Expert Comment - NSW State Budget on housing affordability, The new measures, will they help?
NSW State Budget, Housing Affordability - The new measures, will they help?
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Robert Snell, Housing affordability Expert, says that:
Affordability is not just about supply its about price. While I welcome what they are doing, it's not enough and it's is way over due. But if you think these things are going to fix housing affordability your wrong - has enough red tape been cut? There is too much power to councils to stymie the plan and there isn't enough emphasis on price. It may stop housing affordability getting worse but it won’t improve affordability - and I'm prepared to come back in five years and prove that.Someone has put their finger in the levy but not fixed the hole.
- We welcome any changes that help first home buyers to buy and pay off their own home
- It relies on Councils to do all the heavy lifting and I doubt they will be able to fulfill the expectations being placed upon them
- With a growing population - what they have done is the minimum but it won’t help housing affordability because it doesn't reduce price
- The increase of migration due to infrastructure works and the suppression of wage growth is counter productive to increasing housing affordability
- There is a focus on supply but not price
- If we are really serious about fixing home affordability the government should set a target. What percentage of young Australians should be able to buy and pay off a home? Once you know that number, you can develop more meaningful policy.
Budget statements that don’t add up: The increase of migration due to infrastructure works and the suppression of wage growth is counter-productive to increasing housing affordability
The missing goal: What percentage of young Australians should be able to buy and pay off their own home?
- If we knew that answer, we could develop better policy
- We know politicians suffer from short-termism - this is a long-term problem created over decades - so will take time to fix
What first home buyers need to do
- Save a deposit
- Save like you're paying it off, even if you haven't bought yet
- Get parents support
- Seek advice and coaching from a financial planner if they need help
What happens if it doesn't change:
- Parents are risking their retirement savings to help kids
- A generation who won't ever have the chance to own their own home
- Likely to mean we're a poorer society - it hurts us all
|Name:||Mr Robert Snell|
|Position:||Housing Affordability expert|
|Department/Division:||Finnancial planning expert|
|Primary Areas:||Economics & Finance (Finance)|
|Real Estate (Property)|
|Expertise:||Housing affordability expert Young people and housing philanthropy and housing Mortgages Financial planning Housing for young people housing crisis housing affordability|
|Notes:||Robert Snell is a Certified Financial Planner® and is a Founder and Business Owner of Life Values Pty Ltd. He holds a degree majoring in Economics and Political Science. He also has completed a Diploma of Financial Planning. Robert is also recognised as a SMSFSpecialist AdvisorTM. Unlike other advisors, Robert has been a fee-for-service advice provider for more than 29 years.|