First Home Ownership

The terms of reference for the inquiry on First Home Ownership asked the Commission to evaluate the affordability and availability of housing for first home buyers. The Commission’s preliminary findings were released for public comment in December. In its final assessment, the Commission maintained that there was no ‘quick fix’ to make housing more affordable for first home buyers. To the extent that currently low affordability reflects cyclical pressures, the situation would improve over time. However, the Commission identified a number of policy areas that can serve to exacerbate price pressures over the cycle.