Housing Affordability in Melbourne
House prices in Melbourne have hit a record high with figures showing the median price across the city has tipped over $900,000. The rise has been consistent for over 5 years and this has put pressure on affordability for all would-be buyers.
Kit Wong from My Investment Plan outlines the measures that the Federal Government has proposed and thus far enacted to help address the affordability issue and of particular note - the First Home Buyers:
Prospective first homebuyers
From 1 July 2018, eligible prospective first homebuyers will be allowed to withdraw their voluntary superannuation contributions (and, an amount of associated earnings*) for the purpose of purchasing or constructing their first home. These voluntary contributions, which must be made within existing superannuation contribution caps, include concessional (i.e. personal deductible contributions and salary sacrificed amounts) and non-concessional contributions. The amount available for withdrawal will be up to $15,000 of voluntary contributions per financial year since 1 July 2017 ($30,000 in total) plus associated earnings, less tax on concessional contributions and associated earnings (e.g. taxed at marginal tax rates, less a 30% offset).
Read the full article here:
Housing Affordability - My Investment Plan
