Young first homebuyers fear they’ll be locked out of the property market forever due to high costs and ever-growing government charges.
New data released today by the Property Council of Australia found two-third of Victorians fear they’ll never be able to buy “because the cost is so high”.
According to CoreLogic, house prices in north-west Victoria are up an average of 25.37 per cent comparing the three months to April 2021, to the three months to February 2022.
Leader of The Nationals Peter Walsh said home ownership was becoming a pipedream across regional Victoria, under growing pressures of high State Government taxes and charges.
“Supply and demand dictates housing affordability and the lack of supply coupled with skyrocketing demand risks cutting young buyers out of the market entirely,” Mr Walsh said.
“Rising rents due to low vacancy rates mean young people and vulnerable families are constantly making the choice between paying the rent or putting food on the table – let alone saving for a house deposit.
“But instead of easing housing affordability, the State Labor Government’s pushed up the cost-of-living with more than 40 new or increased taxes on Victorians daily lives.”
Increased house prices come as affordable housing is scarce.
Mr Walsh said it risked driving up homelessness and locking people who don’t currently own their own home out of the property market forever.
“Decentralisation is a great opportunity to secure new businesses and careers in regional towns, and increased spending on local education, health and essential services,” Mr Walsh said.
“Regional Victoria will miss this opportunity if government fails to put the right settings in place.
“If elected in November, The Nationals will implement our positive reforms to unlock 50,000 vacant lots to market, in places they’re needed most.
“We will also reinstate the successful rural flying planning squad with specialist planners offered to rural councils to help cut lengthy planning delays.
“We need to make sure local people can buy a house, whether it be their first home or their dream home.”
NOTE: Localised property market data from CoreLogic below
Media contact: Emma Manser 0437 225 386 email@example.com
|RANK||SUBURB||AREA||MEDIAN PRICE||ANNUAL VALUE CHANGE|
|66||St Arnaud||North West||$243,404||27.10%|
|AVERAGE (NORTH WEST)||$261,049||25.37%|