Housing
Background
Analysis by Aussie Home Loans indicated that 20 per cent of Australians who purchased homes in the previous three years were experiencing negative equity due to falling values and rising interest rates.
Question
The member asked why the Prime Minister would not admit that the government's policies had intentionally damaged the housing market, citing reports of widespread mortgage stress and negative equity among recent buyers.
Answer from Anthony Albanese
The Prime Minister stated that negative equity affected less than one per cent of mortgage holders, a significant decrease from levels recorded under the previous government. He highlighted that 8,468 investors signed up to build new homes in the June quarter, representing a record high, with $6 billion in loan value borrowed for these builds. He noted that over 660,000 new homes had been constructed since the government took office, with 244,000 more under construction, the highest number since records began in 1984. Construction cost inflation had fallen from 17 per cent to 3.8 per cent. He cited specific examples of first-home buyers successfully purchasing properties in Victoria, Canberra, and his own electorate, often assisted by the government's five per cent deposit scheme.
Summary in reported speech - not a transcript. AI-generated, so check the source.