Property Council ACT & Capital Region Executive Director Ashlee Berry said the latest quarterly results reflect a clear need for tax reform and streamlined regulation following the Territory election on 19 October.
"The ACT property sector continues to face major hurdles, with taxes and charges a key barrier, and the ACT is the only state or territory forecasting net staff reductions in the next 12 months.
"Overall confidence has fallen 10 points over the quarter, with respondents emphasising the need for government action to create a better environment for growth and investment.
"Our Election Platform calls on all parties to commit to tax and regulatory reforms that will unlock housing supply, save jobs and make Canberra a more affordable place to live," Ms Berry said.
The latest Procore/Property Council Survey for Q3 2024 was conducted between 26 August and 13 September and included responses from over 590 industry professionals nationwide. It shows:
- Housing Supply and Affordability: This remains the top concern for the ACT property sector, with respondents calling for urgent government intervention to address the growing housing shortage.
- Property Taxes and Charges: Industry leaders are calling for reductions in development-related taxes and charges, which are hindering investment and slowing housing delivery.
- Planning and Regulation Reform: The survey highlighted a strong call for streamlined approval processes, with developers expressing frustration over regulatory delays that are contributing to the housing supply shortfall.
"Without meaningful reforms that reduce costs and accelerate development approvals, the ACT risks falling behind other states and territories in terms of housing delivery and investment attraction," Ms Berry said.
