First Home Ownership

Abstract

The terms of reference for the inquiry on First Home Ownership asked the Commission to evaluate the affordability and availability of housing for first home buyers.

The Commission's preliminary findings were released for public comment in December.

In its final assessment, the Commission maintained that there was no 'quick fix' to make housing more affordable for first home buyers. To the extent that currently low affordability reflects cyclical pressures, the situation would improve over time. However, the Commission identified a number of policy areas that can serve to exacerbate price pressures over the cycle.

Keywords: Building industry, building societies, construction industry, families, family, finance, finance companies, first home owners, goods and services tax (GST), home finance, home loans, housing, interest rates, land title, mortgages, planning, rent, rental properties, residential land, stamp duty

JEL Classification: R0, Z0