UDIA National – HomeBuilder Can Sustain Jobs and Investment Through the Road to Recovery

A new submission released this week recommends an extension and re-design of the Commonwealth Government’s HomeBuilder initiative to sustain local construction activity and jobs to offset the loss of economic activity within the property industry due to lower levels of immigration and population as a result of COVID-19.

The Urban Development Institute of Australia (UDIA) – the nation’s peak body representing the property development industry – said research showed the loss of immigration and population growth risks stripping $17.9 billion in direct gross value added from the national economy over the next five years.

However, the submission – which draws on research from Urbis – also shows that domestic demand for new housing remains substantial and can play a crucial role in lifting economic activity over the short to medium term until immigration returns to more sustainable levels.

Read the full media release here.