Wake up call to governments on home ownership

A new report on declining home ownership should serve as a wake-up call to governments on the case for fixing housing supply and affordability, according to the Property Council.

The report forecasts that as soon as next year, less than half of all adults in Australia will own a home with a particularly acute problem among young people.

“Sliding home ownership is a damning report card on the collective failure of governments to act,” said Glenn Byres, the Property Council of Australia’s Chief of Policy and Housing.

“Housing affordability has remained a public policy orphan for too long and there is a compelling case for change given the acute problem in our capital cities.

“Neither side of politics took a comprehensive plan to the last election. Instead we saw a tax debate on negative gearing masquerading as a housing affordability debate.

“We need the Commonwealth to take the lead by developing a competition-style payments system to address supply blockages.

“The states largely pay lip service to housing affordability and run dysfunctional planning systems that add to the time, cost and red tape of driving supply.

“The states also need to end their unhealthy dependence on stamp duty, which adds up to $60,000 over the life of an average mortgage.”

Media contact:  Glenn Byres  |   E  gbyres@propertycouncil.com.au