Higher home prices thanks Labor

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It’s official: one month into Labor’s wildly expanded 5% deposit scheme, new data proves it is making entry level Australian homes more unaffordable than ever.

New data from Cotality shows during October, house prices increased in every Australian capital and regional centre, averaging 1.1% nationally. This is the biggest monthly house price rise in years.

With Cotality confirming the strongest growth being in the lower and middle quartile - homes first home buyers are targeting - it’s clear that Labor’s wild and reckless scheme is not getting more Australians into home ownership - it’s locking them out.

Increasing entry level home prices is wrong and immoral.

This was always going to happen because Labor has failed to get houses built but decided to wildly widen the 5% scheme.

Labor debased a once targeted scheme - by opening up to all Australians, including the children of billionaires.

The Prime Minister and Housing Minister, Clare O’Neil love to brag they are fixing the housing crisis. But the grim reality is if you fail to increase supply and increase demand, higher prices will emerge.

I am not surprised Labor has again abused executive power to block access to the modelling produced by the Treasury on 5% deposits as ordered by the Senate.

The most secretive government in living memory cannot neuter the Senate. 

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