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$vuetify.icons.faPhone1300 650 620

Restore home ownership

Restore home ownership

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.

Twenty years earlier the rate of home ownership among this age group was more than 50 per cent.

However, the ‘Australian dream’ of owning your own home remains as strong as ever.

Research commissioned by HIA found that 75 per cent of Australians believe everyday Australians should be able to own their own home. Furthermore, the research found that 85 per cent of renting households aspire to own their own home, yet only 42 per cent of these households feel they will achieve this aspiration.

The pandemic has changed people’s approach to housing. The type of home people prefer, the location and the way they use their home have all changed. Post pandemic, many more Victorians also see their home as their workplace, their retreat and a key part of their future financial stability.

Stimulus measures for housing generally focus on first home buyers. But there are many instances where households have faced hardship, such as family break down or illness, and those who have fallen out of home ownership, or who could re-enter the market with support.

As many older households seek to downsize to homes that better meet their needs, they need to be able to make this transition without a tax burden.

 

HIA calls on an incoming government to

 

Work with industry to develop a strategy to reverse declining rates of home ownership

Reduce stamp duty by indexing property price thresholds for the first home owner grant and stamp duty exemptions and concessions to reflect the recent increases in home prices

Expand the current scheme for first home buyers to co-purchase their home with the Victorian Government

Introduce targeted measures to assist non-first home buyers re-entering home ownership

Introduce stamp duty concessions and exemptions for over 65-year-olds downsizing into a new home

Enable better planning policies to facilitate redevelopment within existing urban areas to provide downsizing households with greater housing options within their own community.