Home starts on rebound

Bendigo Weekly | Bendigo Weekly | 17-Jul-2015

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PRAYERS ANSWERED: This former church is for sale.
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Latest figures confirm the number of new home starts rebounded in the March quarter of 2015.
Housing Industry Association economist Geordan Murray said the strong result for the March 2015 quarter was the second highest level for any quarter on record.
“This latest result was consistent with our expectations, and the mix of dwelling types commencing construction was aligned with the recent trend,” he said.
“The number of detached houses commencing construction held steady at a relatively high level, while a rebound in multi-unit dwelling commencements provided the lift.”
During the March 2015 quarter, new home starts increased in New South Wales (up by 1.9 per cent), Victoria (up by 18.8 per cent), Queensland (up by 20.9 per cent) and the Northern Territory (up by 12.0 per cent).

The Urban Development Institute of Australia said the introduction of more efficient taxes, such as a broadened GST or land tax, would help provide states and territories with the necessary revenue to phase out inefficient and damaging taxes such as stamp duties.
The UDIA represents Australia’s development industry, and has called on both state and federal governments to use the upcoming Leader’s Summit as an opportunity to work together on the tax and federation reform that Australia needs.
UDIA national vice president Michael Corcoran said inefficient and economically damaging taxes such as stamp duty were holding back Australia’s productivity, economic growth, and jobs in the development and construction industries.
“Stamp duties are well known to be among the least efficient and most economically damaging taxes available to governments,” he said.
“They lock people into housing that may not suit their needs, and can limit access to employment by discouraging people to move for work.”
The UDIA has cautioned against raising the rate of the GST, which could raise the cost of new housing substantially at a time when housing affordability is a major concern.
“At the current GST rate of 10 per cent, a new home sold at Australia’s median dwelling price of $571,500 already includes a GST component of $51,955, which existing homes are not subject to,” Mr Corcoran said.
“Increasing the GST by just a few per cent could result in tens of thousands of dollars in additional tax on new homes, which would push up prices further and reduce the supply of new dwellings.
“Given the current state of housing affordability in Australia’s capital city markets, a higher GST is a tax increase that new home buyers simply cannot afford to wear.”

Dungey Carter Ketterer has a three-bedroom home set on a generous 836 square metre block at 16 Bosquet Street White Hills to auction from 11am on Saturday. The home offers potential for improvement, includes a large 6m x 9m shed and an oversized pergola.
It is in a quiet part of town and is just a short walk to local shops and primary schools.

ELDERS has a 95 hectare rural property at Derrinal/Lake Eppalock to auction from 2pm today, Friday, July 17 onsite.
The property offers cropping, grazing and recreational potential in a beautiful setting just minutes from the lake.
Set on two titles, on the corner of Sheedys Lane and Killeens Lane at Derrinal, the gently undulating land offers a lovely balance of natural bushland and open grazing land.

Elders also has a beautiful Gothic style former church set on approximately one acre at Woodstock West to auction on Saturday from 10am on site.
Located on Cnr Bible Christian Road West, Woodstock West, this well-presented building features original wooden doors, Baltic pine ceiling and windows, a new roof, new redgum floor and has recently been painted.
The property offers enormous potential and is set in a quiet, serene location just 30 minutes to both Bendigo and Castlemaine.

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