Wednesday, 4 October 2023

Eastern Victoria Region

Renee HEATH (Eastern Victoria) (12:47): (427) The cost-of-living crisis and Labor’s increased taxes are locking Victorians out of the property market. Research shows that an average-income household would need to save 20 per cent of their income for more than 5½ years to save a deposit for a median- priced home. In September it was reported that housing affordability had hit its worst level in three decades. Rising home prices and rapidly rising interest rates are making it almost impossible for people to enter the market. Jess, a real estate agent from Gippsland, said:

Since 2020, I have primarily operated in Moe, Victoria, where I have witnessed 291 residential rental providers sell their investments due to the escalating costs imposed by the Danial Andrews Labor government.

Since then Jacinta Allan has become the Premier and has increased property taxes twice. Jess said this is ‘an unprecedented housing crisis that demands immediate attention’. My question is for the Minister for Housing: what strategies will be put in place to address housing affordability?