Dutton’s housing fix ‘will worsen supply’
May 17, 2024 – 6.21pmListen to this article9 minOne of Australia’s biggest property developers says Peter Dutton’s plan to slash permanent migration as a way to fix acute housing shortages will only make the problem worse, driving away desperately needed skilled migrants while damaging long-term productivity and economic growth.
“You cannot fix supply by reducing demand,” developer Tim Gurner told AFR Weekend, responding to the key policy announcement in the opposition leader’s budget reply speech.
“We are in a genuine housing crisis that has been fuelled by years of poor policy and a rising cost base,” the Gurner Group boss said.
Tim Gurner said foreign buyers should be encouraged back into the off-the-plan market to turbocharge new home supply. Oscar Colman
“By reducing demand even more, supply completely evaporates, which has huge ramifications for jobs and productivity.”
Gurner Group says it has more than 10,000 apartments completed or under development, alongside a $9.5 billion-plus portfolio.
Mr Dutton’s hardened position on immigration marks a significant shift from the broad bipartisan consensus on the value of skilled migration to the Australian economy ahead of the next election, due by next May.
