The Urban Development Institute of Australia (UDIA WA) has welcomed today’s announcement that a re-elected WA Labor Government will roll out a major $210 million home ownership package.
Centred around a new Shared Equity scheme for up to 1,000 new apartments and townhouses, the Government will take out a 35% equity share (or $250,000) in the purchase of new apartments or townhouses either off-the-plan or under construction.
“UDIA WA has been working with government on how to provide greater housing choice for those who need a leg up to get into their own home,” UDIA WA CEO Tanya Steinbeck said.
“Keystart is one of the most valuable tools we have in WA to support home ownership. With the recent changes to transition to a Government Trading Enterprise to enable Keystart to help underwrite new developments, this is a smart way to leverage the private sector to deliver hundreds of new homes,” Ms Steinbeck said.
“WA Labor has continued to listen to industry and work collaboratively toward making the home ownership dream a reality for more Western Australians,” Ms Steinbeck said.
Today’s announcement of two new loan products for graduates and apprentices and those who choose a modular home demonstrates that WA Labor are responsive to changes in the housing market.
The availability of skilled workers in residential construction remains a challenge, with greater investment in growing the workforce through apprenticeships and supporting alternative forms of construction both welcome priorities.
“The financing of modular homes through traditional lenders is limited and with modular being a preferred construction method particularly in regional areas, the use of Keystart is filling a gap in the market that otherwise would continue to restrict home ownership across WA,” Ms Steinbeck said.
“These commitments will build on the momentum we are starting to see with increasing building approvals and a focus on removing the infrastructure barriers to land supply,” Ms Steinbeck said.
“It is up to private industry to deliver 96% of our housing supply,” Ms Steinbeck said. “UDIA WA’s election campaign is centred around supporting industry in its role to deliver the housing we need, faster. Today’s announcement by WA Labor shows they are committed to working with industry to achieve exactly that.”