{"id":10928,"date":"2017-03-27T03:00:35","date_gmt":"2017-03-26T16:00:35","guid":{"rendered":"http:\/\/realestatetalk.com.au\/?p=10928"},"modified":"2017-03-27T03:00:35","modified_gmt":"2017-03-26T16:00:35","slug":"is-this-the-answer-to-housing-affordability-nerida-conisbee","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/is-this-the-answer-to-housing-affordability-nerida-conisbee\/","title":{"rendered":"Is this the answer to housing affordability? – Nerida Conisbee"},"content":{"rendered":"

We take a look at the Victoria Government\u2019s housing affordability package called Homes\u00a0for Victorians.\u00a0 Is this the answer to making housing more affordable and will other states harness this initiative?\u00a0 Nerida Conisbee<\/strong> from RealEstate.com.au gives us her thoughts.
\nTranscripts:<\/strong>
\nKevin:<\/b>\u00a0 Of course, one of the most popular topics when it comes to property is all about affordability. Interesting to see that in Victoria, the state government there have instigated a policy they\u2019re calling Homes for Victorians, the government\u2019s Housing Affordability package. To have a look at this and just unwrap it a little bit \u2013 pardon the pun there \u2013 Nerida Conisbee, who is the Chief Economist with the REA Group, joins me.
\nNerida, how are you?
\nNerida:<\/b>\u00a0 I\u2019m well. Thanks for having me.
\nKevin:<\/b>\u00a0 It\u2019s a pleasure, as always. Tell me a little bit about this initiative. What are they doing?
\nNerida:<\/b>\u00a0 They\u2019re looking across a range of measures, so there are cuts to stamp duty for first-home buyers, there are taxes on vacant properties, and there\u2019s also a kind of rent-to-buy scheme or a scheme where the government owns a proportion of the property that will allow people on lower incomes to get into the market.
\nKevin:<\/b>\u00a0 What\u2019s the early feedback on this, Nerida? Do you think it\u2019s going to make much of a difference?
\nNerida:<\/b>\u00a0 I think it\u2019s great news. I think the Victorian government is certainly on the front foot in addressing affordability. When we look at affordability nationally, it\u2019s not really a huge problem in Melbourne. I know people in Melbourne think it\u2019s very expensive, but when we compare to what\u2019s happening in Sydney, it\u2019s vastly cheaper to buy in the Melbourne market and it\u2019s actually not unaffordable for first-home buyers. The situation in Sydney is far more dire, and the fact that the New South Wales government haven\u2019t released such a package is probably more problematic for them.
\nKevin:<\/b>\u00a0 Yes. Already they\u2019re starting to talk about it, though. There are a lot of ripples on the water about the fact that the state government in New South Wales may have to do something like this.
\nNerida:<\/b>\u00a0 They really should. When we look at Victoria, Victoria has been building a lot of housing for quite some time \u2013\u00a0<\/b>for decades \u2013 and it\u2019s got to a situation where both the Victorian economy is growing very strongly and the New South Wales economy is growing very strongly, and New South Wales and particularly Sydney has really been caught out with the fact that there\u2019s just not enough housing and it\u2019s becoming unaffordable not just to buyers but also for renters.
\nKevin:<\/b>\u00a0Danni Addison, Victorian CEO for the Urban Development Institute, is very much behind this, saying things like, while they\u2019re cautiously optimistic, they\u2019re going to see how the market responds. But they\u2019ve certainly said that the government pulling the lever in this way is going to change the momentum of the housing market. Would you agree with that?
\nNerida:<\/b>\u00a0 Yes, I think so. There\u2019s a little bit of a view that some of the measures may lead to accelerated price growth, and I think that would be the case, but people in that sub-$600,000 price category where we do have a lot of first-home buyers and they are getting these cuts in stamp duty, it may lead to a bit more price growth than we really want to see.
\nBut I think overall, the fact that the Victorian government has recognized the problem and has decided to do something and is actually looking at a range of measures is really positive, too, that they\u2019re not just relying on one measure to increase affordability.
\nKevin:<\/b>\u00a0 That\u2019s probably where a lot of governments have gone wrong in the past, too. Interesting to note that re-investors are not going to be receiving any stamp duty concessions. Is that going to put a bit of a dampener on that reinvestment or investor market?
\nNerida:<\/b>\u00a0 I don\u2019t think so. I think there\u2019s still enough housing available for everyone in Victoria. I think, though, this is really designed to help first-home buyers into the market and it\u2019ll definitely help them. If you\u2019re a first-home buyer and you can save $15,000, it makes a massive difference to your ability to buy. Trying to save $15,000 can take quite some time, and the government giving you that money and really helping with stamp duty is positive.
\nKevin:<\/b>\u00a0 Very much so.\u00a0 Nerida Conisbee from REA. Thank you so much for your time, Nerida.
\nNerida:<\/b>\u00a0 Thanks for having me.<\/p>\n","protected":false},"excerpt":{"rendered":"

We take a look at the Victoria Government\u2019s housing affordability package called Homes\u00a0for Victorians.\u00a0 Is this the answer to making housing more affordable and will other states harness this initiative?\u00a0 Nerida Conisbee from RealEstate.com.au gives us her thoughts. Transcripts: Kevin:\u00a0 Of course, one of the…<\/p>\n","protected":false},"author":176692471,"featured_media":10929,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32,34,10,11,13,36,25],"tags":[101],"class_list":["post-10928","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying-a-property-topic","category-finance-topic","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-property-investment-topic","category-sponsored-channels","tag-podcast"],"yoast_head":"\nIs this the answer to housing affordability? - Nerida Conisbee - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/is-this-the-answer-to-housing-affordability-nerida-conisbee\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Is this the answer to housing affordability? - Nerida Conisbee - Realty Talk\" \/>\n<meta property=\"og:description\" content=\"We take a look at the Victoria Government\u2019s housing affordability package called Homes\u00a0for Victorians.\u00a0 Is this the answer to making housing more affordable and will other states harness this initiative?\u00a0 Nerida Conisbee from RealEstate.com.au gives us her thoughts. 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