Building Bonanza Fizzles: Developers Flee as Housing Costs Skyrocket

Wednesday, 10 April 2024

Fairfield City Mayor Frank Carbone is sounding the alarm on Australia's housing market, claiming developers are abandoning ship due to soaring costs. Carbone told Sky News Australia the dream of homeownership is fading for many as developers find themselves priced out of the game.

"It's not affordable to build anymore," Carbone stated. "Between high costs, taxes, and rising interest rates, the whole equation just doesn't work." The Mayor's comments highlight a growing concern: a stagnant housing supply amidst a population hungry for homes. Carbone argues for a tax break on housing development, hoping to incentivize builders and make way for a new generation of homeowners.

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