There is a feeling amongst the industry that there is an over-reliance on record-low interest rates for housing, employment, and productivity.
This also extends to housing market experts, where surveys suggest the vast majority fear that existing policies and Treasury stimulus only serve to promote house price growth and widen the gap between the rich and those not so fortunate.
Following the results of those surveys, the following has become apparent; the informed expert view is that social and affordable housing investment, rather than the private market, is the foundation for stimulating the sector, and the Federal Government was wrong to leave this option out of its recovery stimulus package.
Why is this the case? As is often the case, it comes down to the numbers.
Public housing waitlists have grown 4% in the past year, while high need applications grew by 11%.
Evidence suggests an investment of $7 billion in social and affordable housing could lead to economic expansion of significantly more than double, in fact almost three times, the amount spent.
Jobs would be created, and many feel it would make a substantial dent in homelessness.
While the Federal Government insists this issue should sit at state level, there is enough to suggest that bringing this to the floor in Canberra has the potential to improve productivity and encourage job growth – bringing about the economic rejuvenation that is so desperately sought after.