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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.
Today HIA launched our 2025 Federal Election campaign that calls on all political parties to commit to making housing a national priority and deliver a comprehensive housing plan in support of our industry.
The Housing Industry Association (HIA) has welcomed today's announcement by the WA Labor Party to extend the Group Training Organisation (GTO) Wage Subsidy program, providing more opportunities for Western Australians to embark on apprenticeships should it be successful at the next election.
“The RBA cut its benchmark cash rate today from 4.35 per cent to 4.1 per cent, the first cut since it first started its hiking cycle in May 2022,” stated HIA Chief Economist, Tim Reardon.