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Legislative Council - Fifty-Second Parliament, First Session (52-1)
2011-11-10 Daily Xml
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RESIDENTIAL LAND RELEASE

The Hon. D.G.E. HOOD (15:07): I seek leave to make a brief explanation before asking the minister representing the Minister for Planning a question about residential land releases.

Leave granted.

The Hon. D.G.E. HOOD: It has come to my attention that the land release in the Lightsview estate in the inner northern suburban area of Adelaide has become very slow in recent times in terms of the number of lots that are being sold. Whilst it had a very successful start, it has certainly slowed down in very recent times.

It has also come to my attention that one of the reasons for that may well be that the prices being asked are extremely high by some estimates. In fact, one example I have become aware of is that a block of land with a 15-metre frontage and a total area of fewer than 500 square metres (I think, off the top of my head, it is 485 square metres) is being marketed at the price of $465,000, or just under $1,000 a square metre. I understand that that land was acquired for something like $150 a square metre.

An honourable member: Where is it?

The Hon. D.G.E. HOOD: In Lightsview, in an inner northern suburban area of Adelaide, just near the Oakden estate. My questions to the minister are:

1. What was the price the government originally sold that land to the developer?

2. What percentage of the price for that land is due to infrastructure costs; that is, what would be the true cost of that land as a cost-recovery exercise to the government?

3. What percentage of price increase is raw profit on that land, which the unfortunate homebuyer will have to repay over the 30-year mortgage, which they no doubt will have to take out in order to afford such high prices?

The Hon. G.E. GAGO (Minister for Agriculture, Food and Fisheries, Minister for Forests, Minister for Regional Development, Minister for Tourism, Minister for the Status of Women) (15:09): I thank the honourable member for his most important questions. I will refer those questions to the Minister for Planning in another place and bring back a response.

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