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Property Council Raises Alarm Over Insurance Costs Impacting Housing Affordability in ACT

Analyzing the Effects of Escalating Insurance Premiums on ACT's Housing Market

Property Council Raises Alarm Over Insurance Costs Impacting Housing Affordability in ACT?w=400
The Property Council of Australia has expressed concerns that escalating insurance premiums, coupled with proposed regulatory changes, could further strain housing affordability in the Australian Capital Territory (ACT).

Specifically, the introduction of mandatory latent defects insurance under the Property Developers Act 2024 is projected to add between 3% to 5% to the cost of new housing in Canberra. This increase translates to an additional $15,000 to $35,000 on the price of a standard home, exacerbating the existing affordability challenges in the region.

Latent defects insurance, which covers structural issues post-construction, is relatively uncommon in Australia. Developers may encounter difficulties obtaining such coverage due to its limited availability and high costs.

The Property Council advocates for a balanced approach that ensures consumer protection without compromising affordability. They also call for the adoption of proportionate liability legislation in the ACT, a framework already implemented in other states, to distribute legal and insurance responsibilities more equitably across the supply chain.

For real estate professionals, these developments underscore the need to stay informed about regulatory changes and their potential impact on the housing market. Advising clients on the implications of rising insurance costs and exploring strategies to mitigate these expenses will be crucial in maintaining housing affordability and market stability.

Published:Friday, 3rd Oct 2025
Source: Paige Estritori

The information on this website is general in nature and does not take into account your objectives, financial situation, or needs. Consider seeking personal advice from a licensed adviser before acting on any information.

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Rider:
An optional provision added to an insurance policy that provides additional benefits or coverage.