The Greens-controlled council is one step closer to imposing different rates for landlords and owner-occupiers after passing a motion on Wednesday night.
New home builds in Victoria will be slugged an extra 65 per cent for building insurance, in what the industry says is another blow to securing projects during a housing crisis.
She said domestic building insurance for a category C new single dwelling build would increase from about $4500 to about $7500, which comes alongside a 40 per cent rise in construction costs since 2019.
“This means VMIA has to increase premiums to ensure that home owners continue to be protected when builders are unable to complete or rectify homes,” he said. Cr Conlan said the move would cut rates for the average household in the council area to $900 , while doubling it for landlords to more than $3500.
“What we’re trying to do is change the ownership structure of properties in Merri-bek it less attractive to be a property investor.”SQM Research founder Louis Christopher warned the move would require landlords to pass on higher rate costs by jacking up rents.
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