Developers are paying up to $85,000 for every housing block they put on the market, with research showing the fees are driving up property prices and in some cases aren’t being used to develop local infrastructure for new homeowners as intended.
The NHFIC found developer contributions in NSW were the highest in the country, ranging between $25,000 and $85,000 per dwelling. In Victoria, they varied from $37,000 to $77,000 while in Queensland they were between $29,000 and $42,000. The increase in social infrastructure supposed to be funded by developer fees is now delivering fewer immediate benefits to new buyers, with the NHFIC finding the contributions were acting as a tax on housing.
Developers did not support current contribution systems, wanting more transparency so they could make better informed and timely investment decisions while councils said they found it difficult to provide necessary infrastructure given demand and the pressure to balance their budgets.
swrighteconomy Oz - highest immigration per capita in World then gouge every step of property land development to fatten the pockets of Govt. & other parasites like Developers. Fake, inflationary growth from population and debt that doesn't increase net real wealth & ruins living standards
Property Property Latest News, Property Property Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: smh - 🏆 6. / 80 Read more »