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{{propApi.successMessage}} {{region}} Change locationALP policies will increase volume of new home building
ALP policies will increase volume of new home building
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“Since its introduction the Home Guarantee Scheme has supported 1 in 3 first home buyers get into home ownership each year and its expansion has been sought by the HIA.
“The announcement to boost placements and recalibrating the median national purchase prices under the Home Guarantee Scheme, will get more first home buyers into a home sooner.
“The scheme should also see at least an additional 10,000 new homes per year commence construction, if new home building is prioritised.
“Saving a deposit is one of the most significant barriers to getting first home buyers into the market.
“Governments impose significant costs on new home building that have restricted the supply of new homes over recent decades. In Sydney, up to $575,000 of the cost of a new house and land package is just the taxes, fees and charges. The first 15 years of a mortgage a spent paying for government costs, and the second 15 years pay for the land and the home.
“Reforms to other lending arrangements for first home buyers are also necessary and welcome.
“The volume of new homes commencing construction is at its lowest for more than a decade and has remained at that level for 3 years. There were around 166,000 new homes that commenced construction in 2023 and again in 2024. This is the lowest volume of new home commencements since 2012.
“Lenders mortgage insurance doesn’t provide a benefit to first home buyers, it is to protect banks. Mortgage arrears in Australia remains exceptionally close to zero and has remained at those levels for decades.
“There is an opportunity to lower the cost of borrowing for a first home buyer without systemic risk to the financial system.
“In addition to the policies announced today, all tiers of government need to work together to bring down the cost of delivering a new home to market.
“All three tiers of government have added additional, unnecessary costs, to delivering a new apartment and detached home over the past 5 years. Offsetting these costs is a step forward.
“In addition to these policies governments need to work together to stop increasing the cost of homes by ensuring all agencies are coordinated and focused on reducing the cost of home building.
“To make inroads into improving housing outcomes across the board, we need bold and effective reforms, and today’s announcement from both major parties outline the types of structural changes and investments needed to support more young Australian’s get their keys in the door to their own home,” concluded Ms Martin
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