Federal Member for Wannon Dan Tehan says the Albanese Government is putting the financial security of Australian families at risk by welcoming falling house prices instead of restoring confidence in the housing market.
New analysis from PropTrack shows around $230 billion has been wiped from Australia’s residential property market over the past four months, with national property values falling from $12.77 trillion to $12.54 trillion.
Mr Tehan said for many people across Wannon, their home is their biggest financial asset and falling property values could have serious consequences.
“Families across south-west Victoria work incredibly hard to buy a home, build equity and create financial security for their future,” Mr Tehan said.
“The Albanese Government should not be cheering falling house prices while Australians face the prospect of negative equity.
“This is particularly concerning for first home buyers who have stretched themselves to enter the market through Labor’s 5 per cent deposit scheme. Many have borrowed heavily and are now more exposed if property values continue to fall.
“For young families in Wannon, buying a first home should be the beginning of building wealth, not the beginning of financial uncertainty.”
Mr Tehan said confidence in the housing market had been undermined by Labor’s economic management, leaving families, retirees and small business owners increasingly concerned about their financial future.
“Home ownership has long been the foundation of financial security for Australian families,” he said.
“When confidence in the housing market is shaken, it doesn’t just affect homeowners. It affects small businesses, local communities and the broader regional economy.
“The Albanese Government should stop treating falling house prices as a political win and start focusing on restoring confidence, supporting home ownership and strengthening the economy.
“People across Wannon want affordable housing, but they also want the security of knowing that the biggest investment they will ever make is protected, not undermined by government policy.”
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Media contact: Sandie Gustus M | 0408 564 232 E | sandie.gustus@aph.gov.au