23/05/2022
Federal election results revealed: What it means for real estate!
The results of the 2022 Federal Election are in, with Scott Morrison conceding the vote on Saturday night, and the Anthony Albanese-led Labor party declaring victory shortly after.
With housing affordability for both renters and buyers one of the hot button issues of the election, Mr Albanese made a number of promises along the campaign trail that will impact the property market when put into practice.
Help to Buy
Anthony Albanese pledged that a Labor government would cut the cost of a mortgage by up to $380,000 for some eligible Australians under its Help to Buy scheme.
National Housing Supply and Affordability Council
Following calls from housing advocates across the country, Mr Albanese pledged to establish a National Housing Supply and Affordability Council to address the two, interrelated issues.
Regional First Home Guarantee
Under an expansion of the First Home Guarantee, the Labor party has promised to help 10,000 regional Australian families a year buy their first home.
Price cap reviews
Continuing on from the Labor party’s planned expansion of the first home guarantee, the party also promised to conduct six-monthly reviews of the scheme’s price caps in both the capitals and regional areas that determine the maximum price an eligible applicant can pay for their new home.
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