Rising Insurance Costs in ACT Threaten Housing Affordability
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Title
Rising Insurance Costs in ACT Threaten Housing Affordability
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Subject
The Property Council of Australia cautions that new mandatory latent defects insurance could escalate new home costs by 3 to 5%, potentially adding $15,000 to $35,000 to a typical Canberra home. They advocate for balanced consumer protections to prevent these costs from becoming a hidden housing tax, emphasizing the need for modernized insurance and liability frameworks to support housing delivery and affordability.
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