Target of 1.2m homes too much of a stretch, conveyancers say - triSearch

Target of 1.2m homes too much of a stretch, conveyancers say

Federal government plans for 1.2 million homes in five years as part of the Housing Accord are too ambitious, conveyancers believe.

George Sourris, of Brisbane conveyancing firm Empire Legal, thinks the federal plan is a stretch “unless some major fires get lit under some people in government fast”.

“I don’t know how it’s going to be possible, because we’ve got a huge tradie shortage as well, and they’re already busy,” he tells the latest edition of the Australian Conveyancer.

Already behind

 “It’s one thing to say, we’re going to build 1.2 million homes, but we’re already behind.”

 “With Brisbane adding over 80,000 people during 2022-23, at a growth rate of 3.1 per cent according to Australian Bureau of Statistics it is faster than the national average.

The Boronia Heights – Park Ridge growth corridor is absorbing most of that.

Sourris says house hunters must go further out until it’s affordable.

“If they keep pushing people further out, they need to have more services in these more ‘regional areas’ like hospitals and shopping centres,” he added.

“Queensland’s got the highest interstate migration in the country – we’re busier every week. For us, it’s fine but for the individuals on the other side of the transactions, between cost of living and not being able to find a place, it’s a terrible experience.”

Business boom

Chris Tyler, the Australian Institute of Conveyancers NSW chief executive, agrees that Antony Albanese’s 1.2m target is a stretch.

But he thinks it will trigger a potential boom for the sector with m any of the AIC members who are sole traders or smaller practitioners needing to grow their firms.

“Conveyancing firms have to get bigger, develop more ability to transact on larger volumes and have infrastructure in place to manage all the risks associated with that,” he said.

Read more from our special report in Australian Conveyancer.

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