Community CPS is reporting that it has now approved more than 25 home loans on ‘rented’ land under the ACT Government Land Rent Scheme according to CT today (not online). This is out of 120 enquiries leading to 37 applications.
The Land Development Agency reports that 21 blocks have been settled and 179 have exchanged. The first house built under the scheme was occupied last month.
Seems good that this key home affordability measure has finally got going, as housing in Canberra is now close to being the second most expensive in the country. And remembering that this was once how all houses were built in Canberra. From the ACT Government’s point of view, surely an ongoing income stream would be preferable to once-off selling of all the silver in the cupboard?
Community CPS have raised concerns about lack of available land though. Not surprising given that any blocks going on sale now are being sold so far in advance of availability, that it is often a year after signing up before people can start to build.