Credit to original source: Realestate.com.au
FUTURE housing supply and affordability are in serious jeopardy on the Gold Coast, according to a peak property body which says serviced land availability is falling well below critical benchmarks.
Without urgent action, the Urban Development Institute of Australia (UDIA) QLD predicts substantial price rises, reduced housing choice and infrastructure shortfalls in coming years.
The State Government mandates that every council area should have four years of approved lot supply to ensure that the target of an additional 30,000-plus dwellings are delivered in the South East.
UDIA QLD CEO Kirsty Chessher-Brown. Photo: Richard Gosling
UDIA QLD CEO Kirsty Chessher-Brown said the Gold Coast has just 1.7 years of supply — the lowest of all SEQ regions — which leaves the city well short of the four year benchmark.
“At this point in time, most SEQ councils don’t have that level of supply and many are falling well short of that benchmark,” she said.
“Put simply, insufficient land supply means fewer houses on the market and higher prices.”
The Institute is calling on local councils, Sate Government and the key property industry players to work together on a streamlined solution.
“It’s not a straightforward issue and we recognise there are many factors preventing land stocks from reaching the desired levels to comfortably cater for demand,” Ms Chessher-Brown said.
“However, all parties need to work together to make it faster and simpler to deliver land.”
The Gold Coast is facing a critical housing shortage in years to come.
Ms Chessher-Brown said Queenslanders had not been prepared for the challenges that rapid population growth posed for each region.
“People want to live here, and they are moving here. We can’t stop that, but we must react by planning and delivering the housing people want,” Ms Chessher-Brown said.
“Households are diverse with no one type, age, family structure or life stage so the housing options available should reflect that. Right now, older people, young families, and first home buyers looking for smaller homes are locked out of many suburbs.”
Housing options were also restricted by planning schemes that dictated minimum lot sizes and made it difficult and unfeasible to deliver a range of housing types, Ms Chessher-Brown said.
The findings were released this week in The Perfect Storm: SEQ Land Supply report which was based on extensive UDIA research into buyer housing preferences across South East Queensland.
