Only one in 10 potential first home buyers could achieve home ownership after decades of soaring property prices locked most young Australians out of the housing market, new research found.
Only 11 per cent of potential first home buyers can afford to purchase property in Australia.
Efforts by successive governments to help first home buyers have been in vain. Even federal government schemes to buy with a low deposit or co-purchase would still leave many unable to enter the market. The federal government’s Help to Buy shared equity scheme would assist almost twice as many low-income first home buyers than the Home Guarantee program that allows a purchase on a low 5 per cent deposit, the research found. However, both were likely to increase demand and would need to be matched by an increase in supply of local housing to avoid fuelling further house price rises.
“What this tells us is we have an ongoing crisis in terms of young people being able to access home ownership,” she said. “If we’re going to make a real impact, if we’re really going to solve the housing affordability crisis for young people, we really need to look at steps of implementing painful reforms, like tax reforms and other policies that are keeping house prices up.
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