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The government’s October budget should focus on areas including helping first home buyers enter the market, an industry group has advised.
According to Real Estate Institute of Australia (REIA) president Adrian Kelly, property could be used to boost the economy and help aid the recovery post-COVID-19.
“Agents, renters, investors and those looking to enter the market for the first time are all facing difficulties,” Mr Kelly said.
“Our recommendations to the Treasury target key areas for the government to generate economic activity that support both agents and their clients, with a focus on market entry for first home buyers.”
Mr Kelly believes that measures related to property should target first home buyers.
“Specifically, we seek expansion of the First Home Loan Deposit Scheme to include all first home buyers and an extension of the First Home Super Saver to allow access to pre-July 2017 voluntary contributions and earnings,” Mr Kelly said.
He also believes that superannuation and retirement savings could be used for first home buyers to get into the market.
“There are proven international models for the use of retirement savings to purchase property from Canada, the Netherlands and New Zealand,” Mr Kelly pointed out.
Finally, Mr Kelly believes government stimulus packages should continually be used to help support the housing market.
“For home renovators, we continue to support the HomeBuilder initiative by recommending a lowering of the program limits. This will encourage increased uptake of the program across the board for all Australians,” he said.
“Lastly, for renters and property owners, for those working in the property sector and other industries that will take longer to recover, we support the extension of JobKeeper, JobSeeker and the rental support scheme, where needed.”
The REIA’s five key considerations are:
1. Expansion of the First Home Loan Deposit Scheme to cover all first home buyers.
2. Extension the current First Home Super Saver (FHSS) Scheme to allow first home buyers to have access to their pre-1 July 2017 voluntary superannuation contributions, including earnings, for the purpose of raising a deposit for a home.
3. Lowering the limit for renovations under the HomeBuilder package.
4. The extension of the JobKeeper and JobSeeker scheme beyond the current announced cessation for those sectors that are slower to recover.
5. The extension of rental support beyond the announced cessation for those employed in sectors that are slower to recover.
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