At the recent UDIA (Urban Development Institute of Australia) meeting in June 2024, State Treasurer Stephen Mullighan MP and Westpac Group Economist Jameson Coombs highlighted positive developments in South Australia’s urban development sector. Key highlights include:
Growth in Housing:
- Approx. 12,500 homes are currently under construction, with 17,000 more approved and awaiting commencement.
- Despite challenges, there is confidence in the industry’s growth trajectory.
Improved Supply and Challenges:
- Material supply shortages have significantly eased.
- Ongoing efforts are addressing persistent labour shortages.
Enhanced Incentives for Buyers:
- Extension of the $15,000 first homeowners’ grant.
- Removal of the stamp duty for all home and land sales, benefiting buyers across all market segments.
With improved material availability, supportive incentives and sustained housing demand, South Australia’s urban development sector is poised for a robust future.
