The Property Council of Australia has endorsed the Labor Party’s plan to address housing affordability and supply if elected.
Council CEO Ken Morrison says the Opposition’s desire to properly address and plan for the crisis shows a way forward for the nation.
“Housing affordability needs to be a national priority and the Opposition’s commitments are very welcome, with the need to boost housing supply the key to helping more Australians into homes,” he says.
“We welcome measures to help people get into the housing market and Help to Buy would be an important addition to the housing affordability schemes already in place.
“We note the proposed Help to Buy shared equity scheme is limited to 10,000 places a year and is therefore unlikely to distort housing markets or prices.”
Morrison says the Opposition's plan to create a National Housing Supply and Affordability Council has the full backing of the Property Council.
“We strongly welcome the proposed National Housing Supply and Affordability Council with its clear responsibility to collaborate on housing targets for each state and territory and advise on best practice solutions,” he says.
“The proposed new body needs to have teeth, with incentives and consequences for states and territories to ensure housing targets are met.”
Official forecasts by the National Housing Finance Investment Corporation indicate housing construction is due to fall by a third at around the same time the population growth will normalise. This will eventually result in Australia finding itself 163,400 homes short of demand by 2032.
“Unless Australia is able to better provide the housing supply and choice our growing communities need, affordability will remain a dire social and economic issue,” Morrison says.
“Recent research conducted for the Property Council found 70 percent of voters feared the dream of home ownership was now out of reach for most Australians, with almost 90 percent of aspiring homeowners saying housing affordability would be one of the most important issues in determining their vote.
“The provision of adequate housing supply means giving Australians housing choice – including options for older Australians to live near their kids, and teachers and nurses who deserve to live close to work.
“Housing affordability isn’t a nice to have, it’s a must have. Although people feel the dream is fading, we can actually turn it around. With the right decisions, we can in fact keep that dream alive for all Australians.”
The Property Council’s Our Dream campaign has been launched in the wake of Scott Morrison calling the election, which urges federal leaders to tackle the housing crisis with considered policy solutions.
