- 75% of new dwellings over next five years to be strata
- Budget to "turbo-charge" the territory's economic recovery
- Need for strata legislation and reform, says SCA ACT
The newly released 2021-22 ACT budget indicates that three-quarters of new dwellings built in Australia’s capital over the next 5 years will be strata properties.
The budget predicts that 12,263 medium and high-density dwellings will be constructed within this period.
Of these strata dwellings, over 4,000 of these are expected to be complete by the end of June next year.
In contrast, a total of 4,171 new single dwellings will be built within half a decade, being surpassed by strata properties within a fifth of this time.
SCA ACT welcomes strata boost
Shelley Mulherin, President of the ACT’s Strata Community Association (SCA), said a substantial portion of dwellings built within the five year period will be strata-titled properties, such as apartments and townhouses.
Ms Mulherin said the budget indicates a large portion of the territory’s infrastructure expenditure will go towards building these properties.
“Their construction will boost the economy, create jobs and grow the critical strata industry that serves their owners, residents and service providers.”
Shelley Mulherin, SCA ACT President
The ACT budget has been dubbed one that will “turbo-charge” the capital’s economic recovery, and Ms Mulherin said the investment into strata dwellings will be a major contributor to this.
Ms Mulherin also stated the while the commitment to strata builds is a positive step considering the increasing popularity of these, it further highlights the need for improved strata legislation and reform.
“SCA ACT has been advocating for higher building standards to combat cladding problems and defects,” she said.
Ms Mulherin also advocated for addressing issues regarding sustainability and energy efficiency in buildings, and asked for increased guidance during Covid.
“The strata industry also urgently needs more detailed Covid guidelines to properly manage properties during the pandemic and to keep communities safe.”
Deficit to double
The budget also indicates that the ACT deficit is set to double from earlier predictions made this year.
The forecast is now for the deficit to reach $951.5 million, in comparison to the $476.7 million outlined earlier.
A large proportion of this will go towards improved infrastructure, with a $5 billion package going towards public transport, bike and footpaths, community facilities, and green spaces.
$550 million is reserved for economic support including tax relief, to address the impacts of Covid within the territory.
A further $100 million will be invested in social housing, for both new construction and refurbishment.