The Federal budget delivered last night included several measures to combat housing affordability.
In particular, the budget allocated $1.2 billion to the much anticipated First Home Savers Accounts, where first home buyers will attract a 17 per cent contribution from the Government on up to $5000 saved towards a first home.
Speaking this morning at the Colliers International Federal Budget Analysis, Colliers International’s national director of research Rory McLeod said the Savers Accounts were an excellent initiative to help first home buyers bridge the deposit gap.
Mr McLeod warned however that ongoing consideration needed to be taken to not only focus on demand.
“The real issue is lowering costs imposts on the supply side. If demand is stimulated but costs are left constant it is just going to force prices up,” he said.
For that reason Mr McLeod said he welcomed the Government’s Housing Affordability Fund, which includes $30 million to roll out the Electronic Development Assessment project to speed up the planning approval processes.
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