Urban Development Institute of Australia (UDIA) welcomes the Prime Minister’s announcement of 5% first home deposits and another $10bn for industry and state developers, to build 100,000 homes for first home buyers, as a key pathway to jumpstart housing supply and help all Australians into a home.
The Labor announcement means that a first home buyer can purchase a $1,000,000 apartment in Sydney with a $50,000 deposit and have part of their loan guaranteed by Government to ease negotiation with bank loans. This allows for the purchase of any home and will be subject to higher price limits with no caps on income or places. This will open it up to a much broader group of first home buyers.
Critically, the Albanese Government will spend $10bn to ensure there are another 100,000 homes specifically for first home buyers, where possible, using government land and fast-tracking land releases or rezoning.
This suite of measures falls directly in line with UDIA’s recommendations in our advocacy policy Fast Tracking Housing Delivery and will go a long way to overcoming housing shortfalls, while reducing roadblocks, from lack of development ready land, through to current slow approvals.
“These measures are key to solving the housing crisis and UDIA is very supportive of Government leveraging states and the housing industry to get it done,” said Col Dutton, UDIA President.
UDIA is aware that there is no silver bullet for the housing crisis and we will need more measures like this to remove equally critical roadblocks on infrastructure and skilled labour, but it is a great start.
“The cornerstone of any good policy in this housing crisis is more homes. The creation of 100,000 homes, reserved for first home buyers, is a big step in the right direction,” said Col Dutton.
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Media Enquiries:
Deanna Lane | Director, National Media & Communications | 0416 295 898 | media@udia.com.au