Friday, August 04, 2006

Land Release Drip Feed Cripples Homebuyers


Land Release
Originally uploaded by Sydney Weasel.
Morris Iemma has failed to fix Sydney’s land supply crisis, with ‘drip feed’ land release at record lows forcing up home prices and creating unnecessary levels of housing unaffordability, said Shadow Minister for Finance Peta Seaton today.

The latest figures reveal land supply in Sydney is down to record low of just 2,780 lots for 2005-06, almost a third of the 1991-95 yearly average, according to UDIA statistics.

In the meantime home affordability gets worse as land supply is squeezed, the cost of buying a home gets higher, and the average Sydney mortgage skyrockets.
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