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Victoria’s goal of 80,000 new homes a year won’t be achieved while the state’s Big Build projects are driving up the cost of materials and workers, industry figures warn.
The tax on the median-price unused home could increase from $9340 to more than $28,000 a year.
A state government bid to encourage developers to build on vacant land could have the opposite effect as land tax penalties bite, construction company research has warned.
The property industry has called for “deep and ongoing” consultation to ensure any changes won’t worsen housing supply or affordability.
Victorian Treasurer Tim Pallas has announced plans to broaden a tax on vacant residential properties to the rest of the state.