In the year to June 2023 housing approvals dropped 9.9 per cent and unit approvals dropped by 22 per cent, according to new data released yesterday by real estate firm CBRE.
At the same time, rents are at record highs and growing with the median house rent growing 11.6 per cent and the median unit rent growing 22 per cent year-on-year.
These increases are the consequence of Labor’s inaction on housing supply and affordability and come as Victorians endure a cost-of-living crisis.
Instead of increasing supply and reducing costs, Labor has increased taxes on homes and driven up the cost of residential construction through their ‘Big Build’ waste and mismanagement.
These taxes include Stamp Duty, Land Tax, the Holiday and Tourism Tax and the recently expanded Vacant Residential Land Tax, and only serve to make Victoria less attractive for investors and drive-up rents.
Shadow Minister for Home Ownership and Housing Affordability, Evan Mulholland, said: “These figures are the consequence of Labor’s years of inaction of housing supply and affordability.
“Labor needs to get on with the job of increasing supply and making it easier and cheaper to build new homes. Instead, Victorians are slugged by this tired Labor Government while their ‘Big Build’ drives up the cost of residential construction.
“Labor’s promise to build 220 homes per day, every day, for the next 10 years is falling apart quicker than the Commonwealth Games.”
