Fed: Home ownership still a reality: Plibersek

AAP General News (Australia)
04-04-2008
Fed: Home ownership still a reality: Plibersek

CANBERRA, April 4 AAP - Federal Housing Minister Tanya Plibersek says the Australian
dream of home ownership is still a reality despite an affordability crisis.

It has been estimated that more than one million Australians are currently in "housing
stress", meaning at least 30 per cent of their income goes on housing costs.

A report released today by the Australian Property Monitors found rents had risen by
double digits in most major cities during the past year.

Ms Plibersek said the situation had escalated to "a very serious level".

"Australia has some of the least affordable housing in the world ... and that situation
has been getting worse," Ms Plibersek told Sky News.

But she denied the dream of home ownership was unachievable for people looking to get
into the market.

"No, I'm not prepared to accept that," she said.

"We have to be realistic about the types of homes that people will have.

"Not everybody is going to live in a five-million-dollar home beside the harbour."

There was "no silver bullet" to the problem but the government was determined to ease the crisis.

Solutions included increasing the supply of affordable rental accommodation and establishing
First Home Saver accounts to help people save a deposit for their first home, she said.

Home ownership was the real key to families feeling they had economic security. It
was also a very important cornerstone of retirement.

"If people have paid off their own home when they retire they are much better off financially...emotionally
and socially as well."

AAP sld/rl/it/de

KEYWORD: HOUSING PLIBERSEK

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