Industry welcomes additional home ownership measures

Australia’s property industry has welcomed the Federal Government’s announcement of additional home ownership measures in the 2021-22 Budget.

The Government has announced the expansion of the New Home Guarantee for a second year, a $20,000 increase to the maximum amount of voluntary contributions that can be released under the First Home Super Saver Scheme, and the establishment of a Family Home Guarantee.

Property Council Chief Executive Ken Morrison said the initiatives will assist the residential sector to continue to drive Australia’s economic recovery.

“These measures build off the economy-saving success of the HomeBuilder scheme by providing more focused support where it is most needed,” Mr Morrison said. 

“These schemes are targeted to help first home buyers bridge the deposit gap and bring the aspiration of home ownership within reach of a broader range of Australians.”

The Federal Government has also announced additional funding under the National Housing and Homelessness Agreement.

“A further $124.7 million to assist states and territories to meet their social and community housing requirements will help meet growing demand for housing support.”

“As stimulus and support measures wind down, the industry will be looking for policymakers to adopt measures which restore the traditional drivers of growth in the housing market, including a return to net overseas migration as quickly as possible.”