The CEO of boutique real estate agency Starr Partners has slammed the Coalition's First Home Loan Deposit Scheme two days out from the election, accusing both the government and Labor on focusing on the wrong elements of the sector in the lead up to Saturday's ballot.

Announced as part of the official Liberal party campaign launch on Sunday, the $500 million scheme would allow first home buyers to enter the market without saving a 20 per cent deposit for a house.

The plan was matched by Labor in the hours following the announcement and has since received praise from the Real Estate Institute of Australia and the Property Council of Australia.

But Starr Partner CEO Douglas Driscoll said the scheme doesn't factor in the long term responsibilities of home ownership. 

"In my opinion, this is about short-term gain for long-term pain," he said.

"Although it makes it easier for first home buyers to purchase a home now, it also potentially burdens them with larger monthly repayments and the prospect of having to pay thousands more in interest to the bank over the lifecycle of a loan.

"Ultimately, we want the younger generations to have a grasp on the property ladder – but we don’t want to see them drowning in debt.”

Related Reading: First Home Loan Deposit Scheme a 'hand-up' for buyers - Property Council

Data from the Australian Bureau of Statistics released this week indicated there had been a decline in the number of first home buyers entering the market, which had fallen 0.5 per cent in March after dropping 10 per cent from the same time last year.

Mr Driscoll said while he welcomed bilateral solutions to the trend, there needed to be a greater emphasis on housing affordability.

“In the final days that they have left to scramble for votes, both the Coalition government and Labor are focusing on the wrong elements to improve accessibility to home ownership, with both suggesting band aid solutions,” he said. 

"It’s high time there are bilateral discussions between the main political parties – with a long-term view of how to solve the housing affordability crisis.

"Lines of credit need to be more readily available to first home buyers, and while I'm not against a small reduction of the deposit amount, I think we are chopping and changing too aggressively at the moment."

More from Douglas Driscoll on The Real Estate Conversation: 

Labor’s negative gearing policies are flawed

Labor’s negative gearing plans will lead to a spike in overseas buyers

7 property market predictions for 2019