The Albanese government has secured a second term with an increased majority, following a landslide federal election win.
As vote counting continues across several undecided electorates, the property industry is urging the re-elected government to prioritise housing from the outset.
During the campaign, Labor pledged billions to ease housing pressures and help first-home buyers. Now, with a stronger mandate, the real estate and finance sectors say implementation must begin without delay, realestate.com.au reported.
Jocelyn Martin (pictured upper left), managing director of the Housing Industry Association (HIA), issued a clear call to action.
“Any delay or political grandstanding will only deepen the nation’s housing crisis,” Martin said.
“Access to a home – whether to rent or own – is becoming unattainable for too many Australians. This is a challenge that demands a major response in the first days and weeks of the new term of government.”
The Real Estate Institute of Australia (REIA) welcomed the election outcome and emphasised the need for sustained housing reform.
“Labor’s return to office comes with a strong mandate to tackle affordability and increase homeownership across the country,” REIA President Leanne Pilkington (pictured upper centre) said.
“We welcome Labor’s emphasis on supply and affordability. Support for first-home buyers is a vital step toward bridging the generational divide in housing access.”
Community Housing Industry Association CEO Wendy Hayhurst (pictured upper right) echoed the sentiment, citing urgent national housing needs.
“We believe this term of government presents a real opportunity to accelerate recent progress in transforming Australia's housing landscape,” Hayhurst said. “By working together, we can ensure that every Australian has access to a safe, stable and affordable home.”
Peter White (pictured lower left), managing director of the Finance Brokers Association of Australia (FBAA), congratulated the re-elected government and highlighted an opportunity for immediate, cost-free impact.
“We ask the government to prioritise these measures,” White said. “We urge the government to direct APRA to reduce the buffer rate to 2.5% immediately, as the Coalition promised to do if they had won.”
He added that this small change could significantly increase homeownership and refinancing access.
Mark Haron (pictured lower centre), executive director at Connective, acknowledged the urgency reflected in the election result:
“The election result reflects the urgency Australians feel around housing, but now the focus must shift from promises to delivery,” Haron said.
While welcoming the $10 billion commitment to build 100,000 homes, he warned that long-term solutions alone are not enough.
“What we need now is immediate, coordinated action to relieve the pressure facing buyers today through better access to finance, smarter planning and supply-side support,” Haron said.
The Mortgage & Finance Association of Australia (MFAA) congratulated the Albanese government and urged continuity in collaboration.
“The MFAA is pleased to have had constructive engagement with the Albanese government over its first term and looks forward to further close and constructive engagement going forward,” MFAA CEO Anja Pannek (pictured lower right) said.
Pannek reinforced the need for expanded housing supply and a focus on first-home buyer support.
“The continuation of the Labor government will provide certainty with respect to the Help to Buy shared equity scheme, and we will be working closely with the government and Housing Australia to support this roll out,” she said.
Since 2022, Labor has pledged more than $43 billion towards housing, including its latest election promise of a $10 billion plan to build up to 100,000 new homes, realestate.com.au reported.
The initiative would leverage Commonwealth-owned land and streamline state and territory development approvals.
As pressure mounts in its second term, the government will be expected to deliver measurable progress in reducing housing stress and lifting ownership rates across all demographics.
