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\u201cThe recommendation that first homebuyers should be allowed to leverage their superannuation as a guarantee for a first home loan reflects HIA\u2019s long held position that there are other ways Australians can be assisted to bridge the deposit gap and achieve home ownership sooner,\u201d Mr Wolfe said.<\/p>\n
\u201cThe inquiry\u2019s caveat that such a move should only be implemented if the supply of housing can be improved at the same time also reflects a pragmatic approach.<\/p>\n
\u201cHIA recently commissioned polling which found that most people feel that owning your home is important to their financial security.<\/p>\n
\u201cThe community recognises that both home ownership and superannuation are important determinants of financial security in retirement.\u201d
\nThe polling also showed that people consider home ownership in their retirement to be equally important as superannuation.<\/p>\n
Furthermore, it showed that the community is concerned that those who do not own their own home will face financial challenges in retirement.
\nMr Wolfe said the housing affordability challenges facing Australian households can only be addressed if the supply of housing can align with demand.<\/p>\n
HIA estimates that we will have to build 1.66 million houses by 2030 just to keep up with the demand from population growth.<\/p>\n
\u201cHIA looks forward to working with government to see these recommendations progress,\u201d Mr Wolfe concluded.<\/p>\n
In the Grattan Institute\u2019s submission summary to the enquiry, they explained that Australian housing has become increasingly expensive, and public anxiety about housing affordability is rising.<\/p>\n
They also expressed concern that home ownership rates are falling, especially among the young and the poor, and that without change, many more young Australians will be locked out of the housing market.<\/p>\n
House prices have risen as interest rates have hit record lows, while tax and welfare settings and rapid migration fed demand.<\/p>\n
The Grattan Institute also submitted that housing costs would have risen less if more housing had been built.<\/p>\n
Put simply, we have not built enough housing to meet the needs of Australia\u2019s growing population.<\/p>\n
Australia has among the least housing stock per adult in the developed world, and is one of only a handful of developed countries in which housing stock per capita has been stagnant over the past 20 years.<\/p>\n
The mismatch between supply and demand has created a \u2018zoning premium\u2019 for well-located housing that benefits existing property owners but imposes additional costs on new purchasers and renters.<\/p>\n
The Grattan Institute suggested that building an extra 50,000 homes a year for a decade could result in Australian house prices and rents being up to 20 per cent lower than they would have been otherwise.<\/p>\n
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With the federal enquiry into housing affordability and supply now completed and recommendations released, Australia\u2019s peak building body, the Housing Industry Association (HIA), says it is time that all levels of government stepped up to meet the challenge. HIA managing director, Graham Wolfe said the recommendations set out in the release of the federal inquiry […]<\/p>\n