For the upcoming federal election on May 3rd 2025, housing is a key topic. With cost-of-living pressures, interest rates still a talking point, and housing affordability front and centre, many homeowners, renovators, and would-be buyers are keen to understand how policy decisions could shape the path ahead.
We have taken an apolitical look at the key housing policies from the major parties so you can make informed decisions. Continue reading if you are planning a renovation, considering building new, or just trying to understand the potential impact on the housing market in the months ahead.
Labor’s Housing Promises
Labor’s key focus is on improving access to housing through government-supported schemes:
- Help to Buy Scheme: A shared equity initiative where the government co-purchases up to 40% of a new home or 30% of an existing home, reducing the deposit needed and avoiding mortgage insurance.
- Housing Australia Future Fund: A $10 billion fund aimed at building 30,000 new social and affordable homes in five years.
- Expanded First Home Guarantee: Continuing to allow first-home buyers to enter the market with as little as a 5% deposit.
You can read more about their policies here.
What this could mean for you:
If you are looking to buy or build, particularly for the first time, Labor’s focus on affordability support might ease the entry point.
The Coalition’s Housing Promises
The Coalition’s approach leans on tax incentives and superannuation access:
- Super Home Buyer Scheme: Allowing first-home buyers to access up to $50,000 of their superannuation to buy a home.
- Tax Deductible Interest on New Builds: First-time buyers of new homes (up to $650,000) may claim interest deductions for the first five years.
- Infrastructure Boost: A proposed $5 billion fund to support enabling infrastructure and unlock land supply for up to 500,000 new homes.
- 10-Year Construction Code Freeze: This initiative aims to ease cost pressures by halting changes to construction codes that would raise compliance expenses. By implementing a decade-long freeze, the plan could affect recently announced NCC (National Construction Code) updates, which were expected to increase the costs associated with building or renovating.
You can read more about their policies here.
What this could mean for you:
If you are planning to build a new home, policies that aim to reduce costs and increase supply could open up opportunities.
The Greens’ Housing Promises
The Greens are proposing systemic change:
- National Public Developer: A new government body tasked with building high-quality, affordable housing for renters and buyers.
- Massive Public Housing Investment: Proposing 750,000 publicly owned homes built over 20 years.
- Rent Controls and Vacancy Caps: Seeking to stabilise housing access and discourage speculation.
You can read more about their policies here.
What this could mean for you:
The Greens’ policies could shift housing market dynamics significantly over time.
In summary, housing is on the agenda this election. No matter which party forms government, there are likely to be policy changes. These changes will influence how we build, buy, and renovate our homes.
While most of these policies are still just proposals, understanding them now means you can make more informed choices moving forward.
And if you’re ready to take action—whether you’re building new, planning a renovation and addition or just wanting clarity on your options—we’re always here to talk through the process with you.
Have questions?
Reach out to the team at Eltcon and let’s chat about what’s possible for your home.
Contact our team today to start the conversation.
