- The Government’s 2018 Budget has a 100% focus on tax cuts
- There is no investment in the housing supply for South Australia or helping affordability
- Older Australians are being encouraged to live in their homes longer – reducing the supply of housing available
South Australian home buyers have been left “out in the cold” of this year’s federal budget, with no funding for any new programs or initiatives to increase the property supply or increase affordability.
In fact, first home buyers are likely to have a harder time seeking a property, as older Australians will be encouraged to stay in their homes longer rather than moving into care homes.
In fact, previous budgets have encouraged the elderly to downsize sooner, but this budget will provide funding for 14,000 high-level home care support packages, as well as the Pensions Loan Scheme (enabling every above pension age person to mortgage their home to the Government to access fortnightly payments).
There is good news for home owners who will likely see an increase in property values, as new buyers enter the market and compete with little new stock coming on market.