The two major parties have different plans to solve the Aussie housing crisis. One could end up doing the opposite of what’s intended.
At the dawn of the year 2000, Australia’s housing market was as close to what could be considered balanced.At the top end a household on the equivalent of approximately $200,000 per year in today’s money, could afford a home that reflected where their income sat in relation to the nation more broadly. For example, a household with an income in the 80th percentile , could afford to buy a home in the 80th percentile by value.
Prime Minister Anthony Albanese’s Labor government is building more affordable housing. Picture: NCA NewsWire / John Appleyard During the pandemic the Morrison government authorised the public to be able to withdraw up to $20,000 each in total from their superannuation if they were in dire need of the additional funds in two rounds worth of potential withdrawals.
This marked the strongest growth and highest number of new first homebuyer mortgages since late 2008, when the Rudd government’s doubling of the first homebuyer grant on existing homes to $14,000 and tripling of the grant on new homes to $21,000 sent first homebuyer demand rocketing almost instantly.Over the six months of data assessed by DFA, almost 19,000 first homebuyer purchases were supported to some degree by one or more of the purchasing parties withdrawing cash from their super.
Adding an extra 19,000 potential purchasers to the mix represents 7.6 per cent of all housing turnover in aggregate over a six-month period.
Tarric Brooker Housing Crisis John Appleyard Peter Dutton Affordable Housing Superannuation Withdrawals Productivity Commission Struggling Construction Sector Property Prices Homebuyer Mortgages Rose Demand Side Policies Housing Turnover Home Deposits Housing Market Rental Vacancy Rate Anthony Albanese Working Age Population Benefited Property Sellers Loan Commitments Property Market Homebuyer Activity Affordable Housing Construction Housing Turnover Rate Homes Buyers National Household Income Income Sat Home Buyers Rental Crisis Rounds Worth Housing Australia Future Fund Housing Finance Data House Crisis Cutting Rates Homebuyer Finance Commitments Research Firm Pre-Covid Interest Rates Vacancy Rate Plumbing Home Prices Home Deposit Homebuyer Mortgages
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