PCA calls for more action on housing affordability

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Representational photo by Maximillian Conacher on Unsplash

Council welcomes Labor’s planned Regional First Home Buyer Scheme

Last month, the Property Council of Australia welcomed the federal Opposition’s announcement that it plans to introduce a Regional First Home Buyer Support Scheme, yet warned more action on housing supply was needed to address affordability problems.

Property Council of Australia Chief Executive Ken Morrison said the announcement would be a helpful additional affordability measure.

“Overcoming the deposit gap is a major hurdle for many aspiring homebuyers, and this scheme would help more home buyers do this,” Mr Morrison said.

“The Property Council has supported the Government’s First Home Deposit Scheme and its companion New Home Deposit Scheme. The announcement from the Opposition would be a welcome extension of these policies.

“While we welcome this announcement, a new Regional First Home Buyer Scheme would not see one extra dwelling created in regional Australia.

“A key reason for regional housing stress is we’ve seen a pandemic population boost without a corresponding boost in housing supply.

“Last month, National Housing Finance and Investment Corporation forecast that housing supply was set to drop by 35 per cent right at the time population growth would resume, leading to a deficit of 163,400 homes.

“70 per cent of Australians now believe the great Australian dream of homeownership is out of reach for most people”

“New Property Council research shows that the public’s concern over housing affordability had leapt, and voters expected national action,” Mr Morrison said.

The Property Council last month released new research showing 70 per cent of Australians now believe the great Australian dream of homeownership is out of reach for most people and that 90 per cent of aspiring homeowners say it’ll be one of the most important issues in deciding their vote at the federal election.

The research coincides with a new campaign—called Our Dream—which aims to draw attention to the plight of first home buyers and encourage all government levels to tackle the worsening crisis.

“Our polling showed Australians of all ages are concerned about this issue, and the time is right for all policymakers—at federal, state and local levels—to get on and tackle it,” he said.


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