As expected, Australia’s housing crisis was a focal point in last week’s Federal Budget announcement.
In an effort to make housing more affordable for all Australians, the budget proposes changes to the Commonwealth Help To Buy scheme, support for the construction of more new homes and restrictions to foreign investment in residential housing.
Extensive revisions to the Help To Buy scheme include an $800 million cash injection, increased income caps for eligible buyers and increased price caps to eligible properties linked to average prices in each state or territory. The scheme is expected to be launched later this year.
This budget has also allocated $54 million to the construction industry, as the government strives to achieve its goal to build 1.2 million new homes by 2029. A cash incentive of $10K is being offered to trades apprentices in the housing construction industry in a further bid to attract more apprentices to the industry and meet new housing objectives.
And lastly, in a crackdown on foreign investors purchasing established homes and vacant land, the government has issued a two year ban on foreign investment effective from 1st April 2025, in a bid to make housing more affordable and accessible to Australian buyers.
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