A Glimmer Of Hope For FHB

Median house prices now top $1.2 million in Sydney, $940,000 in Melbourne, $550,000 in Brisbane, $490,000 in Adelaide, $580,000 in Perth, $375,000 in Hobart, $500,000 in Darwin and $720,000 in Canberra, according to an ANZ Bank analysis.

Yes, it is breathtaking and makes the idea of homeownership for first homebuyers, farcical. The government has been slow to come up with any suitable solution that is going to have an impact on this monumental problem. The first sign of some relief, however, was hinted at today.

News Corp reported on today the new plan to help people save would be similar to salary sacrificing, speeding up the time it takes to save for a deposit. An opportunity to save pre taxed dollars into a dedicated home deposit account.
"We are focused on making sure Australians can afford a home, it is a fundamental principal of the Liberal-National government people," Senator Matt Canavan told Sky News on Sunday.

Treasurer Scott Morrison has flagged housing affordability as a key part of the May 9 budget. We can only wait and see…and hold our collective breath.