ABC Online have this article on how the land ballot being offerred by the ACT Govt at Ginnindera Ridge for low and moderate income earners is still too expensive.
Funny – banks count 75 thousand a year combined income as ‘high income’. Yet for Simple Simon and co 100 grand is ‘low income’. Noone will get these ballot blocks unless they are temporarily on one income, and then go to two incomes to pay them off. And where/how do they live while they wait to build the house?
I’m on a high income and I barely scrape by supporting my family even though I paid less than half market value for my in-laws house.
That a low income earner would be expected to pay that much for land sans house is indeed ridiculous.
If they open up all the rural lease land for houses, the govt could sell it really cheap!
“The prices are set on market value..”
Therein lies the problem. The market has gone so badly overboard in recent years that people can’t afford to join it any more. They need to release sufficient land to drop the market price (never going to happen), THEN people might be able to afford to build.
It amazes me that building a new house on vacant land is considered an option for low income earners.
Even if they were to get the land for free.
Where is your favourite Pho restaurant in Canberra?