Lower than expected land sales have meant the Suburban Land Agency had a drop in revenue in the 2024-25 ACT budget.
Contracts with customers are expected to bring in $282 million in revenue in 2024-25, down from $528 million estimated the previous year.
The agency is expected to make 25.5 per cent net profit on land sales this financial year, with revenue and profits from land sales set to grow over the forward estimates in line with an ambitious land release program.
The ACT indicative land release shows the government is planning to release 5107 dwellings next year, made up of 4680 units and 427 single dwellings.
Molonglo Valley is the fastest-growing district with 3808 dwellings to be released in 2024-25. Gungahlin will have 530 new dwellings, Belconnen 543 new homes and Inner North will have 200 new units.
The land release plan includes requirements for at least 608 dedicated community, public or affordable homes throughout Denman Prospect, Gungahlin, Moncrief and Molonglo.
The 2024-25 budget includes funding to support low-income households and community housing providers to install energy-efficient insulation and replace gas appliances with electric ones.
The residential properties will be largely in new suburbs and 65 per cent will be within urban areas as classified in the 2018 planning strategy.
The government is aiming for 70 per cent of new dwellings to be within the existing urban footprint.
The plan includes 60,000 square metres of future industrial land and 252,475 square metres for commercial release over five years.
Budget papers show the number of residential dwellings across the ACT's housing stock increased by 2.1 per cent through the year to the March 2024 quarter.
This was marginally ahead of the 2 per cent population growth in the year to the December 2023 quarter and the forecast population growth of 2 per cent in the 2023-24 year.
The government expects this to increase rental vacancy rates and ease the growth in rents and house prices.
The ACT government has also earmarked sites for three new non-government schools. These will be in the Stromlo Reach estate in Denman Prospect, in Kenny, East Gungahlin and in a future suburb of the Molonglo Valley Stage 3 East development.
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