Thursday, 30 May 2024

Suburban Rail Loop

Richard WELCH (North-Eastern Metropolitan) (17:52): (937) My adjournment matter is to the Minister for the Suburban Rail Loop. Home owners in my community are worried that the construction of the SRL will lower the price of their houses. Constant construction works have left debris, torn up parks, permanently closed streets and caused traffic difficulties in our suburbs. Meanwhile the planned 40-storey building blocks in suburban streets and the removal of green and open spaces will add to worsening quality of living for families in Glen Waverley and Box Hill. Furthermore, homebuyers are now cautious about buying in the Suburban Rail Loop Authority planning zones as they are uncertain and scared about what the SRLA will do in their community. For many in my community their houses are a major component of their wealth. For the average Australian the value of the home makes up up to 79 per cent of their net worth. This is a considerable proportion. Clearly any reduction in house prices will place a heavy strain on home owners in my community who are already struggling.

We are facing a cost-of-living crisis. With rising interest rates, some first home owners are being forced to sell their property as they simply cannot afford to keep paying their mortgage. It would be terrible for them to sell for less. I have spoken to many residents in Box Hill and Glen Waverley who are considering selling their properties and moving elsewhere to avoid the chaos of the construction, the implementation of the SRL and the 40-storey tower blocks that come with it.

Given the scale of the SRL, I would imagine this government has conducted research and modelling on the impact of the SRL project in the short and long term on house prices in the planning areas. The information should be announced to provide transparency and certainty to those in my community. The transparency is needed and overdue. At present residents have no information about their houses and the expectations of the wider markets. Maybe this information is not available and transparent to residents because the member for Box Hill does not live in the SRLA planning areas, let alone the electorate.

These dedicated home owners have poured their sweat and savings into their home, their most important asset, and they deserve transparency and clarity on the government’s plans and expectations for their cherished properties. Minister, will you provide clarity on whether you have done any modelling on house prices in the SRL planning areas, and if so, detail whether they are expected to increase or decrease given the ongoing construction and the uncertainty and lack of transparency around the issue?