in our national policy approach to housing: the lack of a single responsible federal department, and the withdrawal over the past 30 years of the government as a public provider of social housing. These, along with the folly of freezing rents, are points we at Per Capita made in a submission to the recent Senate inquiry into “the worsening rental crisis in Australia”, established and chaired by the Australian Greens. Our submission was the most-cited of any in the committee’s final report.
First, this isn’t a plan for more social housing. Of the 360,000 homes to be built over the next five years, 70 per cent would be available to rent, of which 20 per cent would be reserved for those on the lowest 20 per cent of incomes. This equates to just 10,000 homes per year.for social housing is close to 200,000. If this policy got up, we could expect it to close that waiting list by about 2050 – if those 10,000 homes were allocated to people eligible for social housing.
Third, the 30 per cent of homes available to buy under this scheme will almost certainly not be affordable to any first home buyer without substantial capital and the properties may even be ineligible for a mortgage.As buyers would only ever be able to sell the home back to the public developer at purchase price plus CPI, the risk of making a substantial loss when you need to sell – to upsize when you have a family or relocate for a job – is real.
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