Home affordability has been given a boost thanks to new laws scrapping the requirement for new properties to include rainwater tanks and energy efficient hot water systems.
The changes were effective as of the start of this month and are expected to reduce the cost of a new home by more than $5000.
It’s good news for people looking to enter the property market, and good news for the construction sector.
These changes will also let owners of existing homes replace a broken electric hot water system with a similar model.
Under the old laws, people who lived in areas with reticulated natural gas had to buy the more expensive gas, solar or heat pump style of hot water system.
Although those systems are more energy efficient, they are considerably more expensive to buy and often require extra plumbing or electrical work to retrofit the property before they can be installed.
A broken hot water system is always an unexpected expense and it isn’t fair to expect people to go for the more expensive option.
The new laws still allow Councils to opt to retain mandatory rainwater tank requirements where they can prove a net benefit to the community.
“These new laws are about offering consumers a choice.
Under these changes people are free to make decisions based on their own budget and lifestyle.