The Property Council of Australia today welcomed the Federal Opposition’s housing announcements and its plan to play a federal leadership role in tackling housing affordability and supply.
Property Council chief executive Ken Morrison said the opposition’s announcement presented a solid basis for what is a much-needed national plan to tackle the housing affordability crisis.
“Housing affordability must be a national priority and opposition commitments are welcome, with the need to increase housing supply being key to helping more Australians get settled,” said Mr. Morrison.
“We welcome measures to help people enter the housing market and the purchase assistance would be an important addition to the housing affordability programs already in place.
“We note that the proposed share purchase assistance program is limited to 10,000 places per year and is therefore unlikely to distort markets or housing prices,” he said. -he declares.
Mr Morrison also welcomed the opposition’s plan to set up a National Housing Supply and Affordability Council and called for its role to be strengthened in ensuring housing supply targets are met.
“We strongly welcome the proposed National Housing Supply and Affordability Council, with its clear responsibility to collaborate on housing goals for each state and territory and advise on best practical solutions,” said Mr. Morrison.
“The proposed new body must have teeth, with incentives and consequences for states and territories to ensure housing targets are met,” he said. Official forecasts from the National Housing Finance Investment Corporation show a housing supply crisis on the horizon, with housing construction expected to fall by about a third as our population growth normalizes, causing the Australia will end up with 163,400 homes below demand by 2032
“Unless Australia is able to better provide the supply and choice of housing that our growing communities need, affordability will remain a serious social and economic issue,” Mr Morrison said.
“Recent research carried out for the Property Council found that 70% of voters feared the dream of home ownership was now out of reach for most Australians, with almost 90% of aspiring homeowners saying the Housing affordability would be one of the biggest issues in determining their vote.
“Providing an adequate supply of housing means giving Australians choice in housing – including options for older Australians to live close to their children, and teachers and nurses who deserve to live close to the work.
“Housing affordability is not a good thing, it’s a must. Although people feel like the dream is fading, we can actually turn it around. With the right decisions, we can actually keep this dream alive for all Australians,” he said.
The Property Council has worked hard to draw attention to the growing problem of housing affordability in the run-up to the election, launching a campaign – called Our Dream – urging federal leaders to tackle it with thoughtful political solutions.
The video of Our Dream Property Council’s housing affordability campaign is available here.
Photographs from the campaign can be found here.