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Home ownership remains high on Australians’ bucket list, and CoreLogic believes action needs to be taken on stamp duty to keep the dream alive.
Australia’s economy has hit a speed bump. GDP and job growth have slowed, unemployment rate has crept up and wage growth is stagnant, yet many Australians still want to own their own home.
CoreLogic CEO Lisa Claes has pointed out it takes an average person eight years to save a 20 per cent deposit.
“Despite these barriers, property ownership remains the Great Australian Dream, with 86 per cent of Millennials surveyed stating it’s important to be on the property ladder,” Ms Claes said.
For people to be able to reach this dream, stamp duty concessions need to be revised, and first home buyer grants need to be a broader-based land tax, she said.
“Australians are calling for action on stamp duty, and this will no doubt intensify next year,” the CEO said.
“The decline in property values in the first half of 2019, as well as low interest rates, did little to improve affordability, and so policymakers must continue to explore alternative, structural solutions.”
CoreLogic encourages the government to explore ways to make housing more affordable.
“[We] will continue to work with key players across both industry and government to develop new approaches to this housing affordability conundrum,” Ms Claes said.
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