The affordability of Australian property is still an issue for low-income households across the country, according to the latest report from the COAG Reform Council.
It warned that of the ten per cent of Australian households with the lowest income, 61 per cent are in housing stress.
Furthermore, underlying demand for housing has exceeded supply over the last three years, indicating the importance of providing a sympathetic legislative environment for property development.
Council chairman Paul McClintock claimed little progress has been made towards increasing housing affordability in Australia, despite the commitment of local and federal government to improving the situation.
The Housing Industry Association responded to the report by criticising the government's policy, with chief executive officer Graham Wolfe criticising "inefficient taxes, long planning and land release delays, and the myriad of other barriers which artificially push up the cost of new housing".
He added that the best way to boost supply would be to reduce the taxation burden on Australian development firms.
Posted by Steve Douglas
