REISA CEO Barry Money has welcomed measures to assist homebuyers, investors, and property professionals announced in the recent Federal Budget.

“Home ownership remains the dream for very large numbers of Australians, and the Budget both recognises some of the challenges in the market and offers some additional help to remove impediments, especially for first time home-buyers,” Mr Money said.

“We welcome the increased access to superannuation accounts in the First Home Super Saver. Allowing people to use up to $50,000 of their super – up from $30,000 - to purchase their first home will assist many to enter the market for the first time.

“The expansion of the First Home Loan Deposit Scheme, which guarantees up to 15 per cent of the deposit for eligible first home buyers, is good news too. We expect many hundreds of extra South Australians will benefit from that extension.

“The residential property market in South Australia is strong, but many who can afford to buy are unable to access the types of homes that suit them. We believe the new incentive that enables those aged 60 and over to sell their homes and to inject up to $600,000 per couple ($300,000 per person) to their superannuation will free up significant housing stock, and provide prospective buyers with more choice and opportunity.

“The Commonwealth has also recognised that extra support is needed for single parents looking to own a home. Eligible single parents will be able to build or purchase a home with as little as a two per cent deposit. “We very much support the increased funding for women and children dealing with violence at home to assist them in accessing safer places to live, and additional money for social and affordable housing that will help small investors and tenants alike.

“We applaud the Morrison Government’s continued commitment to business tax cuts and the reduction of red tape. We anticipate these will benefit property investors, real estate professionals and flow through to renters.

“The government’s continued commitment to road and rail and other infrastructure projects in South Australia will bring about increased investment, jobs and a reinvigorated economy as we move beyond the pandemic.

“At a time when there is great pressure on the public purse, the Morrison Government has understood the importance of the family home in the lives of millions of Australians. The 2021 Budget should provide some encouragement for buyers, vendors, renters, investors and realtors too,” Mr Money said.

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