Australia will benefit from a $200 million (£115.4 million) initiative to increase the level of affordable property in regional areas, the country's Labor Party has promised, if it is voted into power.
The party's Building Better Regional Cities initiative includes plans to construct 15,000 new homes over the next three years, API magazine reports.
Approximately 15 councils from the country's non-capital cities will be awarded around $15 million each under the scheme.
These councils will also be given the opportunity to fast track any of their existing sustainable residential developments.
According to the magazine, cities eligible to enrol for the initiative include Newcastle in New South Wales, Gold Coast in Queensland and Mount Gambier in South Australia.
Earlier this month, the Australian newspaper reported on SQM research, which suggested that Melbourne is to lead the way in affordable Australian property.
The research estimated that 35,000 houses and apartments would be put on the market by the end of December.
Posted by Steve Douglas
