ACT’s innovative scheme could cut housing costs by 50pc if rolled out

The cost of housing could be slashed through the nationwide roll out of land rent schemes, such as the one operating in the ACT, a new report says.

The Unspoken alternatives to expensive housing report, published on Monday, said current policies, such as first-home-buyer grants or rezoning, only reduced the cost of housing by 5 to 10 per cent.

Whereas innovative programs, such as land rent schemes or community land trusts, could immediately reduce the cost of housing by up to 50 per cent, the Australia Institute report said.

Housing affordability and property prices sky-rocketing off the back of a recent boom have been a growing concern nationwide.

Earlier this year, an international study rated Australia as the third-least affordable country for housing.

Sydney ranked second and Melbourne fifth in a list of the world’s least-affordable major housing markets.

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Source: The Canberra Times