Right now, property prices are surging to record highs. A generation of renters have been locked out of home ownership, unable to save enough for a deposit, while continuing to face rising rents.
Decades of governments have rigged the private housing market with tax breaks that favour big developers and rich property speculators – our current housing system is worsening inequality.
The housing market is broken. It’s time to think differently.
In a housing system rigged for investors, buying a home is now well out of reach for most people. It’s currently too expensive for too many people to both pay rent and save for a deposit.
As part of the Greens’ plan to build one million homes, there will be 125,000 affordable new homes available to own for those who would otherwise be locked out of owning a home.
Here’s how it will work:
- 125,000 homes will be built for purchase for $300,000.
- With a small deposit, you can move in and have shared ownership straight away. All homes will be owner-occupied.
- Residents will be able to own up to 75% equity in any given property. If you decide to leave, you can sell your share back to the government’s Federal Housing Trust.
This opportunity can provide a secure home for life or a place for people to simply build equity.
Ultimately, this plan ensures people have a secure, sustainable and safe place to call home, raise a family, and have confidence that they’re part of their local community for years to come. It’s an open door to home ownership for all those who have long been locked out.