Cost-of-living Bungling fuels worst housing affordability in almost 30 years
Mallee residents are struggling with their fellow Australians amid the worst housing affordability since records began in 1995, Member for Mallee Dr Anne Webster said today.
“With the Reserve Bank meeting today and inflation data out tomorrow, would-be home buyers and renters alike will be hoping for signals that bring relief from the Albanese Labor Government’s home-grown cost-of-living crisis,” Dr Webster said.
PropTrack data out on the weekend showed that Victorian households on the median income could afford just 12 per cent of homes sold statewide last financial year, the 3rd worst rate in the nation. Just three years ago the national figure was 43 per cent. Meanwhile, Australian households in the bottom 20th income percentile can afford just 3 per cent of houses sold.
On the rental front, recent data from Suburbtrends identified 3 of Victoria’s 6 worst Local Government Areas on their Rental Pain Index as being from Mallee – Northern Grampians (2nd), Swan Hill (4th) and Yarriambiack (6th) while Horsham (18th) and Mildura (19th) saw Mallee over-represented in the 20 worst performing shires. Rents have increased 26 per cent in 2 ¼ years under Labor.
“Mallee’s low-income earners are being priced out of both the home buying and rental markets, which is such a shame as the Coalition had made such great progress with the HomeBuilder during the pandemic and our policies enabled one in three first home buyers became home owners with deposits as little as 2-5 per cent,” Dr Webster said.
HomeBuilder received more than 137,000 applications and generated at least $120 billion in economic activity under the former Coalition Government.
“By contrast, under the Albanese Labor Government 40 per cent less homes are being built per year than under the Coalition. Labor took 870 days to finally introduce their housing policy ‘Help to Buy’ which is now stuck in the Senate because the Coalition are unenthused about government co-owning up to 40 per cent of a new house. Home ownership should promote independence, not Government dependence,” Dr Webster noted.
“The Albanese Government has spent less than $3 billion of the $32 billion it promised to help build new homes, with very few homes actually built. Little wonder that Labor will fall at least 200,000 homes short of their 1.2 million home five-year target, with over 2,800 construction companies went into liquidation last financial year (up 28 per cent on the previous year).”
“Compounding the problem are the 1 million new migrants brought in under Labor, with migration contributing 83 per cent of last year’s 615,300 population growth.
“Labor’s home-grown cost-of-living crisis and reckless immigration policies are adding fuel to the housing affordability bonfire.
Dr Webster said the Coalition are developing policies for release prior to the election to make it easier for Australians enter or re-enter the housing market.
