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Struggling home buyer? Get a good job, says government

The federal government's advice to struggling first-home buyers is the same it gave in 2015 - get a good job.

House auction
Finance Minister Mathias Cormann follows in the footsteps of Joe Hockey in his advice to those struggling to buy their first home. Source: AAP

The federal government's advice to young Australians struggling to afford their first home?

Get a highly paid job.

It's not the first time this pearl of wisdom has been bestowed upon prospective first-home buyers.

The latest minister to deliver the advice was Finance Minister Mathias Cormann, following former treasurer Joe Hockey, who told prospective buyers in 2015 to "get a good job".

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Greens senator Peter Whish-Wilson told parliament on Thursday the cost of a deposit was rising faster than young people could save, given the median Sydney house price had almost doubled since the coalition was elected in 2013.

A two-bedroom property in Newtown, in Sydney's inner west, recently sold for $1.4 million above the listed price at auction, he said.

"Young people in this country are being completely screwed by the Australian housing market."

He asked Senator Cormann what assurance he could give first-home buyers the government would tackle housing affordability in the May budget.

"The assurance I can give to young home buyers across Australia is that under a coalition government they will have the best possible opportunity to get ahead, to get a good and better job, a better-paid job, as a result of the economic policies of the coalition," Senator Cormann said.

It echoed the comments of Michael Sukkar, the assistant minister responsible for housing affordability, who said in February a highly paid job was a first step to buying a house.

Prime Minister Malcolm Turnbull has previously told rich parents to "shell out" for their children's first home, while earlier this year Deputy Prime Minster Barnaby Joyce urged people to move to the bush for a better housing deal rather than pursue a view of the Harbour Bridge.


2 min read

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Updated

Source: AAP



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