Boosting the First Home Owner Grant would help stimulate investment in Australian property and encourage an economic recovery, according to the Real Estate Institute of Australia (REIA).
Enlarging the length and size of this grant would help the market get back on its feet by increasing the number of people involved in buying and selling houses, the REIA suggested.
The industry body's pre-budget submission argued the government should act quickly and decisively to deal with the issues of housing affordability facing many people across the country.
REIA president Pamela Bennett said the executive needs to deal with Australia's inefficient property taxation system, which she claimed is having a negative effect on investment.
"Inefficient state property taxes and the development of solutions to improve housing affordability and supply are key issues for the next financial year," Ms Bennett added.
The Australian recently claimed many young people are buying homes jointly in groups of three or more in order to split the cost.
Posted by Steve Douglas
