23 April 2025
New Greens analysis has shown that average house prices could grow by up to $121,500 nationally this year, under the major parties' unity ticket to further turbocharge house prices.
In Sydney, the projected increase would mean a median house price rise of $112,800 under Labor or $211,500 under the Coalition.
A typical house in Brisbane would increase by $72,000 this year under Labor, or by $135,000 under the Coalition.
The changes would mean house prices would rise 2.5 times faster than wages under Labor, or 4.6 times faster under the Coalition.
The analysis utilises estimates from SQM economist Louis Christopher that house prices will rise by 8% this year under Labor’s recently announced policies, or 15% under the Coalition, and utilises CoreLogic median house price data and pre-election economic and fiscal outlook wage projections.
In comes as analysis from the Guardian shows Australians could be waiting more than 70 years for affordable housing following the paths of the major parties.
Both Labor and the Coalition have claimed that they want to see house prices grow ‘sustainably’ but are pursuing policies that will drive already out of control house prices up even further.
Under both Labor and the Coalition, property investors will receive $180 billion over the next decade in the form of negative gearing and the capital gains tax discount, which for decades have driven up house prices and locked first home buyers out of the market.
The Greens have urgently called for action to stop the housing crisis getting worse, including grandfathering negative gearing and the capital gains tax discount handouts to one property only, capping rent increases and a massive investment in genuinely affordable housing through the creation of a government property developer.
The Greens have identified action on negative gearing and the capital gains tax discount as a priority in the next Parliament, including in minority government.
Economists point to the combination of negative gearing and the capital gains tax discount as lighting the fuse on skyrocketing house prices - with analysis from TAI showing that these investor concessions have been a major driving force behind soaring house prices.
Changes to negative gearing and the capital gains tax discount such as those proposed by the Greens would allow more than 850,000 renters to move into a home they own by shifting the market away from wealthy property investors and towards home ownership.
Lines from Max Chandler-Mather, Greens spokesperson on Housing and Homelessness:
“House prices have risen more than double the rate of wages in the past 5 years, and now Labor and the Liberals want them to grow even faster. It’s beyond belief.”
“House prices growing even faster than before means heartbreak for renters as home ownership falls further out of reach.
“While banks and property investors make massive profits out of housing misery, a generation of renters are now wondering if they will die without ever owning their own home.
“Labor and the Liberals plan to give property investors $180 billion in tax handouts, turbocharge house prices, and destroy the home ownership dreams of millions of renters. No wonder people are turning away from the major parties.
“It’s clear now that you can’t keep voting for Labor and the Liberals and expect a different result. The Greens are the only party for renters and first home buyers.”
“You can’t solve the housing crisis without fixing the enormous tax handouts to property investors that make it easier for an investor to buy their 10th house than for you to buy your first home.”
“Under the Greens plan for renters, we’ll cap rent increases, and phase out negative gearing and the capital gains tax for investors with more than one investment property, to instead invest those billions of dollars in building hundreds of thousands of homes to be rented and sold at prices people can actually afford.”
“In a minority Parliament, we’ll keep Dutton out and push Labor to take real action on the housing crisis.”