Name: Government rejects blame for house price rise amid scheme expansion
Uploaded: 2025-11-06T06:48:43.645Z
Duration: 1 min 44 s
Description: A radical land zoning overhaul is being billed as a way to shave hundreds of thousands of dollars off home prices, as the Housing Minister denies Labor’s five per cent guarantee has fuelled soaring property values.

A radical land zoning overhaul is being billed as a way to shave hundreds of thousands of dollars off home prices, as the Housing Minister denies Labor’s five per cent guarantee has fuelled soaring property values.

Canberra

The Australian government has expanded its Home Guarantee Scheme, resulting in 5,700 first home buyers using the program in October, up from nearly 4,000 the previous year. This expansion coincided with a 1% rise in home prices, the largest monthly increase in over two years, particularly affecting the most affordable homes.

While the government maintains that the scheme does not significantly impact overall property prices, economists argue it adds pressure to the market, especially during a supply crisis. The Grattan Institute recommends easing planning restrictions to increase housing density, estimating that such reforms could lower median home prices and provide substantial savings for renters.

Government rejects blame for house price rise amid scheme expansion

Of all properties purchased in Australia last month, one in ten were bought with a 5% deposit the Federal Government as guarantor. That's exactly what we hoped would happen. 5,700 first home buyers took up the freshly expanded Home Guarantee Scheme in October compared to almost 4,000 same time last year when income caps were in place. That has had a spike in the price of the most affordable homes and that's obviously a perverse outcome. Home prices jumped 1% in October, the biggest monthly increase in over two years. Did the expansion of this scheme contribute to rising property prices last month? Our government is making a meaningful difference to young people who are getting into their first home, but not at numbers that are going to have a significant impact on the overall property market in Australia. Economists argue it is putting more pressure on prices. But it's probably not the biggest effect compared to say the recent cuts in interest rates. The program drives up demand during a supply crisis. One think tank pointing out Australian capital cities are considerably less dense than cities with similar populations overseas. The Grattan Institute says relaxing restrictions and allowing three-storey townhouses on all residential land in capital cities, six storeys near transport hubs and CBDs, would see 67,000 more homes built yearly over a decade. That's enough to save the typical renter $1,800 a year and shave more than $100,000 off the price of the median home across Australia. Pushing all states to go further despite significant planning reforms in Melbourne and Sydney. What we need in Australia right now is more kinds of all the different types of housing. Chloe Boris, 10 News.

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