Buying a property could soon become more affordable
First time buyers may be pleased to hear that state governments across Australia are getting advice about how they can improve housing affordability.
State and Territory housing ministers met on Friday (August 31) to discuss the findings of the Housing Supply and Affordability (HSAR) report released on Thursday by the Council of Australian Governments (COAG).
The report recommended ways that the state and territory governments can reduce housing costs for homebuyers and residential property developers.
It suggested that all levels of government need to get involved in the housing affordability process.
One of the key suggestions is to build homes that fit the needs and specifications of residents.
Housing minister Brendan O'Connor endorsed the report: "Housing affordability is not an issue that the Commonwealth can solve alone. It requires the combined effort of governments at all levels as well as the wider private and community sector."
Mr O'Connor said that the government recognised that housing affordability is a top priority for residents.
Increasing housing affordability has the potential to boost Australia's real estate market.