Perth’s new apartment market recorded its strongest quarter of sales since Q4 2021, with 412 apartments sold in Q1 2026 and a record quarterly sold value of $537 million, according to Urbis’ latest Apartment Essentials results.

Urbis said the March quarter result reflects strong, highly product‑specific demand across both ends of the market, from more attainable projects delivering at scale, through to premium stock being absorbed by equity‑rich downsizers.&nbsp;

David Cresp, Partner at Urbis, said the key story in Perth is not demand, it is the market’s ability to convert demand into delivered housing.&nbsp;

“This is the strongest sales quarter since Q4 2021, and it reinforces that demand in Perth is real and it’s local,” David Cresp said. “But the task now is delivery, turning that demand into projects that can actually be built and completed.”&nbsp;

[smartcode_project:default project_id=110291 project_image_fid=302785]

<h2>Affordable product leads, premium demand remains resilient</h2>

Sales in Q1 were led by more affordable projects, with The Boulevard (SKS Group) recording 115 sales in the quarter, the presentation noting this is only the second time a single project has surpassed 100 quarterly sales. The project was able to offer more affordable housing product right next to a train station.&nbsp;

Palmyra West (Finbar) also delivered strong results with 28 sales in Q1, following 84 sales in Q4, with an average price of under $800,000, underscoring depth of demand for well‑located, attainable new stock.&nbsp;

At the premium end, Urbis said downsizer demand is continuing, with the results highlighting Romeo (Applecross, Finbar) recording 75 sales and reaching almost 50% sold in one quarter.

Jual (Shenton Park, Celsius Property) also posted a strong quarter with 28 sales, reaching 39% sold in one quarter.

Urbis noted that Perth apartment demand is not speculative, not investor‑led, and not uniform, describing it as localised, often equity‑driven and highly product‑specific, a pattern reflected in the polarisation between strong “attainable” performers and premium downsizer product.&nbsp;

[smartcode_project:default project_id=148957 project_image_fid=364102]

<h2>Prices underpinned by costs, and the delivery risk is growing</h2>

Urbis said pricing pressure is cost not demand‑driven: construction costs and delivery risk are now a central constraint, with the results noting build costs remain elevated and volatile, and that energy, fuel and labour uncertainty weigh on feasibility.

David Cresp said a growing challenge for private Build‑to‑Sell developers is simply securing a builder in the current environment.

“Developers are really feeling the pressure from a building market that was operating at capacity and securing a builder is challenging,” David Cresp said, adding that even where a builder can be secured, “trying to get to the price that makes the development financially viable is incredibly challenging in the current market.”&nbsp;

Urbis’ broader WA commentary also notes that industry remains at or above capacity with lot and housing creation, and that many builders are limiting new sales to manage stretched workforces and fixed‑price contract pressures, conditions that flow directly into apartment feasibility and delivery timing.

[smartcode_project:default project_id=108869 project_image_fid=317905]

<h2>Supply: improving later, but still constrained, and Perth lags eastern benchmarks</h2>

While near‑term supply remains constrained, Urbis’ forecast shows completions lifting “Supply is forecast to be back above 1,500 apartments per annum for the first time since 2019”, with 1,775 completions forecast for 2026, and volumes remaining above that level over the following years.&nbsp;

Looking further ahead, completions are forecast to reach 2,500 in 2028, with the report noting 32% of that total is social/affordable, reflecting the role of government‑supported delivery in rebuilding the pipeline.&nbsp;

However, Urbis said Perth remains behind comparable markets on pipeline scale. In a national comparison of projects under construction, the report shows under construction Perth Build‑to‑Sell (BTS) at 3,446 apartments versus the Gold Coast at 7,922. Mr Cresp said “The challenge for Perth is how to we grow the delivery pipeline”.

Urbis’ conclusion is that Perth’s market is increasingly defined by product discipline and delivery certainty, with the research identifying “delivery certainty is key” and calling out builder risk and procurement models as core success factors, alongside “timing and staging”.&nbsp;

Joel Robinson

Perth apartment sales hit strongest pace since late 2021 as builder capacity tightens

<a href="https://www.apartments.com.au/developers/sammut-developments">Sammut Group</a> has secured development approval for its latest Brisbane apartment project, marking the Sydney developer’s next step in expanding its Queensland pipeline following the success of its debut Gold Coast development, Coast.

The approved project at <a href="https://www.apartments.com.au/new-apartments/44-glen-road-toowong-qld-4066">44 Glen Road, </a><a href="https://www.apartments.com.au/developments/toowong-qld-4066">Toowong</a> will deliver a 15-storey riverfront apartment building with 42 residences, significantly increasing the scale of the site’s previous approval for a smaller luxury scheme. Designed by Bureau^proberts, the development will comprise a mix of predominantly four-bedroom and two-bedroom apartments positioned to maximise Brisbane River and city views.

Sammut Director Julian Sammut said the group had been actively searching Brisbane for several years before identifying Toowong as the right fit.

“Brisbane was the right step for Sammut,” Sammut said.

“With the success of Coast we thought we should definitely look to do more in Queensland alone. We then pushed up to look at Brisbane. We've been looking for I'd say two to three years actually and it was hard to find the right location.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/f_auto,c_limit,w_1440,q_75/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/field/image/Screenshot%202025-12-23%20at%203.27.14%E2%80%AFPM.png?VersionId=dYAVIL7qdcGA8ojvkslSrLjczXFejSSx" />

Sammut said suburbs including New Farm and Teneriffe were considered before the group ultimately focused on Toowong due to its strong downsizer demographic and limited supply of developable riverfront land.

The site was acquired off-market after what Sammut described as a lengthy negotiation and planning process, with the developer pursuing an uplift to the original approval.

“We are DA approved now which is very exciting,” Sammut said.

“We've had our change approval come through and we've obviously doubled the height, 15 storeys plus rooftop. We've got 42 amazing apartments that are going to be coming to market soon.”

<img alt="Sammut makes Brisbane apartment play" data-entity-type="" data-entity-uuid="" src="https://res.cloudinary.com/dz9xllyip/image/fetch/c_scale,w_580,dpr_2.0,q_auto:good/https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202025-12-23%20at%203.27.26%E2%80%AFPM.png?VersionId=ohkRkY0dIZlqdfME2EZePsCQavRiBadE" />

Bureau^proberts said the design responds to Toowong’s evolving urban character, balancing contemporary apartment living with the area’s established residential identity.

“A place where traditional Queensland living has taken place for centuries; Toowong is seeing a shift of contemporary influence, commercial and retail hubs mixed with well-considered residential offerings – all the while maintaining its character and charm,” the architect noted in planning documents submitted to Brisbane City Council.

The architecture practice said the project’s form was shaped by its riverfront setting, flood considerations, neighbouring building scales, and view corridors.

“They said the mix of four and two-bedroom apartments capture the ‘fundamental qualities of Queenslander living,’ translated into the context of a contemporary subtropical building.”

The development sits just off Coronation Drive within walking distance of Toowong’s retail precinct and the upgraded Regatta ferry terminal, while also benefiting from proximity to the incoming green bridge connection to West End. Sammut said the accessibility and amenity offering were central to the site’s appeal.

The approval adds to growing residential activity along the Toowong riverfront, joining nearby projects including Consolidated Properties’ Monarch Residences and Spyre Group’s ARC Residences.

Sammut secures approval for debut Brisbane apartment development in Toowong

Developer Lanevick is heading back into Sydney’s apartment market after focusing more heavily on the luxury townhouse and terrace sector in recent years.

Lanevick, founded and directed by Steve Maroun, is expecting to receive approval in the coming months for a new apartment development in Gladesville, with the aim to launch it to the market later this year.

The 51-apartment project, designed by Studio Johnston, will comprise a mix of one-, two-, and three-bedroom apartments positioned toward the Hunters Hill downsizer market.

“Traditionally it’s been difficult for people in that market to downsize because there just hasn’t been the right product available,” Maroun said.

“We’re targeting buyers who might have 30 to 40 per cent of their house value sitting in the bank after downsizing.

“They still want good spacious entertaining areas, they still want quality design, but they also want flexibility and the ability to enjoy life a bit more after working hard for a long time.”

The project sits near Boronia Park and within close proximity to the Parramatta River foreshore, an area Maroun says offers more of a Hunters Hill lifestyle than a traditional apartment precinct.

“From a lifestyle perspective, it’s really more Hunters Hill than Gladesville,” Maroun said. “You’re close to the foreshore, close to parklands, and still connected back into the village precinct.”

From level four and above, apartments will capture water views&nbsp;toward Sydney Harbour. Communal amenity will include rooftop entertaining areas, wellness spaces, and a gym tailored toward owner-occupier buyers.

“We’ve really designed these apartments around that buyer coming from the Hunters Hill LGA and what they’re actually looking for in their next chapter.”

The proposed development has also been designed to respond to the changing character of the broader Gladesville town centre, where a growing number of mixed-use and residential proposals are expected to emerge over the coming years.

“Gladesville presented a rare opportunity to deliver a genuinely design-led residential project within an evolving lifestyle precinct, just moments from the growing Gladesville town centre, and we’ve approached the project with a strong focus on architecture, liveability and long-term community value,” Maroun said.

Maroun said Lanevick saw a first-mover advantage within the precinct as planning controls continue to evolve to accommodate greater housing density.

“We think there’s a real opportunity there that hasn’t really been serviced properly yet,” he said.

“There’s going to be a broader evolution of the whole Gladesville village precinct over time, particularly with more activation and mixed-use outcomes.”

The Venus Street proposal will include a commercial and retail component at ground level designed to contribute to that evolving streetscape activation.

“A big part of the thinking was how do you activate that area properly and create more vibrancy and amenity, which is what Hunters Hill has been looking for,” Maroun said.

Lanevick’s focus since 2020 has largely been on smaller-scale luxury townhouse and terrace developments. The developer recently completed Royale Randwick, also designed by Studio Johnston, where prices reached $3.65 million. The project was featured in the UDIA NSW 2026 Professional Development Prospectus and was also named a finalist for Development of the Year.

&nbsp;

Lanevick to cater for Hunters Hill downsizers with new Gladesville apartment development

Property developer One Living, backed by former Macquarie banker turned investment manager Chris Green’s investment firm, has unveiled plans to bring more institutional capital into housing to help address the national supply crisis.

The New York-based investor has focused his firm, GreenPoint Partners, on addressing the supply shortage hitting middle market housing in Australia.

It is backing the new One Living business to develop more than 1000 units along the eastern seaboard. The new firm is starting with a development on Mona Vale Road, on the border of Mona Vale and Pymble, in Sydney’s Northern Beaches, with around 140 apartments planned. They are eyeing off more sites across the city.

With cost pressures rising in the industry, One Living’s model is to be a vertically integrated developer-builder, so it can respond directly to the housing gap by removing the cost inefficiencies embedded in traditional residential delivery.

“We are building a platform designed to operate at scale and starting in a market where there’s a clear need for quality, attainable housing,” One Living joint managing director Joseph Scuderi said.

“It’s that missing middle – it’s that attainable end of housing… that’s what most Australians invest into and what Australians can actually afford.”

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="798dfa93-4941-4db6-a696-31e9dc18e81c" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.31.50%E2%80%AFPM.png?VersionId=mKBqi5C_DmeiXS.AtJkcR8LQIxqCqmFi" />

GreenPoint Partners brings years of experience assembling and scaling real estate operating businesses across major markets. And Green sees a big opportunity in Australia.

“For its size, sophistication and importance to the community, Australia’s living sector has remained largely under-institutionalised, which represents significant opportunity,” Green said. “GreenPoint identified that gap, assembled the right team, and is backing One Living to build a platform that is aligned to market needs.”

Green said being a builder-developer would give the company the capacity and flexibility it required to deliver reasonably-priced homes.

“We want it to be at that attainable level; not super high end luxury but at that attainable level,” he said.

<img alt="Mona Vale" data-entity-type="file" data-entity-uuid="74a5344a-4b26-4d4a-ada3-056b1220be77" src="https://s3.ap-southeast-2.amazonaws.com/www.urban.com.au/s3fs-public/inline-images/Screenshot%202026-05-28%20at%202.32.15%E2%80%AFPM.png?VersionId=vY8hXHO4reBMdO8ZXMWCNtGZJofUPQ3j" />

&nbsp;

One Living will undertake a component of affordable housing in its schemes, which it will own and operate, and it could also run build-to-rent on some sites.

Green praised local policy settings.

“The NSW government is being very supportive, strategic and pragmatic in terms of how do we generate more supply of housing,” he said. “We think it’s actually positive for development and the bit that’s been lacking at that attainable level is that it’s lots of relatively small private developers, whereas we want to create an institutional platform.”

One Living is also&nbsp;looking at high-density projects and could take on more institutional funding in the future.

“The way we will be able to achieve economies of scale is through size,” Green added.

One Living enters Sydney's new apartment market with Northern Beaches site acquisition

It's been several years since there's been an opportunity to buy a brand new townhome in Melbourne's coastal suburb of Mordialloc. Even apartment developments in recent times have been few and far between in the area.

Local developer LDS Property identified the gap in new housing, securing a site on White Street, directly opposite&nbsp;Woodlands Golf Club Mordialloc. They've recently launched&nbsp;<a href="https://www.apartments.com.au/new-townhouses/wm-residences-mordialloc-102-white-street-mordialloc-vic-3195">WM Residences</a>, just 13 townhouses which they have already started building.

Projects by Buxton Director Heath Thompson, who is selling WM Residences, says the townhouses x that perfect middle ground be

"Mordialloc residents have had limited options to downsize within the suburb, often forcing them to look elsewhere despite long-standing ties to the area," Thompson says.

"With very little comparable new supply coming to market, projects like WM Residences are well placed, particularly as buyers look to capitalise on current conditions amid constrained supply."

[smartcode_project:default project_id=134646 project_image_fid=6109]

The development, designed by regarded architecture firm&nbsp;<a href="https://www.apartments.com.au/architects/ewert-leaf">Ewert Leaf</a>,&nbsp;adopts a deliberately restrained architectural approach, focusing on simplicity, durability and liveability rather than overt design gestures.

The boutique scale is central to the offering. With only 13 three-bedroom residences, each home is configured to prioritise functional layouts and everyday use, supported by private terraces and secure two-car garages.

Ewert Leaf’s design response leans into a calm, neutral material palette. Interiors are defined by oak flooring, white walls and soft finishes, creating a consistent and understated backdrop. The approach avoids trend-driven detailing in favour of longevity, with an emphasis on natural light and spatial clarity.

[smartcode_project:default project_id=134646 project_image_fid=6110]

Beyond aesthetics, the homes are designed to meet contemporary performance expectations. Each residence targets a minimum 6-star energy rating, incorporating double glazing, comprehensive insulation and all-electric Bosch appliances.

The project’s location supports a walkable coastal lifestyle, sitting within close proximity to Mordialloc’s foreshore, Main Street retail strip and the train station. Local cafés and dining venues, including Suburbia Deli and Hendriks Café, are within a short walk, reinforcing the area’s established neighbourhood character.

[smartcode_project:default project_id=134646 project_image_fid=6116]

While <a href="https://www.apartments.com.au/developments/mordialloc-vic-3195">Mordialloc</a> is often defined by its beach and pier, the project taps into other areas of day to day living, offering easy access to local food, casual dining and transport, rather than positioning itself purely as a lifestyle retreat.

WM Residences reflects a continued trend across Melbourne’s coastal suburbs towards smaller-scale, design-led townhouse developments, particularly on infill sites where proximity to amenity is already established.

With construction commenced prior to its market entry, the project aligns with a growing preference among buyers for developments with visible progress and defined delivery timeframes.

[smartcode_project_cta:default project_id=134646]

WM Residences fills gap in Mordialloc townhouse market

Housing Affordability

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Much of the discussion on housing affordability centres on first home buyers’ ability to enter the property market.
First home buyers accounted for only 12% of the total number of owner occupiers taking out mortgages in September, Australian Bureau of Statistics data shows. That’s down from the long-term average of almost 20% indicating new entrants to the property market are either unable or unwilling to make their first purchase.
But new research, <a href="https://www.ahuri.edu.au/publications/projects/p53021?utm_source=2&amp;utm_medium=53021&amp;utm_campaign=home#sthash.UWqrtVLY.dpuf" target="_blank">Housing affordability dynamics in Australia: new insights from the last decade</a>, reveals a more complicated picture of housing affordability that shows the challenges of paying for accommodation are not confined to those who are looking to enter the property market for the first time.
The research by Gavin Wood, Rachel Ong and Melek Cigdem for the Australian Housing and Urban Research Institute (AHURI) at RMIT University and Curtin University will be presented at Parliament House in Canberra on 4 December.
It finds housing affordability has deteriorated in Australia over recent decades for both owner occupiers and for people in the rental market.
Analysing ABS data, the researchers found the proportion of household income that owner-purchasers spent on housing increased to 18% from 12% over the 27 years from 1982 to 2009.
In line with that increase, the proportion of owner purchasers with housing costs in excess of 30% of their income – a level where people are considered to be in mortgage stress – doubled from 10% to 20% of all owner-purchaser households from 1982 to 2009, the report found.
<img src="/images/2014/11/17/zoe-nov-17-one.jpg" alt="">
<address>
Source: Housing affordability dynamics in Australia: new insights from the last decade
</address>
People in the private rental market are also spending more of their income on accommodation than in the past.
In 2009, tenants spent 24% of median gross household income on rent, while just 17% of median income was needed to cover the median rent in 1982. Nearly one in three tenants in the private rental market was spending more than 30% of their income on rent in 2009, up from 22% in 1982.
The research finds many people go through periods of being comfortable in affording their mortgage or rental payments before slipping into a situation where they struggle to meet these financial commitments.
Between a third and half of tenants in the private rental market have been devoting more than 30% of their income to rental payments for a year or more, the research found.
Around 20% of owner-occupiers had experienced one or more periods of housing affordability stress, the study found. This usually lasted only one year and it was rare for owner occupiers to remain in housing stress for more than five years.
Almost 70% of people who suffered housing stress had only one period where they were in financial difficulty, while 30% had two or more periods between 2001 and 2011 when housing ate up more than 30% of their income.
The price of housing and income levels both contribute to whether a person will find housing affordable. It’s not surprising then that affordability has fallen in some cities where properties have made huge capital gains but income levels have risen more modestly.
Debt levels have also risen significantly for people of all ages, but particularly for those aged 25 to 34 years, the research found.
On average, home owners aged 25 to 34 had mortgage debt worth 61% of the value of their property in 2009, compared with 41% in 1990, the report found. Additionally, fewer people in this age bracket owned a home (37.7% in 2009 compared with 55.5% in 1982).
This was also the case for people aged 35–44 years. In 2009, 62.1% of people in that age bracket were buying their home, compared with over 75% in 1982.
<img src="/images/2014/11/17/zoe-nov-17-two.jpg" alt="">
Source: Housing affordability dynamics in Australia: new insights from the last decade(Page 6)
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Both owner occupiers and renters suffering from deteriorating housing affordability

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The Western Australian Planning Commission has announced that they are making changes to the planning system, aiming to boost housing affordability.
The changes follow last year’s Planning Provisions for Affordable Housing Discussion Paper and have now become part of the Affordable Housing Strategy, which looks to bring 20,000 new affordable housing options by 2020.
Western Australian Planning Commission chairperson Eric Lumsden said that as the state’s population grows, the emphasis on affordable housing would be an increasingly important priority.
“Housing affordability is a complex area, which is why we are adopting a staged approach that encourages the use of incentives in the first instance,” he said.
The voluntary incentives may be planning concessions that reduce costs or that may improve the outcomes for both developers and buyers.
 “The WAPC will assess the effectiveness of incentives and, if it proves necessary, will in the longer term investigate further potential policy approaches to deliver affordable housing supply,” said Lumsden.
These changes have been welcomed by the Property Council of Australia, who has been encouraging the government to consider voluntary incentives to increase the supply of affordable housing.
Executive director of the Property Council, Joe Lenzo, said that incentives are the most effective long-term strategy for delivering affordable housing.
“Incentives that reduce costs and improve development outcomes will enable more affordable living options to be provided for the community,” said Lenzo.
“The incentives need to be designed intelligently so that they increase a project’s feasibility and do not impact on its commercial viability, encouraging developers to embrace this opportunity.”
Lenzo said that tailoring the incentives to prioritise housing diversity and supply is the key to providing more options.
“Affordability is more than just the sticker price. It is all well and good to throw up a cheap house in the middle of nowhere, but it will only cost that resident more in utility payments, access and cost of transport and proximity to employment.”
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WA's affordability housing boost given industry thumbs up

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Victorian politicians' $136 million of property: What hope is there of housing policy reform?

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Balancing an economy is undoubtedly a tough ask.
Our inflation targeting Reserve Bank looks to maintain inflation within a range of 2% to 3% on an annual basis over the cycle.  Too much inflation is not ideal, nor is deflation, so the RBA tries to tweak monetary policy to stimulate the economy in order to see some inflation but not too much. 
If inflation runs too high consumption slows down as consumers simply can’t afford to purchase goods and services because they don’t have enough buying power.  If deflation occurs consumers are also likely to stop spending because the value of any debt they have increases (as opposed to reduces when there is inflation).
Consumer buying power may increase during times of deflation; however the weak economic conditions that have caused prices to deflate are likely to also result in higher unemployment, a contraction in the number of jobs and a pessimistic consumer mindset.
With the currently high levels of inflation in housing prices, it stands to reason that the purchasing power of many consumers has diminished.  When you think about the Australian housing market as a whole I don’t think anyone could argue that shelter in Australia is particularly affordable. 
In fact over the last two decades home values have increased at a rate much higher than inflation meaning that some in the community don’t have enough buying power to purchase shelter.  As a result, many of these people are likely to rent.
I am constantly surprised about articles and comments which seem to believe that a significant decline in Australian home values would be the preferred cure to housing affordability and a good outcome for the economy. If we look purely at the inflation and deflation argument some people would say we have had too much inflation of home values however, the solution to that problem is not to aim for deflating current home values.
The Australian Bureau of Statistics (ABS) estimated that as at June 2014, the total value of Australia’s dwelling stock was $5.2 trillion and there were an estimated 9,366,800 dwellings across the country (note that RP Data we estimate the total value of residential dwellings to be somewhat higher at $5.5 trillion as at June 2014). 
To put this $5.2 trillion in dwellings into perspective, over the 12 months to June 2014, GDP, or the total output of the national economy, was recorded at $1.57 trillion.  What this means is that the value of residential dwellings was more than three times greater than the annual output of the economy.
According to data released by the Australian Prudential Regulation Authority (APRA), Australian authorised deposit-taking institutions (ADIs) held $1.225 trillion in loans against these dwellings across 5,079,800 mortgages. 
So what do these figures tell us?
54.2% of dwellings across Australia have a mortgage to an Australian ADI and 23.6% of the total value of Australian dwellings is outstanding to Australian ADIs. 
The ratio of debt held against the total value of the housing asset class is very low however, this ratio includes all dwellings (not just those where a mortgage is held).  In the event of a downturn those with high leverage are likely to be much more significantly impacted. 
It also probably reflects that quite a lot of dwellings have no mortgage (the 2011 Census indicated that roughly one third of Australia dwellings were owned outright) while a proportion will also have mortgages sourced from non ADI lenders or offshore banks.
Article continues on the next page. Please click below.
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Australians choose to hold a large proportion of their wealth in residential property; this is highlighted by the $5.2 trillion total value of residential dwellings. 
Data published quarterly by the Reserve Bank shows that while the typical household’s ratio of housing debt to disposable income in 137.1%, the typical household’s ratio of housing assets to disposable income is a much larger 433.6% making up 54% of the typical households assets.
Over the past couple of decades Australian ADIs have shown a preference for lending to housing as opposed to lending for personal loans or to business.
Of course, the ADIs have had good reason to preference housing lending; it has generally performed well with low mortgage arrears, the return on equity is strong, earnings from mortgages are consistent, higher risk loans are generally insured via lender’s mortgage insurance (LMI), home values have generally trended higher and Australian’s tend to prioritise repayments of their mortgage. 
But this does not mean that home owners and the economy could withstand a significant deflation in home values.  Nor does it mean that a significant deflation in housing values would be a tonic for those that can’t afford to own a house to finally achieve home ownership. 
Why would deflation in an asset which is more than three times larger than the annual output of the economy play out any better than deflation in an economic sense? 
In fact, were home values to deflate it could be argued that the whole economy would suffer as consumers stopped consuming.  As consumers stop spending unemployment would likely rise, ADIs would stop lending and there is a high likelihood the Australian economy would enter a recession.
Remember, it isn’t only those with a mortgage which would face the prospect of unemployment, so too would all those people who are yet to purchase a home waiting for the collapse to enter into the market at rock bottom prices.
A more desirable solution to improve housing affordability in my opinion is to look for a more moderate level of growth in home values while improving both the supply and demand side of the equations.  A sustained period in which home values grow at a rate below inflation would be an ideal way in which to improve affordability rather than a large-scale bust. 
Interestingly, as <a href="/expert-insights/buying/inflation-adjusted-home-values-put-housing-markets-into-context">we showed last week</a>, a number of cities have recorded value growth below the rate of inflation over a number of years now (although this hasn’t been the case in Sydney and Melbourne).
Housing booms make it harder for prospective home owners to enter into home ownership, however I would argue that busts are much worse. 
Furthermore the level of exposure to the housing market by ADIs and residents would mean a housing bust has much more far reaching repercussions for the economy.  Although stress tests indicate that most ADIs could cope with a significant decline in home values the impact on households and the Australian economy as a whole would likely send Australian into a recession. 
This is why rapid deflation in home values is just as, if not more undesirable than rapid inflation and why the goal should be moderate growth in home values with a growth rate that broadly trends in line with household income growth over the cycle. 
If we want to reduce the cost of housing from its current level with minimal overall economic damage, home value appreciation below the rate of inflation for a number of years is what I see as an ideal solution. 
Of course achieving this means that governments need to address the factors that drive a high level of housing demand and those which constrain the overall supply of housing and drive the cost of this new supply higher.
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Deflating house prices is not the solution to affordability

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GUEST OBSERVATION
A small group of people is gathered around a campfire in a Victorian State Forest. Members of the <a href="https://www.facebook.com/TinyHousesAustralia" target="_blank">Tiny Houses Australia community</a>, they’re attending a spring camp to talk about how to build a tiny house, and compare notes on how to address common barriers, like local government planning schemes.
The group is diverse, from students to professionals and retirees. One has been living temporarily in caravans. Others were forced to move into shared accommodation or board with family. Most have given up on the idea of buying their own home, put off by the high price tag or the size of the mortgage, or the downside of living far from family or employment.
Most of the group are also fierce promoters of a more sustainable, minimalist way of life who want their new houses to reflect this. You won’t find many en suites or walk-in wardrobes in their floor plans.
Is bigger really better?
Something is wrong when <a href="https://au.news.yahoo.com/thewest/a/25372224/170k-family-priced-out-of-perth/" target="_blank">a professional earning A$170,000</a> cannot afford to live close to work; or <a href="https://www.smh.com.au/business/property/firsthome-crisis-triggers-call-for-action-20131115-2xmcv" target="_blank">a doctor needs a parental loan</a> to buy a house. All 25 major urban housing markets in Australia are ranked as <a href="https://www.demographia.com/dhi.pdf" target="_blank">severely unaffordable</a>; and Australia has the <a href="https://www.imf.org/external/research/housing/index.htm" target="_blank">second most unaffordable</a> housing market among member nations of the Organisation for Economic Co-operation and Development (OECD).
Australian houses are also <a href="https://www.demographia.com/dhi.pdf" target="_blank">among the largest</a> in the OECD. In 2008, the average new house was 214 square metres, double the size of an average 1950s house. Very large houses are not only more expensive, but environmentally unsustainable. For example, the major factors that determine a house’s greenhouse gas emissions are its size and location; the bigger and more isolated the house, <a href="https://link.springer.com/article/10.1007/s10901-011-9212-2#page-1" target="_blank">the larger its emissions</a>.
For many, particularly young people entering the market and older people leaving the workforce, the “great Australian dream” of a big house on a quarter-acre block is a distant fantasy. And even for those who are living the dream, a sudden interest-rate rise, job loss or chronic illness could rapidly turn it into a nightmare.
Regardless of the debate over whether we’re in a <a href="https://theconversation.com/memo-to-the-imf-there-is-no-housing-bubble-27925" target="_blank">housing bubble</a>, the affordability problem is much broader than property prices. The most serious issue is the lack of affordable <a href="https://onlinelibrary.wiley.com/doi/10.1111/j.1467-8462.2008.00502.x/full" target="_blank">rental accommodation</a>.
Finding sanctuary in a tiny house
From this backdrop has emerged a trend towards <a href="https://www.bloomberg.com/news/2014-07-09/tiny-houses-big-with-u-s-owners-seeking-economic-freedom" target="_blank">building much smaller houses</a>. The <a href="https://en.wikipedia.org/wiki/Small_house_movement" target="_blank">tiny house movement</a> originated in the United States in the late 1990s, largely in response to problems with housing affordability, although it has also been spurred on by the <a href="https://theconversation.com/au/topics/global-financial-crisis" target="_blank">global financial crisis</a> and a widespread desire to live more sustainably. The movement has now spread to New Zealand, Australia and Canada.
Tiny houses are generally smaller than 40 square metres, and <a href="https://www.businessinsider.com.au/beautiful-tiny-homes-2014-8#this-60-square-foot-home-is-the-smallest-house-in-the-uk-16" target="_blank">can take many forms</a>, from granny flats, to repurposed shipping containers, to <a href="https://www.huffingtonpost.ca/2014/03/21/tiny-house-on-wheels-abbotsford_n_5003376" target="_blank">complete houses built on trailers</a>.
<img src="https://62e528761d0685343e1c-f3d1b99a743ffa4142d9d7f1978d9686.ssl.cf2.rackcdn.com/files/63676/width668/m36s92m7-1415151376.jpg" alt="">
Room to manoeuvre: some tiny houses have wheels - just don’t call them caravans. The Tiny Abode Co., Author provided
The benefits of tiny houses include <a href="https://tinyhousebuild.com/tiny-houses-infographic">overall sustainability</a>, reduced energy and water use (tiny houses are often “off the grid”) and, of course, affordability. Some tiny houses can cost less than A$10,000. Moreover, they <a href="https://onlinelibrary.wiley.com/doi/10.1162/1088198054084680/abstract">use significantly less resources</a> to build, and are often constructed from salvaged materials or sustainably sourced products.
Mobile tiny houses could even help their inhabitants adapt to climate change; a house on wheels can be moved out of danger from floods or storm surges. They can allow adult children or aged parents to live independently, yet maintain access to family, employment and public transport.
Tiny houses can even address aspects of homelessness. In the United States, some local governments are donating land for <a href="https://www.huffingtonpost.com/2014/10/27/greensboro-north-carolina-tiny-homes_n_6054590?ir=Impact" target="_blank">homeless people to build their own tiny homes</a>.
This article continues on the next page. Please click below.
<hr class="system-pagebreak">
The biggest issues with a tiny house
Although <a href="https://www.facebook.com/TinyHouseBlog" target="_blank">information is plentiful</a> on building techniques, plans and design, it is not very easy to build a tiny house. However, as attendees at the Spring Camp agreed, perhaps the biggest problem with building a tiny house is finding a place to put it.
Tiny houses do not conform to many <a href="https://www.berkeleyside.com/2011/01/07/a-city-looks-for-big-solutions-in-a-little-very-little-house" target="_blank">local government planning schemes</a> or building codes, which mandate minimum house sizes, maximum number of houses per plot, connection to utilities, parking provisions, and restrictions on temporary occupation.
It might also be argued that allowing tiny houses will reduce land values and lead to health and safety concerns, such as overcrowding. But people currently live in crowded conditions or illegally in sheds or caravans.
Some states, such as New South Wales, allow property owners to build <a href="https://www.planning.nsw.gov.au/Portals/0/plansforaction/affordablehousing/docs/Affordable%20Housing_Fact_Granny%20Flats.pdf" target="_blank">granny flats</a>. In other states, the regulations differ between and within each local government, although almost almost all have restrictions on the duration of temporary occupation.
For non property-owners, particularly those who don’t want to take any legal risks, the options are fewer. And of course, local governments can and should impose planning restrictions on tiny houses, and ensure that they comply with building codes and standards.
Tiny houses are not for everyone. They will probably <a href="https://lup.lub.lu.se/luur/download?func=downloadFile&amp;recordOId=4196241&amp;fileOId=4196242">always remain a niche market</a>, more suited to people with no children, or retirees.
Niche, yes, but for some people tiny houses could be a lifeline. Being unable to afford to buy property, fulfil mortgage commitments, or even rent a home can lead to <a href="https://journals.cambridge.org/action/displayAbstract?fromPage=online&amp;aid=1046376&amp;fileId=S0033291706009767" target="_blank">mental and physical illness</a>. In a sustainable city, everyone should be able to <a href="https://www.tandfonline.com/doi/abs/10.1080/0811114032000147430#.VFB38vmUd8E">access affordable housing</a>, and a tiny house is certainly better than no house at all.
<img src="https://counter.theconversation.edu.au/content/32225/count.gif" alt="The Conversation" width="1" height="1">Heather Shearer is research fellow, urban research program at <a href="https://www.griffith.edu.au/" target="_blank">Griffith University</a>.
Heather is a member of the Greens Party, 350 Org and the Tiny Houses Australia Facebook Group. 
This article was originally published on <a href="https://theconversation.com" target="_blank">The Conversation</a>.
Feature picture courtesy of the author.
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Move over, McMansions – the tiny house movement is here

<html><body>
Nearly one fifth of Australians believe they will never be able to afford to buy their home, according to a new ME Bank survey.
The survey found that 18% of Australians now believe they will never be able to buy a home. The belief was most prominent among people aged below 30, with 26% saying they will never afford property.
Expectations of property price increases are also prominent – perhaps contributing to the sense of unaffordability.
The survey found that 51% of those with properties, or planning to buy, expect further increases in the next 12 to 24 months. Another 40% are expecting prices to remain steady, while 9% expect prices to drop.
The results show that first home buyer affordability is a growing challenge that is becoming an issue for all Australians, said ME Bank general manager asset products, Luke Easton.
“A large group of young people are delaying or ruling out home ownership altogether,” Easton said.
ME Bank surveyed 1,000 people online for the results.
{mijopolls 60}
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Nearly one in five believe they will never be able to buy a home: survey

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Few things make me more cynical than the sound of a politician mouthing concern about housing affordability.
In my lifetime, there have been hordes of politicians and governments claiming to want to solve the problem, but none willing to take any real action.
When it comes to improving affordability, many politicians talk a good fight, but none is capable of delivering a knockout punch.
The latest masquerade in this regard is being led by MP Kelly O'Dwyer.
O'Dwyer has obviously watched a few episodes of Yes Minister before deciding on a course of action: bring on an inquiry, issue lots of press releases, target an unpopular minority and take "strong action" against these alleged perpetrators of the perceived problem – but essentially do nothing meaningful so that the status quo remains intact.
The truth is, 40% of the cost of a new house in Australia comprises government fees, charges and taxes. Remove those and the cost of a $400,000 house-and-land package would drop to $240,000.
In all the froth and bubble coming out of the federal inquiry, we haven't heard O'Dwyer or any other politician confront this reality. Why not? Because if they did, their advancement within the party would suffer a sharp U-turn.
Governments are addicted to the revenue they milk from their favourite cash cow, the real estate industry. That's sacred and the possibility of scraping stamp duty, for example, is not up for discussion.
So what to do? How to create the illusion of doing something while changing nothing?
<blockquote>
Many Australians have a big issue with Chinese investors, although they don't seem to mind American, British, Dutch, Italian or New Zealand investors.
</blockquote>
The answer, as always, is this: target an unpopular minority, talk tough, issue lots of press releases, look strong, do nothing. Works a treat every time.
O'Dwyer has a bee in her bonnet about foreign investors. I'm not sure whether she truly believes that foreign investors are the cause of the perceived affordability problem. I seriously doubt that she does, because someone armed with all the relevant information, as she should be, must know that foreign investors are not impacting the price of suburban houses in Australia.
But foreign investors are a great scapegoat, particularly as this currently means Chinese investors. And many Australians have a big issue with Chinese investors, although they don't seem to mind American, British, Dutch, Italian or New Zealand investors.
So tough-talking Kelly is going a come down hard on Chinese investors. It'll be good for some media sound bytes and it'll help to advance the career of a politician no one had heard of until recently.
But will it make housing more affordable? No, it won't change a thing.
A quote from Shakespeare comes to mind: "It is a tale told by an idiot, full of sound and fury, signifying nothing."
Chinese investors are not impacting the price of houses in first-home buyer markets in Australian cities. Overwhelmingly, they are buying high-rise apartments in the CBDs of Melbourne and Sydney, as well as the Gold Coast, which is a perennial favourite for Asian investors who enjoy losing money.
If they're buying suburban houses, it's primarily top-end homes in the millionaire suburbs.
The Federal Government could pass a law tomorrow banning all foreign investment in Australian residential property – and the price of houses in the suburbs of Sydney and Melbourne would not change.
But if they removed the taxation component of a house-and-land package, that would make a dramatic difference.
Any chance of that happening? Not remotely.
This is a publicity exercise. Meaningful change is not on the agenda.
Terry Ryder is the founder of <a href="https://hotspotting.com.au/" target="_blank">hotspotting.com.au</a>. You can <a href="https://mailto:ryder@hotspotting.com.au" target="_blank">email</a> him or contact him on <a href="https://twitter.com/hotspotting" target="_blank">twitter</a>.
 
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terryryder-YECXbqmri2

Pollies prefer to milk the property cow than to make meaningful change

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The growing issue of affordability has seen former Prime Minister Paul Keating weigh in with his thoughts at MaxCap Group’s Developers and Dealers Forum last week, saying that the current situation cannot persist.
Keating said that there is a huge need for increased housing supply and a financing system to support developers in bringing those properties to fruition.
“We cannot persist with this position we are in where our children cannot afford to house themselves,” Keating said.
“No amount of demand is going to improve affordability without a supply response, which will determine a price equilibrium over time,” he noted.
In fact, the financing for the supply may just be the evolution of superannuation funds, the assets of which may at some point outshine those of the banks. He said that they could eventually be used to fund developments.
“Superannuation funds will have to do things in the spaces traditionally left to banks, such as property development, and we will see a shift in the balance in financing this industry,” he said.
Meanwhile, the banks suggested future partnerships with offshore banks, with specific reference to the Asia Pacific region.
Colin Robertshaw, the Commonwealth Bank of Australia's national head of property finance, business and private banking, said Chinese banks may be the alternative needed when banks hit full capacity.
MaxCap Group chief investment officer Brae Sokolski, said one thing was for certain: something will need to be done.
“There is no doubt that the traditional one-size-fits-all approach to finance is not the optimal solution in the current development environment and has in fact resulted in a shift towards utilising specialist consultants that can bridge the gap between development and finance,” said Sokolski.
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Paul Keating says current housing situation cannot be allowed to persist

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There are still some suburbs with cheap median prices, as you can see from the below list of 13 suburbs where median unit prices are under $200,000.

The statistics, from RP Data, are all from suburbs where sales of 10 or more units have taken place.

Of course, just because it's cheap doesn't mean you should buy it; <a href="/expert-insights/buying/the-40-cheapest-property-markets-are-they-really-a-good-place-to-buy">ensure you do your due diligence</a>.

Here are the 13 suburbs:

<ol>
<li>
<a href="/news">Ballarat Central</a> 
	$175,000 
	 </li>
	<li>
<a href="/news">Doreen</a> 
	$169,000 
	 </li>
	<li>
<a href="/news">Horsham</a> 
	$182,000 
	 </li>
	<li>
<a href="/news">Maryborough</a> 
	$174,000 
	 </li>
	<li>
<a href="/news">Melton South</a> 
	$197,000 
	 </li>
	<li>
<a href="/news">Mildura</a> 
	$163,000 
	 </li>
	<li>
<a href="/news">Moe</a> 
	$140,000 
	 </li>
	<li>
<a href="/news">Sale</a> 
	$180,000 
	 </li>
	<li>
<a href="/news">Traralgon</a> 
	$190,000 
	 </li>
	<li>
<a href="/news">Wangaratta</a> 
	$156,000 
	 </li>
	<li>
<a href="/news">West Wodonga</a> 
	$183,000 
	 </li>
	<li>
<a href="/news">Wodonga</a> 
	$190,000 
	 </li>
	<li>
<a href="/news">Yarrawonga</a> 
	$196,000</li>
</ol>
[smartcode_project:default project_id=4046]

[smartcode_project:default project_id=22803]

Source: RP Data
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Victoria’s 13 cheapest suburbs for units sub-$200,000

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Affordability, and the lack of it, is a big topic for those working in the property industry and those buying into the property industry.
Some do not believe the affordability issue exists, such as observer Terry Ryder who was recently writing on<a href="/expert-insights/investing/there-is-no-australian-housing-affordability-crisis-terry-ryder"> what he sees as a mythical issue, </a>and has been for some years.
Others believe<a href="/expert-insights/investing/government-should-ignore-the-self-interested-nimbys-and-fix-sydneys-affordability-crisis-peter-bentley"> we are at a crisis level</a>.
Property Observer has compiled a list of the seven most regularly suggested ways to improve housing affordability and assist first time buyers enter into the market.
Add yours to the bottom of the post, and debate how effective you think these suggestions would be.
1. More first time buyer grants
Providing first time buyer grants to assist new home buyers get a foot on the property ladder at first seems to make a lot of sense. Giving them a cash injection looks as though it will give them a leg up.
Unfortunately, this isn't necessarily the case. Terry Ryder notes that, particularly at present with grants aimed towards new property, <a href="/expert-insights/investing/first-home-buyer-grant-schemes-simply-dont-work-terry-ryder">they do little to bridge the gap </a>between the cost of a new home and the cost of an established home.
Meanwhile, Steve Keen refers to these hand outs and grants as a<a href="/expert-insights/investing/housing-grants-a-poisoned-chalice-that-create-bubbles-and-leave-buyers-worse-off-steve-keen"> "poisoned chalice" </a>that create bubbles. It certainly isn't an uncommon perspective. Many believe giving out first home owners grants merely serves to increase property prices by the value of the grant.
2. Improving supply with more developments
This is often pushed by development companies or lobby groups, however does contain a some grain of truth – improve supply to keep up with demand. Simple? The reality is a little more complicated.
This would involve, in some states and territories, an overhaul of planning and the development approval process. Rezoning may need to occur. Cheap housing supply benchmarks may need to be set, and there would have to be consensus on what "type" of housing should be built.
Even if we did reach this point, it's unclear whether the increased supply would actually have an effect.
A recent article, which looked closely at supply and demand, argued that houses are not the same as bananas or other commodities when it comes to supply. ]
The argument<a href="/expert-insights/investing/its-bananas-increasing-supply-isnt-enough-to-satisfy-hunger-for-affordable-housing">, from academics Nicole Gurran and Peter Phibbs</a>, is that prices for housing are set by the total market, not just the new builds. When prices go up consumption does not decrease, as it might with bananas, and that rises in prices are often accompanied by a decrease in interest rates.
Even if improving supply is the solution, there are locals to also deal with. The McKell Institute's Peter Bentley previously wrote that dealing <a href="/expert-insights/investing/government-should-ignore-the-self-interested-nimbys-and-fix-sydneys-affordability-crisis-peter-bentley">with a NIMBY attitude will be an issue</a>.
3. Allow first time buyers to access their superannuation
A hugely contentious suggestion, and one that has been played out in other countries: Is superannuation the silver bullet for new buyers?
The Housing Industry Association (HIA) is keen, with their executive director Graham Wolfe noting that <a href="/expert-insights/buying/time-to-allow-first-home-buyers-access-to-superannuation-hia">it would assist with their deposit</a>.
“Accessing superannuation for a home deposit would provide temporary access to their personal savings. Provided it was repaid to their superannuation accounts over a period of time, similar to university HECS repayments, their retirement savings would be assured,” he said.
“HIA urges all stakeholders to support measures aimed at improving access to home ownership for first home buyers, including assistance in breaching the deposit gap.”
However, a number of experts, including wHeregroup's <a href="/expert-insights/buying/allowing-first-home-buyers-access-to-their-super-isnt-the-answer">T</a>odd Hunter,<a href="/expert-insights/buying/allowing-first-home-buyers-access-to-their-super-isnt-the-answer"> remain opposed to the idea, </a>saying that it would detract from the security and purpose of superannuation.
There is also the issue around what would occur if the property purchased drops in value, and the simple truth that not all young first time buyers have saved much in the way of superannuation. 4. Negative gearing reform
Tax reform, especially pertaining to negative gearing, is discussed every time a new budget comes up. Whether it's grandfathering the tax benefit out of existence, removing it completely, or some other change,<a href="/expert-insights/buying/how-to-fix-australias-affordable-housing-problem"> the proposal always winds people up.</a>
Some suggest that removing negative gearing benefits takes away the incentive for investors to buy into the market. Investors are often described as competing with first time buyers and subsequently driving house prices up.
Abolishing negative gearing may also remove financial advantages for investors who can afford to pay more, knowing it will cost them less to hold.
Others suggest that taking away benefits around negative gearing removes the incentive for investors to buy rental properties, which some argue assist the provision of rental housing stock. For those, an exodus of investors from the market is a bad thing.
You can <a href="/expert-insights/finance/room-for-debate-should-negative-gearing-be-abolished">read both sides of the argument here</a>.
This article continues on the next page. Please click below.
<hr class="system-pagebreak">
5. Alter stamp duty
Stamp duty is also widely considered a tax that stops new buyers, in particular, from getting into the market. Suggestions around replacing it with a broad-based tax have been thrown around, while others just want first home buyers to be given back their stamp duty exemption for purchasing any property.
Removing it completely is often proposed. In fact, BIS Shrapnel's Angie Zigomanis argued earlier this year that stamp duty is almost entirely responsible for l<a href="/news/saving-that-extra-20-000-is-the-drag-causing-first-home-buyer-slump">agging first home buyer numbers</a>.
Others suggest that <a href="/expert-insights/investing/federal-government-calls-for-state-government-stamp-duty-concessions-for-downsizing-seniors">giving older downsizers a relief from stamp duty</a> would help open up larger established properties for upsizers and first home buying families. This is already in place in some areas.
Stamp duty concessions and other property tax cuts, particularly for first home buyers, <a href="/expert-insights/buying/its-time-to-stop-tinkering-with-first-home-buyer-assistance-robert-larocca">seem to garner the most expert support</a>.
6. Macro prudential measures
While macro prudential control is not necessarily on the cards from the Reserve Bank of Australia (RBA), it has been the topic of some debate over whether it could help with not just lending standards but also affordability via the reduction of loan to value ratios (LVR), particularly if aimed towards specific sectors of the market.
Observer Catherine Cashmore recently <a href="/expert-insights/investing/can-housing-really-be-affordable-and-unaffordable-at-the-same-time">reflected on a BIS Shrapnel report </a>which found that while reductions in the maximum LVR can restrain demand, debt service to income ratio measures were assessed to be more substantial.
However, the report noted that “only tax changes affecting the cost of buying a house, which bear directly on the user cost, have any measurable effect on prices” and that  “none of the policies designed to affect either the supply of or the demand for credit has a discernible impact on house prices.”
"The study puts this down to the ‘can buys’ still outnumbering the growing pool of credit constrained ‘can’t buys’ – stressing that the importance of housing supply was not explicitly considered. Therefore if we want to lower house prices or put in place policies to aid affordability, we need to look outside the limited powers of the RBA alone," writes Cashmore.
What macro prudential measures will do, writes Lindsay David, is push new buyers to the sidelines for an immediate period of time and assist them from getting themselves into too much debt.
"[However, it will] negate their fair chance to own a home like their previous generations have– for a much lower cost," he writes, <a href="/expert-insights/finance/fire-the-rba-governor">asking "Where does this leave us?" </a>
7. Changes to foreign investment in Aussie property
The most popular debate around affordability over the past months has been the issue of foreign investors fuelling property prices across the country.
Whether it's <a href="/expert-insights/investing/hitting-foreign-buyers-with-extra-fees-is-an-ineffectual-solution-to-a-mythical-problem">hitting foreign buyers up with an extra fee</a>, increased enforcing of the current rules or an overall abolition of the investment, all manner of things have been suggested.
Unfortunately, it seems experts are split about whether foreign investment is substantially pushing up property prices, despite the<a href="/news/foreign-buyers-at-record-9-5-of-established-property-demand-nabs-alan-oster"> record numbers seen in recent months</a>.
Cameron McEvoy suggests that the affordability issue from foreign investors may be <a href="/expert-insights/buying/investor-saturation-in-suburb-hotspots-will-have-consequences-for-residents-and-investors">contained to specific suburbs and specific types of properties</a>.
 YOU MAY ALSO WANT TO READ
<a href="/expert-insights/buying/eight-housing-affordability-myths-debunked-cis">Eight housing affordability myths debunked: CIS</a>
<a href="/expert-insights/buying/government-needs-to-stem-exodus-of-first-home-buyers-reia">Government needs to stem “exodus of first home buyers”: REIA</a>
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