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Residential land supply will dry up, construction activity will slow and housing affordability will worsen if Victoria goes ahead with a new windfall tax on rezoned land and other property tax increases, the stateâs top private developers warn.
Ashley Williams: Itâs just a cynical land grab.Â
Joe Armao
Mr Williams, who founded developer Evolve with the late Melbourne business titan Ron Walker, said the GAIC â set up a over a decade ago to fund infrastructure investment in growth corridors â either went into the stateâs consolidated revenue or was used for political purposes.
âYou paid it in one area and it was spent on infrastructure somewhere else,â Mr Williams told
Downsizers are seeking easily maintainable properties that are close to the city and offer services that can include a concierge, pool, gym, and even a chauffeur and chef.
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New apartment completions are forecast to fall to a nine-year low next year as developers delay launching major projects because of low overseas migration, few international students and a lack of investors.
National property consultancy Charter Keck Cramer expects just over 43,000 apartments to be finished this year, a 10 per cent rise on 2020, as projects that were under way or launched before the COVID-19 pandemic are completed.
Apartment construction will slow dramatically in 2022 as fewer projects are launched.
James Alcock
The number of completed apartments in 2022 is forecast to fall 44 per cent to just over 24,000 and then to 15,400 in 2023 – based on the current pipeline of projects either under construction or being pre-sold.