The Property Council of Australia has endorsed the Federal Labor Party’s plans to introduce a Regional First Home Buyer Support Scheme, but warned the Opposition there is more to be done to address the nationwide issue of housing affordability.
Property Council of Australia Chief Executive Ken Morrison says the scheme, if enacted, would be a helpful additional affordability measure.
“Overcoming the deposit gap is a major hurdle for many aspiring homebuyers and this scheme would help more home buyers do this,” he says.
“The Property Council has supported the Government’s First Home Deposit Scheme and its companion New Home Deposit Scheme, and today’s announcement from the Opposition would be a welcome extension of these policies.
“While we welcome this announcement, a new Regional First Home Buyer Scheme would not see one extra dwelling created in regional Australia.
“A key reason for regional housing stress is we’ve seen a pandemic population boost without a corresponding boost in housing supply.
“Last month National Housing Finance and Investment Corporation forecast that housing supply was set to drop by 35 per cent right at the time population growth would resume, leading to a deficit of 163,400 homes.
“New Property Council research shows that the public’s concern over housing affordability had leapt and voters expected national action.”
According to research released by the Property Council, 70 percent of Australians now believe that home ownership is out of reach for most people. 90 percent of aspiring homeowners say it is a major influence on who they will vote during the Federal Election. The Council’s new campaign, titled Our Dream, aims to draw attention to the plight of first home buyers and encourage all levels of government to get on with tackling the worsening crisis.
“Our polling released yesterday showed Australians of all ages are concerned about this issue, and the time is right for all policy makers – at federal, state and local levels – to get on and tackle it,” Morrison says.
Image: Supplied
