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Labor’s Build to Rent and Help to Buy bills face an imminent vote to determine their future.
Given that no deal has been struck with either the Greens or Coalition to put their weight behind the measures, both seem likely to be voted down.
Last week, the Greens put forward a new proposal that it said could garner the party’s support for the housing initiatives.
While previously the minor party had demanded changes to negative gearing and the capital gains tax discount in return for its votes, the party’s new bargaining chip switched focus to affordable home building.
The Greens asked the Labor party to commit funding to the 25,000 dwellings that were proposed in projects put forward for the first round of the Housing Australia Future Fund (HAFF), but that were not part of the projects initially greenlit.
Housing Minister Clare O’Neil did not appear swayed by the proposal, calling on the Greens to negotiate “seriously”. It appears the parties were not able to find common ground.
Even so, major real estate and property industry advocates are holding onto a shred of hope that the initiatives may still pass, having called on the Coalition and the Greens this week to reconsider their stances.
Leanne Pilkington, president of the Real Estate Institute of Australia, called the bills “equally important” and stressed that while they are not the entire solution to the nation’s housing woes, they could form an important part of addressing the current crisis.
“These bills mark a positive step towards easing the housing crisis. However, they must be part of a broader strategy that prioritises increasing supply to meet the needs of Australians now and into the future,” Pilkington said.
Property Council chief executive Mike Zorbas particularly noted the impact that the Build-to-Tent bill could have on future supply, and called on the Greens to change the party’s position.
“If we get this legislation right, it will have more than twice the positive impact of the welcome Housing Australia Future Fund, which will provide 40,000 new homes,” Zorbas said.
Modelling from EY on behalf of the Property Council has indicated that Labor’s Build-to-Rent policy could incentivise the construction of over 100,000 dwellings over the next decade.
“There’s only one week left to get this done – the Greens need to get on board or become deliberate blockers of new housing, including affordable housing, in the middle of a national supply crisis,” Zorbas said.
ABOUT THE AUTHOR
Juliet Helmke
Based in Sydney, Juliet Helmke has a broad range of reporting and editorial experience across the areas of business, technology, entertainment and the arts. She was formerly Senior Editor at The New York Observer.
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