The property sector and social service organisations all love Labor’s plans to help low- and middle-income Australians into homeownership, calling for even more ambition from Anthony Albanese.
Labor’s policy to help low- and middle-income earners buy homes through a new government-backed scheme
“Housing affordability needs to be a national priority and the opposition’s commitments are very welcome, with the need to boost housing supply the key to helping more Australians into homes.“The announcement shows the difficulty for any policy measure that seeks to tackle Australia’s housing affordability crisis by increasing the flow of money into the sector, rather than tackling demand through taxation reforms.
PowerHousing Australia, which represents community housing providers, called for more than 10,000 homes to be funded.Similar home equity schemes exist in WA, SA and Tasmania. Where the owner has completed major improvements to the property, the full benefit of that value would go to the owner. “It doesn’t involve putting people in the perilous position of buying a property on wafer-thin margins of equity at the bottom of the interest rate cycle and at what could be the peak of the property price cycle, hence increasing the risk of them finding themselves in a ‘negative equity’ position at some stage,” Mr Eslake said.
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