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Property Council positive on government’s housing announcement

But supply must also be a priority

Welcoming the Federal Government’s commitment to double the size of its Home Guarantee Scheme as a very positive announcement, the Property Council of Australia (PCA) continues to urge the Government to do more to tackle housing supply to address affordability problems. 

PCA chief executive, Ken Morrison said the announcement was a very positive measure to help more aspiring homebuyers overcome the widening deposit gap.

 “The Home Guarantee Scheme has been a successful program in helping eligible first home buyers get into the market, and it is welcome news to see its scope expanded so siginificantly,” Mr Morrison said.

 “Bridging the deposit gap is a huge hurdle for many aspiring homeowners and this scheme helps people address this while being appropriately targeted.

 “While we warmly welcome this scheme, it is a demand-side measure and won’t in itself do anything to ease supply-side pressures which are a main driver of affordability issues.

 “The Government’s own forecasts from the National Housing Finance and Investment Corporation predict that housing supply was set to drop by 35 percent right at the time population growth would resume, leading to a deficit of 163,400 homes by 2032.

 Mr Morrison said new Property Council research also showed that the public’s concern over housing affordability had leapt and voters expected national action with 70 percent of Australians now believe the great Australian dream of home ownership is out of reach for most people.

A further 90 percent of aspiring homeowners say it will be one of the most important issues in deciding their vote at the federal election.

 The research also showed almost three quarters of voters supported, (with 42 percent strongly supporting) the Federal Government working with the states to get more housing built where people needed it. 

The research coincides with a new Property Council campaign – entitled ‘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.

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