Prime real estate is sitting vacant in busy cities across Australia in the midst of a housing crisis.
With official estimates from the Australian Bureau of Statistics putting the number of empty and derelict homes above 100,000 across Australia, local governments and property lawyers argue they could be part of the solution to the country's apparent housing shortage.
Some are deceased estates, some are awaiting development approvals and legal outcomes, but others are sitting vacant due to a practice of 'land banking', where owners hoard land as its value increases.
To free up homes, Victoria has mirrored moves overseas and introduced a vacant residential land tax.
Local governments and property law experts are also calling on state governments to use their powers to force the owners of vacant and derelict properties to use them or lose them.
#ABCBusiness #housingcrisis, #realestate
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