The Super Members Council found the scheme to allow first home buyers to withdraw $50,000 from super for a deposit would push home prices up by 9 per cent.
The Coalition’s plan to let first-time buyers use their superannuation for a home deposit would be “one of the worst public policy decisions” of the century, a leading economist said as industry analysis found it would drive property prices up by $75,000 across the nation’s capital cities.
The council’s chief executive, Misha Schubert, said that price spike would lead to higher mortgages for all buyers. Centre for Independent Studies chief economist Peter Tulip agreed the Coalition’s policy would increase property prices but questioned the magnitude of the council’s findings.
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