Friday 25 March 2022


MEDIA RELEASE

PROPERTY COUNCIL WELCOMES LABOR’S REGIONAL HOUSING ANNOUNCEMENT BUT URGES FURTHER SUPPLY FOCUS



The Property Council of Australia today welcomed the federal Opposition’s announcement that it plans to introduce a Regional First Home Buyer Support Scheme, yet warned more action on housing supply was needed to address affordability problems.

Property Council of Australia Chief Executive Ken Morrison said the announcement would be a helpful additional affordability measure.

“Overcoming the deposit gap is a major hurdle for many aspiring homebuyers and this scheme would help more home buyers do this,” Mr Morrison said.

“The Property Council has supported the Government’s First Home Deposit Scheme and its companion New Home Deposit Scheme, and today’s announcement from the Opposition would be a welcome extension of these policies.

“While we welcome this announcement, a new Regional First Home Buyer Scheme would not see one extra dwelling created in regional Australia.

“A key reason for regional housing stress is we’ve seen a pandemic population boost without a corresponding boost in housing supply.

“Last month National Housing Finance and Investment Corporation forecast that housing supply was set to drop by 35 per cent right at the time population growth would resume, leading to a deficit of 163,400 homes.

“New Property Council research shows that the public’s concern over housing affordability had leapt and voters expected national action,” Mr Morrison said.

The Property Council yesterday released fresh research showing 70 per cent of Australians now believe the great Australian dream of home ownership is out of reach for most people, and that 90 per cent of aspiring homeowners say it’ll be one of the most important issues in deciding their vote at the federal election. The research coincides with a new campaign – called Our Dream – which aims to draw attention to the plight of first home buyers and encourage all levels of government to get on with tackling the worsening crisis.

“Our polling released yesterday showed Australians of all ages are concerned about this issue, and the time is right for all policy makers – at federal, state and local levels – to get on and tackle it,” he said.

To view the Property Council’s campaign video click here. For campaign assets, click here. The Property Council’s federal pre-budget submission which includes a framework for addressing the issue, can be found here.

ENDS

Media contact: Ellie Laing | 0416 007 830 | [email protected]

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