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The Guardian - AU
The Guardian - AU
National
Paul Karp and Josh Butler

Coalition minister concedes plan to allow first homebuyers to access super will push up house prices

Industry Super Australia estimates the government’s plan to to allow first homebuyers to tap into their superannuation savings could push housing prices in Sydney up by 16%, adding $134,000 to the median price.
Industry Super Australia estimates the government’s plan to to allow first homebuyers to tap into their superannuation savings could push housing prices in Sydney up by 16%. Photograph: Brendon Thorne/Getty Images

The Coalition has conceded its plan to allow first homebuyers access to superannuation will push up prices, as industry super and progressive thinktanks warned it could add tens of thousands to the cost of a home.

The policy, unveiled at the Coalition launch on Sunday, to allow first homebuyers access to up to $50,000 of retirement savings has prompted warnings that house prices in Sydney could increase by as much as $134,000.

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