As I've explained, new #housingsupply will only ever comprise projects which are:
✅ Feasible ✅ Fundable ✅ Serviced/serviceable ✅ Meet the needs of the market
Many interventions are needed to create conditions where the #development industry can effectively start tackling the problem. Some things we desperately need:
➡️ faster, better and flexible #planning decisions ➡️ policies driven by market need and financial capacity ➡️ incentives to deliver sub-economic housing (social/affordable/large apartments) ➡️ signifcant taxation and charging regime reform ➡️ pause on additional cost imposts which reduce feasibility ➡️ rapid faciltation for larger projects (without conditions) ➡️ #funding support
Here's a secret 🤫- the more homes developers deliver, the better for our businesses. If we have succesful businesses we can continue to grow and reinvest in doing more. And guess what, it's also a win for the:
👨👩👧👦 people that get access to a home for purchase or rent 👷🏻♂️construction workers, suppliers and tradespeople in the supply chain 🪙economy (every $1.00 invested in housing = $2.90 broader benefit) 🏛️governments, which need to spend less on supporting those left behind
Win-win-win-win-win.🏆🏆🏆🏆🏆
The alternative of heavy-handed intervention and picking winners delivers precisely what we are seeing now – low supply, record construction insolvencies, developers fleeing the industry, and a deteriorating economic future for the next generation.
🤔Here's my message to government and policy makers: start listening to the development industry – who build the 97% – on what it will take to solve the problem, instead of dictating terms and then wondering why your interventions fail. We are here to do our bit if you yours.