A plan to help teachers, nurses, police officers and single parents buy homes in partnership with the NSW government has been welcomed for offering a much-needed helping hand, but comes with a warning it could push up prices
The $780.4 million two-year trial of a shared equity scheme aims to help essential workers buy a home.
“Good governments have budgets that show secure housing includes greater protection for the growing number of precarious renters, often now in the regions, increasingly paying way too much of their low incomes in poorly located, energy-hungry dwellings.
“We do see this as a clarion call that the government is recognising there is a housing crisis,” Achterstraat said. “It’s well-intentioned and may have a good social impact but it’s no silver bullet to solving the crisis.” “Such demand-side measures always sound attractive and simple, but they can ultimately make the situation worse. There needs to be fundamental fixes to the housing supply and affordability.”Corinna economic adviser Saul Eslake said the scheme was similar to the shared equity proposal that federal Labor took to the election, limited to 10,000 places.
“But it is a way, too, for government to get some return on their investment, unlike with most of the first home buyer grants.”
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