrastructure in the Deep Creek project in Molonglo Valley supporting 65 homes.
• $30 million for landfill capping in the Ginninderry Regeneration precinct on the west edge of Belconnen supporting 86 homes.
• $25 million for the relocation of overhead power lines supporting 85 homes and expanding of existing housing development in the Ginninderry joint venture project.
• $5 million for infrastructure investment expanding housing development in the Ginninderry joint venture project supporting 35 homes.

“HIA has been advocating extensively for a boost in enabling infrastructure funding as part of this year’s Federal and ACT Budget to support state and local governments to unlock more new homes faster, so it pleasing to see this new commitment,” Martin said.
 
“This investment will be particularly important to boost new greenfield housing options for first home buyers in the Territory, as these are quickly becoming the “missing middle” in the ACT with apartments dominating the Canberra skyline and the only real option for perspective home owners presently.
 
“This joint Federal and ACT commitment will enable more new greenfield housing projects to be shovel ready faster and in turn boost housing supply across the Territory and get the nation one step closer to the 1.2 million new homes target.”