The initiative comes as home ownership rates among young Australians continue to decline, with only 36 per cent of those under 30 currently owning a home, compared to 50 per cent three decades ago.
HIA Managing Director, Jocelyn Martin, said the policy addresses one of the biggest obstacles facing potential homeowners.
“This policy acknowledges the reality that for many Australians, saving for a deposit is the greatest hurdle to entering the housing market,” Ms Martin said.
She said the proposed measure represents a significant shift in how superannuation can be used, recognising housing as a crucial component of financial security.
Industry experts suggest this could help reverse the declining trend in homeownership among younger generations.
Ms Martin said the role of housing in long-term financial planning, particularly in relation to retirement security is important.
“Superannuation is designed to help people plan for their future retirement, there is no better security in your future than owning your own house,” she said.
However, the HIA said that while the superannuation access initiative is promising, it should be part of a broader strategy to address housing affordability challenges.
“Beyond this measure, we need to see policies that address land supply, reduce regulatory costs, and boost housing supply to meet the growing demand,” Ms Martin said.
The announcement comes as housing affordability continues to be a critical issue in Australian politics, with various experts calling for comprehensive solutions to address the growing crisis.
“While this announcement is a good start, there is more to be done,” Ms Martin said.
“We need strong and decisive leadership to address the complex issue of housing affordability.
“In the lead up to the 2025 election, HIA looks forward to engaging with all sides of politics to prioritise the delivery of housing for all Australians across our cities and regions.”
