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A new year, and midway through it, a new government, 2022 saw a number of federal government actions to address a raft of issues facing Australia’s housing market.
Having won the election to the seat of Prime Minister in May, Anthony Albanese and the Labor Party moved swiftly to enact several housing-related promises it vouched its election campaign on.
Help to Buy
Announced to slash the cost of a mortgage by $400,000, the Albanese government proposed to provide eligible home buyers with up to 40 per cent of the purchase price of a new home in equity contributions, or 30 per cent for an existing home, although it is important the scheme is only eligible to homes below relevant city and regional price caps.
National Housing and Affordability Council
Established with a focus on “increasing housing supply and improving affordability”. Real Estate Institute of Australia (REIA) president Hayden Groves explained that the council, in unison with the right experts, “should provide a proper annual benchmark for Australia’s supply crunch”.
“Only by dealing with supply will affordability barriers be overcome,” he added.
Regional First Home Guarantee Scheme
With the geographic spread of the housing affordability crisis expanding across the country, the Albanese government implemented this scheme, which aimed to support 10,000 Australian families into their regional dream home, subject to specific guidelines and provisions.
By November, the government explained that regional first home buyers had “come out in droves” for the hugely popular scheme, with thousands of individuals harnessing the scheme within its first fortnight.
Home Guarantee Scheme
Expanded at the beginning of the new financial year to assist approximately 40,000 new places split between first home buyers and single parents into first home ownership. The new changes brought with it amended price caps.
National Housing Accord
With many anticipating the government to double down on their current housing initiatives during the October budget, federal Treasurer Jim Chalmers announced the accord with “an aspiration to build 1 million new, well-located homes over the five years from 2024”.
It was a move described by Corelogic Australia’s head of research Eliza Owen as an “ambitious target when considering economic context”.
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