Arabic version: أستراليا تختبر تقبّلها للمنازل الأرخص
According to ABC News, Australia’s housing crisis has moved from discussion towards action, with policies aimed at boosting supply and discouraging investor demand coinciding with a sharp market slowdown. A national target to build 1.2 million homes in five years is likely to be missed, but the target marked a commitment to address housing supply.
House prices have fallen after federal changes to capital gains tax and negative gearing, although Treasury analysis had forecast prices would continue growing, just 2 per cent less. The median national house price is 5.6 per cent below its March peak, while apartment prices are down 3.9 per cent. Melbourne and Sydney have recorded steeper falls, with some analysts predicting double-digit declines.
New home loans dropped a record 15 per cent between June and September, while the auction clearance rate fell below 50 per cent, compared with a long-run average of 60 per cent. Lending to investors fell 31 per cent, compared with a 5 per cent decline for homebuyers. Reserve Bank governor Michele Bullock said the larger retreat by investors than in previous rate-rise cycles suggested the tax changes were having an effect.
Housing Minister Clare O’Neil said the figures showed a shift away from investors and towards people buying homes to live in. CBA’s Matt Comyn said first-home buyers’ share of new loan applications doubled last month. Liberal housing spokesperson Andrew Bragg argued that fewer loans were bad and that more lending was needed, while some critics warned of a hit to household wealth.
The political test is also playing out in Victoria and New South Wales, where Labor governments have advanced higher-density housing plans. Opposition figures including Victorian Liberal leader Jess Wilson and NSW opposition leader Kellie Sloane have opposed designated density zones and backed greater council influence. Pro-supply campaigner Peter Tulip argues council decisions can favour existing residents over potential new households who could benefit from lower housing costs.
