Australia, the United States and Canada have agreed to begin exporting condominiums in a bid to boost the housing market in the country.
Key points:”We have a great opportunity to export condominium units and we are looking forward to the opportunity to be part of the condominium boom in Australia”Premier says the Government is committed to a strong domestic economy, but has a range of policy options to ensure affordabilityThe Government has a number of policies to make housing more affordable, but the focus will be on how to reduce the cost of housing to families, businesses and the broader economyThe government will take over a $100 million project to build five new units at the Adelaide Hills’ Wombarra Condominiums and the State Government will provide the rest of the capital for the project.
The Government is hoping the project will create 500 jobs and generate more than $20 million in economic activity.
“We’ve already seen a significant increase in the number of people coming to Australia to live in the capital, and it will only get better in the coming months,” Mr Swan said.
“The Government’s long-term strategy is to see more people in the suburbs and more families moving to the suburbs, so this is another key part of our plan to make sure that we can keep Australians connected and stay connected to our nation.”
The Government will take a 10 per cent share in the Wombars project and the remaining 40 per cent will be held by the Government.
“For the Government, this will give us a further opportunity to provide jobs to the region and create new jobs here in the region, as well as ensure we can support our local economy,” Mr Womack said.
He said the Government would continue to be open to other ways of delivering housing affordability, including by encouraging construction of new apartments and condominium towers, and by building new homes for people who were previously out of the market.
The project will be completed in 2019.