REIA welcomes super housing agenda to help Australians

REIA has welcomed additional support measures announced by the Federal Government to unlock both housing supply and affordability as a critical part of Australias future.

REIA President Hayden Groves welcomed the suite of measures targeting Australians along the property ladder from first home buyers through to right-sizers.

We welcome the lowering of the age bracket to 55 years old to allow Australians access to this superannuation benefit to right size their home with the view to free up supply of traditional family home housing stock.

Accessing $50,000 through the Super Home Buyer Scheme for eligible first home buyers would immediately assist housing affordability and set more Australians up for success in the long term.

The tension between superannuation and housing need not be there with the Federal Governments own Retirement Income Review showing that home ownership is a fundamental pillar for a successful retirement.

Not only is it the Great Australian Dream of owning your own home, we know that those that have the security of tenure of their own home lead healthier, happier and wealthier lives in the long term.

The Super Home Buyer Scheme strikes the right balance of addressing affordability and building retirement savings with a requirement for the super drawdown plus capital gains to be returned on the sale of the home, Mr Groves said.

Real estate industry has been heard

REIA have commended the Federal Government for listening to the real estate industry.

A central pillar of REIAs Getting Real encouraged the exploration of additional right-sizers superannuation kick-backs and increased support for first home buyers, Mr Groves said.

Minister Sukkar launched Getting Real last October 2022 and it shows the government is listening to our agenda.

We congratulate Minister Sukkar on prioritising the Great Australian Dream and putting in place measures to unlock both housing affordability and supply for Australians at all phases of their property journey.

/Public Release. This material from the originating organization/author(s) may be of a point-in-time nature, edited for clarity, style and length. The views and opinions expressed are those of the author(s).View in full here.