The Brisbane City Council is set to remove antiquated minimum parking restrictions for new development in certain inner city areas in a move that is aimed at addressing housing affordability and supply issues in rapidly expanding urban areas. This initiative seeks to make new homes in well-connected inner-city suburbs more affordable by eliminating mandatory minimum car parking requirements.
According to industry experts, the cost of providing underground or podium level car parks within high-rise developments in Brisbane can exceed $100,000 per parking space.
Furthermore, the existing minimum parking regulations compel developers to incorporate hundreds of parking spaces into their projects, exacerbating traffic congestion in areas of the city that are already amply served by public transportation options.
In light of this, removing mandatory car parking requirements is expected to alleviate financial burdens on developers and subsequently lower the overall cost of new inner-city apartments.
Recent Census data from the Australian Bureau of Statistics has revealed a significant increase in single adult households, now comprising one in three Brisbane households. Recognising this demographic shift, the Inner-City Affordability Initiative aims to create more affordable housing options closer to high employment areas like the CBD.
Designated areas under consideration for this initiative include parts of Fortitude Valley, Kangaroo Point, Milton, and Newstead. These areas are chosen based on their accessibility to high-frequency public transport, active travel options, and amenities.
The initiative aligns with the Housing Supply Action Plan introduced in August 2023, which focused on expediting the delivery of new homes by reducing infrastructure charges. Together, these measures aim to make homes in existing inner-city, high-density areas more affordable to build while preserving the city’s character and low-density areas.
Lord Mayor Adrian Schrinner stated, “Brisbane is one of Australia’s fastest-growing cities, and we need more sustainable, affordable, and accessible homes.” He emphasised the urgency of addressing the housing shortage, particularly for single adult households, and highlighted the role of removing mandatory car parking requirements in achieving this goal.
The Property Council of Australia Executive Director Queensland, Jess Caire, welcomed the initiative, noting its potential to boost housing supply in Brisbane’s rapidly growing urban landscape. Caire emphasised the importance of attracting investment to deliver new homes, especially in areas easily accessible by public transport.
Similarly, the Urban Development Institute of Australia Chief Executive Officer (UDIA QLD) underscored the critical role of such measures in tackling housing affordability. They highlighted the significance of these changes in influencing the feasibility of new developments amid the current housing crisis.
The Inner-City Affordability Initiative will require amendments to Brisbane’s City Plan, community consultation, and State Government approval. Brisbane’s investments in mass transport solutions, including the Brisbane Metro and Cross River Rail, have facilitated the expansion of this initiative.
By removing mandatory car parking requirements in designated areas and promoting well-connected communities, the initiative aims to make inner-city living more accessible and sustainable for residents.
Yes, but will developers pass on the cost savings? Unlikely. People will still be paying the same overinflated prices now sans parking space.
“Designated areas under consideration for this initiative include parts of Fortitude Valley, Kangaroo Point, Milton, and Newstead. ”
Que another Brisbane Development article arguing for a new inner-city train line to be built from the West End through to Hamilton.
You would have to believe in the tooth fairy if you expected apartment prices to be impacted positively.
Kangaroo Point is already “parked out” and the expectation that people only travel locally is flawed.
Most, if not all people need a car to go to the beach, on holiday or just across town.
If you want to see what this policy will deliver, have a look at London.