Coalition summons more first home buyers with subsidies
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Federal Housing Minister Michael Sukkar says the federal government is considering an expansion of its low-deposit scheme for first home buyers at a time when aspiring buyers face being priced out of the surging property market.
Launched in January 2020, it allowed 10,000 first-home buyers to acquire a ‘modest’ home with only a 5% deposit. The announcement comes amid a recent report on housing affordability by CoreLogic and ANZ, which found it now takes an average household 10.8 years to save a 20% deposit for a median house in Australia, which is a new record:
From The Australian:
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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness.
Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.