Complex fix
Big changes are needed to solve the city’s housing crisis
ANZ CEO Shayne Elliott could not have been clearer on Tuesday when he pointed to the situation facing the Gold Coast’s property market. With 15,000 people moving here annually, development failing to keep pace and property prices skyrocketing, Mr Elliott said the city faces a “wickedly complex” situation and risks becoming completely unaffordable.
“The problem is not that we cannot build things, the problem is the cost of building. It has become extraordinarily high and a lot of it has to do with government charges and taxes and commodity prices,” he said.
“This will continue to be a massive problem and we will need radical policy changes and thinking if we want to do something about this.
“We have to, because we do not have a choice, we have to grow, this part of the world needs more infrastructure, housing, renewable energy and more projects.”
He warned political leaders needed to think deeply and make a dramatic push towards solving it.
“Given the scale of the challenge, a few tweaks here or there won’t solve it – it will need a big policy response,” he said.
“It doesn’t feel like you can solve it with a few tax changes. It must be comprehensive.”
In other words, the old favourite response of tax cuts or small grants for first homebuyers just isn’t going to cut it this time.
How many more times can it be made clear that we need more housing and that this city faces the reality of dramatically increasing density.
More housing needs to be approved and built.
For its part, the state government on Monday made a statement by proposing the calling-in of the $150 million Arundel Hills Country Club.
While only providing less than 400 houses, the state is actually firing a shot across the council’s bow.
The council shot down the project last year amid resident concerns.
Whether this project goes ahead or not, the point is made – you need to do more.
Our leaders must make decisions and soon, otherwise we truly will become Australia’s answer to Monaco.
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