The election and budget Real Estate 2022

What the 2022 budget brings to Real Estate

Budget 2022 delivers on REIA’s Number 1 recommendation that more support for first home buyers be provided, with 50,000 places offered over 2022 – 2023 through the Federal Governments First Home Loan Deposit Scheme which guarantees 15% of the deposit for eligible home buyers who have saved 5%.

REIA was also pleased to see an extra $2 billion dollars for social and affordable housing, expected to deliver an extra 27,000 social and affordable homes.

However, the Budget 2022 stopped short of delivering an initiatives to enable housing supply, which is needed to improve housing affordability long-term.

“This is obviously something that needs to be tackled in future Budget cycles with all three tiers of Governments as until this is addressed, the right supply mix within our existing housing stock and new homes affordability is unlikely to improve in the near term,” stated President Hayden Groves in the REIA Budget Night media release.

Source: Media content owned by REIV