Regional Victorian Building Industry in Crisis: Urgent Government Intervention Needed

The Victorian Regional Chamber Alliance (VRCA) is calling for immediate Government action as the residential building industry throughout the State faces an unprecedented crisis.

Despite the high demand for housing, regional and rural areas are witnessing a major downturn in all aspects of the housing and residential building industry.

Land sales in new subdivisions have virtually stopped and agents are reporting a notable increase in land resales, where the current market value is significantly below the initial purchase price. Prospective homebuilders are therefore experiencing increased difficulty in securing bank finance to build and alarmingly, there has been an unprecedented number of defaults on land settlements.

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