“The Victorian Government’s announcement today that it will be soon accepting applications for its shared equity scheme known as HomesVic has been welcomed by HIA - it is a positive scheme that addresses the rising problem of housing affordability and will help see young people achieve the Aussie dream of owning their own home faster,” senior spokesperson for HIA Kristen Brookfield said.

“The HIA has supported similar schemes in other states such as ACT (Land Rent) and in WA (Keystart) for many years,” Ms Brookfield said.

“The HomesVic scheme will assist low income singles and couples who are trying to buy their first home and don’t qualify for public housing. This is the group most affected by the lack of affordable housing in Melbourne and Victoria.

“The scheme will allow young people to purchase a home with the state government providing up to 25 percent of the purchase price – reducing the size of the mortgage that must be taken out. When the house is sold, the government recoups its share of the proceeds.

“HIA figures show that the typical stamp duty bill on homes in Victoria has risen by 4,000 percent since 1982. With the median price of a Melbourne dwelling at $720,417, this makes buying a house a pipe dream for so many low income young people.

“Buying a house gives an individual a sense of great pride and security. Although the HomesVic scheme is currently only open to 400 applicants, it is still a good start and we will watch its progress with keen interest,” Kristin Brookfield concluded.