Commission banks on falling prices to boost market: "Falling house prices will open the market to more first-time buyers while people who bought property recently will be hurt as their homes decline in value, the Productivity Commission has found.

"In its report on housing affordability, the commission says strategic planning of land releases and streamlining of building approvals could improve housing affordability for first home buyers. The report also gives the NSW Government a tick of approval for reforms that broadened land tax and gave stamp duty relief to first-time buyers. The commission said the median house price in Australia was now nine times the average income, up from six times at the beginning of the upswing in the mid 1990s. Price corrections would improve affordability in due course, though it would disadvantage those who had recently bought homes."

Commission banks on falling prices to boost market: "Falling house prices will open the market to more first-time buyers while people who bought property recently will be hurt as their homes decline in value, the Productivity Commission has found.

"In its report on housing affordability, the commission says strategic planning of land releases and streamlining of building approvals could improve housing affordability for first home buyers. The report also gives the NSW Government a tick of approval for reforms that broadened land tax and gave stamp duty relief to first-time buyers. The commission said the median house price in Australia was now nine times the average income, up from six times at the beginning of the upswing in the mid 1990s. Price corrections would improve affordability in due course, though it would disadvantage those who had recently bought homes."