A glut of building land in the ACT has caused the ACT Government to tighten supply by delaying some of its greenfields joint ventures.
The move was welcomed by the Master Builders Association yesterday but criticised by the Opposition, an Independent and an umbrella community group as evidence that the Government’s in-fill program has been unnecessary.
The Minister for Environment, Land and Planning, Bill Wood, said two greenfields developments involving about 800 blocks would be postponed for five months.
He said the increase in interest rates, lower population migration into the ACT and a large jump in completed but unoccupied houses required steps to reduce the amount of land coming on to the market.
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