Queensland property buyers and owners should benefit from federal government plans to support housing, but the Real Estate Institute of Queensland (REIQ) has said more needs to be done to ensure that these support measures reach a wider population.
One of the most popular developments has been the expansion of the First Home Super Saver (FHSS) program, which will allow first-time buyers to release up to $ 50,000 from their super voluntary contributions. to buy a house. REIQ also welcomed the provision of an additional 10,000 slots for the First Home Loan Deposit System, which will help buyers enter the market with as little as 5% mortgage deposit.
However, Antonia Mercorella, CEO of REIQ, said the regime still restricts the choices of potential applicants to newly built homes.
"In doing so, it fails to recognize the barriers to entry for many first-time homebuyers, especially for young families for whom new construction is not an option affordable or convenient compared to established housing options, ”said Mercorella.
Figures from the Australian Bureau of Statistics show that the cost of new construction has increased at a more substantial rate than the established value of dwellings. Over the period 1995 to 2018, new construction costs increased by 220.3% compared to the 113.95% gains in existing housing costs.
Mercorella also believes that the proposed family housing guarantee will only help a few single parents.
The family housing guarantee works in the same way as the FHLDS. It aims to help single parents with dependents earning up to $ 125,000 access housing with just a 2% down payment. The federal government has allocated 10,000 slots for the program, which will be filled in four years.
Mercorella said the limited seats for the program indicate that it will only work for about 1.5% of the market.
"When spread across states and territories, it becomes much clearer that these types of budget measures need to go deeper to have a meaningful impact," she said.
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