By Member for Forde Rowan Holzberger
As the saying goes, you can’t keep doing the same thing and expect different results.
New data released on mortgages in Forde tells a confronting story when it comes to housing.
Just over two years ago, the average home loan arranged through an AFG broker was about $521,000. Today, it’s about $673,000. That’s an increase of more than $152,000.
Think about that.
In just over two years, that mortgage has increased by almost 30%.
And over the last 20 years, that increase has been a staggering 400%.
Clearly, things weren’t working.
That’s why the Albanese Labor Government has made changes to the tax system to make the housing market fairer for first home buyers.
We’re throwing everything we can at it.
While the housing crisis has been four decades in the making, we don’t have four decades to fix it.
And the changes we have made are already having a real impact.
For the first time in a long time, first home buyers are winning auctions. Importantly too, investors have shifted into building new homes. That’s exactly the outcome we want to see.
Of course, it’s not just to help young families trying to buy their first home. It’s also parents with adult children still living at home because they can’t afford a place of their own.
We all know as a community that the housing system is broken. Somewhere along the way, we got confused about what housing is for.
A house is somewhere to live. It’s a roof over your head. It’s not just an investment vehicle.
We can’t just accept the status quo. And we won’t.
We need to build more homes and we need a housing system that puts the aspiration of home ownership back at the forefront.
Younger Australians I talk to want a chance to own their own home. And older Australians I talk to want their kids and grandkids to have the same opportunities they had.
To live the great Australian dream.
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