The expansion will see the boundary increase by a further 2,000 ha, in Adelaide’s north and south. This follows an extensive Property Council campaign calling for its review.
Property Council Executive Director, Nathan Paine said, “The announcement is not just a win for the Property Council, but more importantly the many young people hoping to buy their first home.
“When the Urban Growth Boundary was introduced five years ago, land within it suddenly came at a premium.
“The moment you start restricting supply, economic forces dictate that prices will increase.
“We saw this with the cost of bananas and the same thing is happening with land supply.
“Releasing an extra 2,000 ha will go along way in reducing housing affordability stress,” Mr. Paine said.
The Property Council commends the Government for listening to its concerns and devising a plan that delivers certainty well into the next decade.
Mr. Paine said the move is a positive first step to regaining affordable housing. He believes the State Government must now commit to reducing regressive property taxes such as stamp duty and land tax.
He also said the expansion will not see any Hill’s Face Zone, significant environmental or high value agriculture land being touched. He believes this decision is a good mix, as the State’s environmental and economic credentials have been underpinned.
“This announcement will not only help young homebuyers enter the market, but will also assist them in finding work locally.
“The Government has also delivered on the Property Council’s request for an ongoing supply of well serviced industrial land.
“We don’t see any point in building houses, if people have nowhere to work.
“The cost of industrial land has also risen significantly in recent years. An increase in supply will assist in driving prices down and subsequently attract more investment and jobs to this state.
“We can also expect to see expanded community facilities, such as new roads and schools, as this announcement will provide confidence to both private and public infrastructure providers,” Mr. Paine said.
For more information please contact:
Nathan Paine, Executive Director, Property Council of Australia (SA), (08) 8236 0900 or 0448 445 177
