LAND AUDIT TO TACKLE HOUSING AFFORDABILITY CRISIS

Article by AAP
July 8, 2007

The Federal Government will conduct an audit of commonwealth-owned land to identify areas that should be released for new housing.

Federal Treasurer Peter Costello said first home buyers are struggling to get into the housing market because house prices are high.

He said to get some balance in housing affordability more land needed to be released.

"It's not a demand problem it's a supply problem, you've got to boost the supply of housing," Mr Costello said on ABC TV.

"We need more houses to be constructed particularly for first-home buyers.

"We need more land release, we have to encourage land release, and of course first-home buyers are classically the people who buy houses on new housing sites."

Mr Costello said the Federal Government would urge the states to work in conjunction with the commonwealth to conduct an audit of all land.

"We should do an audit of all land, particularly on outer suburban areas, that should be released for new housing," he said.

"The commonwealth will look at any land that it has which would be released for housing.

"We will ask the states to look at any land that they have that could be released for housing."

Mr Costello said an audit of land held by the private sector would also be required.

"Of course a lot of this will also be held by private sector developers ... we will try and identify whether there's any reason why those developers are not releasing it."