The City of Karratha wants to invest up to $35 million of ratepayer funds to boost local housing stock for an expected industrial boom next year.
The City of Karratha has decided to partner with builders and developers and invest up to $35 million of ratepayer funds to boost local housing stock for an expected industrial boom next year.The council is hoping that by helping kickstart the housing market it can keep rent and home ownership affordable
$65 billion worth of industrial projects are expected to employ up to 14,200 new staff in coming yearsMayor Peter Long said if nothing was done, small-business owners and non-resource workers could suffer the same exorbitant rents — some upwards of $2,000 a week — that occurred during the last boom cycle.
He said already rising rents, a 1.5 per cent availability of housing stock , and little appetite for banks to lend money to the 6714 postcode were reasons for council to influence the market. "We don't particularly want to spend the money, but it's very important to us to get the market active," Cr Long said.
"We are concerned that prices will go up so much that ordinary mums and dads just won't be able to afford to live here any longer and will leave."
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