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.
Housing is a Human Right
Building one million new homes will ensure there is a home for all. These homes will be sustainable, accessible and affordable. To build them, The Greens will push to establish a Federal Housing Trust and construct one million new homes over the next twenty years. The Federal Housing Trust will:
- Build 750,000 public and social homes over 20 years to clear public housing wait lists. These homes would be sustainably designed, accessible, and constructed in areas people want to live - reducing pressure on urban fringes and expanding out urban footprint into bushland.
- Build 125,000 shared-equity homes to give people access to a housing market they have previously been locked out of.
- Build 125,000 public, universal-access rental homes to create more housing stock. With rents capped at 25% of your income, or market rent (whichever is lower), these government-owned homes will make it easier for people to find an affordable place to rent.
What is a shared-equity home and why is it only $300,000?
Decades of governments have rigged the private housing market with tax breaks that favour big developers and rich property speculators. It’s time to think differently. The government has bought and sold homes like this before, and in other countries it's very common.
How it works:
125,000 homes will be constructed across the country and each will be valued at $300,000.
- You pay a 10% deposit, to secure the home and you make repayments each month, like you would with a mortgage.
- Instead of paying the money to a bank or landlord, you’re buying equity in the home.
- If you decide to leave, you can sell back to the government and take your money with you, which you could put towards your next home.
- And just like buying a home, your investment will grow.
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.
Because we do not accept donations from property developers, we put people before profits. That's why we can create policies like the shared-equity home, because we understand the purpose of a house is to be a home, not a speculative commodity.