General News
26 September, 2024
UK economic data a tough pill to swallow for Australian home buyers
'Buying a house is also getting much harder' says Mallee MP.
Mallee residents wanting to buy a home or somewhere to rent got no help from this week's economic data, with interest rates still not coming down despite falling in the USA and UK.
The cost-of-living (inflation) remains stubbornly high.
Families are struggling with the worst housing affordability since records began in 1995.
Horsham renters rank 18th across all of Victoria on a recent 'Rental Pain Index'.
Vacancies are just 1.7 per cent in Horsham and rent comprises 25 per cent of renter incomes.
Northern Grampians ranked second in Victoria for 'Rental Pain', with just one per cent vacancies and 27 per cent of incomes needed for rent.
Buying a house is also getting much harder.
Victorian households on a median income could afford just 12 per cent of homes sold statewide last financial year - three years ago the national figure was 43 per cent.
Meanwhile, Australians in the bottom 20th income percentile can afford just three per cent of houses sold.
In Government the Coalition managed immigration levels responsibly and enabled one third of first home buyers to enter the market with deposits as little as two to five per cent.
We presided over 200,000 homes being built annually, and our successful HomeBuilder program received over 137,000 applications and generated at least $120 billion in economic activity.
The Albanese Government has presided over 40 per cent less homes being built annually and has spent less than $3 billion of the $32 billion they promised to help build new homes.
Labor will fall at least 200,000 homes short of their 1.2 million home five-year target - 40,000 homes less on average per year.
It gets worse - Labor now have 2.4 million Australians in their sights, toying with changes to negative gearing, capitulating to the economically illiterate Greens and Teals.
If Labor resurrects their last attack on negative gearing and capital gains, a further 42,000 less homes will be built annually.
Australia needs economically literate, responsible government back in office to make houses and rents more affordable.