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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.
“Adelaide, Brisbane and Perth are seeing residential land values grow at a rapid rate, while Sydney and Melbourne’s values remain relatively stable,” stated HIA Senior Economist Matt King.
Plumbing and drainage inspections in the Huntlee and North Rothbury areas are moving from Cessnock City Council to Building Commission NSW.
The BASIX Transition period for eligible signed building contracts will end on 30 September 2024. BASIX Certificates must be generated by this date to apply the pre-1 October 2023 BASIX standards.
“As the number of new homes under construction continues to decline builders are reporting fewer difficulties scheduling skilled trades workers on their jobs, although availability of skilled workers remains worse than prior to the pandemic,” stated Geordan Murray, HIA Executive Director – Future Workforce.