The NSW government's shared equity scheme announced this week as part of its budget measures is a hot mess and frankly it makes absolutely zero rational sense, writes Caroline Di Russo.
If only it was as simple as buying a roof to put over your head. But thirty years of government interference from favourable tax treatment to grants and subsidies has turned the humble housing market into an investment utopia for Camry drivers.
In reality, housing affordability could be greatly alleviated if state governments increased land supply and reduced utility head costs. During the Federal election, Labor spruiked a policy for a government shared equity scheme of up to 40 per cent of the purchase price and the Coalition trotted out a similar policy funded from personal superannuation rather than the taxpayer.
The scheme is open to single parents with a child under 18, a single person aged 50 years or over, or first home buyers who are nurses, teachers or police. Additionally, the household gross income must be no more than $90,000 for singles and $120,000 for couples. And more importantly, given this policy isn’t extensive enough to stabilise falling housing prices, is this cohort being poorly served by being encouraged to buy into a falling market?
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