Australia Cuts Taxes to Ease The Crisis due to Lack of Housing Supply
Australia is tackling its housing crisis with new measures aimed at boosting rental property construction. The country’s apartment building industry has yet to match the boom seen in the US and UK.
The government’s latest budget proposal will halve the tax that foreign investors pay to build houses for rent, potentially leading to the construction of 150,000 new homes over the next decade.
Other proposals to help alleviate the crisis include new loans for affordable social housing and increased rent assistance for low-income households.
Rents have now risen at their fastest rate since 2010 due to a lack of supply, low vacancy rates, and rising immigration. Meanwhile, interest rate increases are encouraging buyers even as prices begin to rise again. The Knight Frank report shows residential building supply in the UK rising more than three-fold over the past five years.
Australia Cuts Taxes to Ease The Crisis due to Lack of Housing Supply
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