With the cost of owning a home and the commitment to take out a huge 30-year home loan becoming more and more frightening than ever before, young Australians and middle-income earners seem to be giving up on ever buying their own home, unlike their parents and grandparents who were not only committed to but also passionate about home ownership.
Some experts suggest the current state evidences the nation’s dysfunctional housing system is destabilizing the entire economy.
The key to your own home can be the key to a better future, and the Andrews Government must look at ways to ease the burden on young Victorians wanting to enter the inimical market.
New Resolve polling today has revealed that two thirds of young Australians believe they will never be in a position to afford their own home.
The state Opposition says Victorians face greater barriers than those in other states.
Pointing the finger directly at the Premier Daniel Andrews, the opposition claims the research also challenges the claim by Premier Daniel Andrews that “ownership is not such a big thing” and young Victorians “are happy to rent”, with only one per cent of 18-34 year olds stating they do not want to buy.
More than half of Labor’s 44 new or increased taxes directly affect the property industry, with first home buyers the hardest hit as home ownership becomes less affordable. On every metric housing affordability is in reverse under the Andrews Government – whether it is the rate of new build approval or capacity to borrow.
Expanding stamp-duty relief and unlocking more housing supply will put downward pressure on prices and get more Victorians into a home of their own.
Confidence in the building industry is also essential to increasing the stock of new homes and housing affordability. Victorian families should be confident that they will be protected once their deposit is paid. The Andrews Government must fix its regulatory failures and work with industry to ensure the viability of the residential home building sector into the future.
Shadow Minister for Home Ownership and Housing Affordability, Jess Wilson, said unlike Daniel Andrews, the Liberals and Nationals believe that not all Victorians want to rent forever.
“Young Victorians shouldn’t have to give up on their dream of owning their own slice of this state,” she said.
“First home buyers wanting to break into the market currently have little choice with less capacity to buy, and more needs to be done to unlock opportunity for those wanting to own their own home.
“Instead of restricting supply through red tape and higher taxes, the Andrews Government must look at all options to ease the costs associated with home ownership and bring more supply to market to ease the current crisis.
“Daniel Andrews claims that young Victorians are happy to rent forever. It’s simply not true and a deflection from dealing with the real issues.
“It is time to take real action to increase the supply of new housing, place downward pressure on prices and provide better opportunities for first home buyers to get the keys to their own home.”