Governing the City State - Chief Minister and Treasury Directorate ...

house prices. Among the actions targeted at particular segments of the lower incomequintiles, the headline measures included:• more affordable house and land packages – a requirement that 20% of all newresidential estates must now comprise affordable house and land packages (currentlyunder $328,000) indexed to the ABS House Construction Index;• ACT Land Rent Scheme – allowing homebuyers to pay a rent rather than an upfrontlump sum capital payment for the land component of their property;• stamp Duty concessions and payment deferrals to eligible first home buyers – includingdeferral of stamp duty for up to five years, an increase in the stamp duty incomethreshold, and deferral of land payment until the certificate of occupancy is issued;• shared equity schemes for ACT public housing and community housing tenants; and• income land ballots targeted at low and moderate income quintiles.Most importantly, as a result of the combination of these various measures, the increase inhousing starts in the ACT is at a scale not emulated elsewhere in Australia. 408Figure 29 - Dwelling Commencements – Percentage Change from 2007-08 to 2009-10, States and TerritoriesThe effects of these measures are demonstrated in the positive impact they have had aroundthe more affordable price points of $200,000 and $300,000 where there have been spikes inthe numbers of houses sold in 2009-10. This is shown in Figure 31 below, which graphs thepercentage of houses sold against each price point (the highest peaks for each year are themode figures). Figure 31 demonstrates that, while housing prices have continued to rise, therate of change has slowed from the dramatic rise in prices between 2000-01 and 2005-06.408 Australian Bureau of Statistics (2010) ABS Dwelling Commencements, ABS Publication no. 8750.0Sustainability, Housing Affordability and Transport: 308