Australians are facing a housing and property crisis – so much so that the Australian Government has imposed a Foreign Investment Ban for 2 years. Speaking on this topic on Ch7’s The Morning Show is Taurus client and leading real estate agent in Sydney’s Inner West, Tina O’Connor.
As Tina states from the outset, “The idea is that it [the ban] will help Australians to get their foot on the property ladder”, however, public reaction to the ban so far suggests otherwise. As Licensee in Charge at Ray White Annandale, Tina observed that “other than a few vendors”, market activity has remained otherwise unchanged. She shares that it is difficult to make any meaningful assessment of the ban’s efficacy in alleviating fiscal concerns over property prices is difficult to make so early on.
In aiming to address the housing crisis in Australia, Tina shared her observations on how to alleviate some of the pressures from the housing supply shortage, some of which are already in action:
- Rezoning changes within 800m of community hubs and train stations to allow for an increase in housing
- Grants for developers to aid with high construction costs
- Streamline the Development Application (DA) process to increase the speed at which properties can be built
Listen to the full conversation with Tina here.
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