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{{propApi.successMessage}} {{region}} Change locationInquiry into Financing for First Home Buyers long overdue
Inquiry into Financing for First Home Buyers long overdue
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“Over the last two decades the rate of home ownership has declined and is at worrying levels. This is particularly concerning for those under 40, with the home ownership rate of 30–34 year old’s currently less than 50 per cent and those aged 25–29 just 36 per cent.
“This reinforces that it has become increasingly difficult, if not impossible in most circumstances, for young Australians to get into home ownership. The situation places further pressures on the rental market and subsidised housing options which is not a sustainable housing model for Australia.”
“HIA recently called out the need for a policy reset to prioritise housing supply across all forms of housing so as to put downward pressure on housing affordability and rental prices.
“We need to equally have appropriate and proportional financial and lending regulations that look to support not impede people to access finance for housing and home ownership.
“Housing preferences and the expectations that people have for their housing have changed in response to the scarcity of housing and rising costs, however the ‘Australian Dream’ of owning your own home remains. We should expect our institutions to better serve the aspirations of individual Australians.
“Previous polling conducted for HIA found that 81 per cent of Australians believe that everyday Australians should be able to own their own home. The research found that 92 per cent of renting households aspire to own their own home, yet only 49 per cent of these households feel that they will achieve this aspiration.
“Access to finance for a deposit is the biggest obstacle for Australians trying to buy their first home, especially those paying rent while saving for their deposit.
“Given the current housing challenges, HIA believes that when it comes to getting first home buyers into a home, all options need to be on the table and ensuring housing policies can respond to changes in a timely way should be the basis for all Government actions that influence the housing market.
“Therefore, we are looking for this Inquiry to identify those financial and regulatory impediments that are holding back young Australians and identify new measures to ensure that home ownership can remain an achievable goal for everyday Australians” concluded Ms Martin.
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Victorian building reforms need a rethink
Over the past week the Victorian government has made several housing announcements, including measures to increase housing supply, release land and establish precinct plans.
Two homes on one block - and about time (Vic)
“The Housing Industry Association (HIA) welcomes the Victorian government’s announcement to push forward with consideration of changes to make it easier, faster and cheaper to divide blocks and build more homes,” HIA Executive Director, Victoria, Keith Ryan said today.
Home building reforms to boost consumer confidence (Vic)
“Today’s announcements of proposed reforms to the Victorian building laws have the capacity to improve consumer confidence and provide the industry with a more contemporary set of rules,” HIA Executive Director, Victoria, Keith Ryan said today.
Record land prices set to impair goal of 112 million homes
“The price of a lot of residential land reached a new all-time high in the second quarter of the year, driven by acute shortages and rising tax imposts,” stated HIA Senior Economist Tom Devitt