Building Works Package welcome, but more needed

By Michael Langhammer - May 19, 2020

We were very pleased to see the launch of the Victorian Government Building Works package yesterday.

The package will provide much needed stimulus and an increase in confidence for the middle market property industry across the State, at a time when the impacts of COVID-19 are hitting hard.

The package appears well targeted with many sectors of the property and construction industry sharing in the new economic activity being created. We are also pleased that this announcement has been described as the 'first part’ of the Package.

We are hopeful that future announcements will go further and pick up on a number of initiatives that we have been advocating:

  • Stamp duty concessions for purchasers of new housing
  • Reintroduction of off the plan stamp duty concessions for all classes of purchasers
  • Infill medium density and urban housing renewal projects that could be supported by a State Government affordable housing commitment
  • Expansion of first home buyer initiatives

Other initiatives that we believe warrant urgent consideration include:

  • Strategies to ensure that foreign students are able to return to Victoria as soon as semester two this year
  • Revisiting the post Global Financial Crisis (GFC) Significant Investment Visa strategy

A strong start. We look forward to further announcements.

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