The Australian Conveyancing industry welcomed the news of a National Housing Accord that should see an influx of more than one million additional property matters until 2029 at the 2022-23 Federal Budget reveal on Tuesday night.
First homebuyers were at the top of the list of winners during Tuesday night’s announcement from Treasurer Jim Chalmers.
Chalmers announced in his budget speech, that an agreement struck between all three levels of government, investors, and the industry, is designed to incentivise the construction of cheap housing in popular regions and will start from 2024.
With the latest property boom in Australia clearly illustrating that demand has been outweighing a lack of supply in the market for some years.
The Housing Accord will see one million new houses and apartments built between July 2024 and June 2029, with the Albanese Government contributing $350 million to the scheme.
National Housing Accord impact on conveyancing industry
The conveyancing industry continues its roller coaster 2022 with a strong start to the year, followed by a seizure of property matters as buyers and vendors held off on their property ventures after the first interest rate hike in more than 10 years, earlier this year.
Now, with consistent interest rate hikes since, Australian homeowners and homebuyers have started showing signs of interest, with auctions scheduled slowly climbing once again.
Tuesday’s announcement should create a short buzz in the property market, as future first homebuyers can start preparations for an increase of supply to the market.
Additionally, this will help breath life into the Conveyancing industry in 2024, which is predicted to have another inconsistent year as the Australian Federal Reserve continues to quash inflation.
For more details on the National Housing Accord or budgeting announcements, see the Federal Budget 2022-23. Stay up to date with the latest conveyancing industry news by subscribing to our monthly The Conveyancer Digest newsletter, today.