Saul Eslake report finds plan would cause Australian property prices to rise at a faster rate
The Coalition’s plan to allow first home buyers access to their superannuation would heavily favour older and wealthier people, with the median couple aged 25 to 34 likely to be able to withdraw only $18,000.
Since 1980 the ratio of dwelling prices to household income rose from 4.5 times to 13 times, as houses became less affordable and ownership rates declined.the Coalition promised “More than 78% of single people in this age range would be unable to withdraw more than $20,000,” the report said. “Advice given by New Zealand’s Treasury said the benefit of KiwiSaver would go to sellers in a supply-constrained market, and that’s exactly what has occurred,” Eslake said. “There are fewer homeowners since the scheme’s introduction.”
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