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Property market 'should address housing supply issues'

The REIA has welcomed the release of the State of Australian Cities 2011 report and agreed with a number of its statements.

Australian property market players have been urged to take action against the falling supply of homes across the country following the release of a new report.

Pamela Bennett, acting president of the Real Estate Institute of Australia (REIA), urged the government to consider where people want to live when creating new dwellings.

Her comments were made after Anthony Albanese, minister for infrastructure and transport, released the annual State of Australian Cities 2011 report.

The document, which was welcomed by the REIA, highlighted the country's shortfalls in home supply, as well as the state of housing affordability in many locations.

Ms Bennett said: "It is important that in addressing supply issues, the Government ... look at where people want to live, the constraints and costs of development and solutions to speed up the planning process."

Earlier this month, the REIA called for the abolition of stamp duty on both residential and commercial dwellings in a bid to tackle the country's housing affordability problem.

Posted by Craig Francis

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