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HIA called for the expansion of the Victorian Homebuyer Fund as part of our State Election Imperatives.
HIA’s Victorian Executive Director, Fiona Nield said she was delighted that the state government has listened to HIA and taken this step to address the rapidly rising house prices and interest rates Victorian homebuyers are now facing.
“Shared equity is an effective way to help people into home ownership sooner. The scheme help buyers who despite being able to service the loan cannot obtain finance for the full cost of a home,” said Ms Nield.
“Over the past two decades the rate of home ownership has declined across the country. Critically, home ownership among households aged 25-29 has dropped from 43 to 37 per cent over the past decade.
“Today’s announcement will provide a major boost to Victorian homebuyers, particularly first homebuyers who have received the most assistance from the Victorian Homebuyer Fund.”
Research commissioned by HIA shows that 75 per cent of Australians believe we should be able to own our own home, while 85 per cent of renting households aspire to own their own home – yet only 42 per cent of these households now believe they will achieve it.
Read HIA’s State Election Imperatives 2022.
“Prices of home building materials grew by 1.4 per cent in the year to September 2024, significantly slower than other goods and services as measured by CPI,” stated HIA Economist, Maurice Tapang.
HIA members are invited to sign up for online Planning Portal training sessions. The free training sessions cover a range of topics from navigating the Planning Portal through to creating and submitting a Complying Development Certificate application.
Members are reminded that from 1 November 2024, a written notification must be sent to WorkSafe ACT prior to undertaking, or directing or allowing a worker to carry out any permitted work involving legacy engineered stone in the ACT.
“Detached house approvals across Australia rose by 6.1 per cent in the month of September to 9,890. This is the highest monthly number of detached house approvals in two years,” stated HIA Economist, Maurice Tapang.