Nickolas Varvaris (Barton, Liberal Party) Share this | Link to this | Hansard source

I rise today to speak on the issue of housing affordability. It gives me great pleasure to speak on this because this has been a topic of concern for many constituents in Barton and no doubt in many other electorates of my parliamentary colleagues.

Owning a home is the great Australian dream. This is a dream that many young couples and families strive towards with years of meticulous financial planning and hard work. As politicians, we want to ensure that all Australians can actively work towards achieving this with the right resources. In my 15 years in local government, and recently as the federal representative of Barton, housing affordability and the ability to enter the residential market for the first time is, without question, one of the most common complaints that I hear and read about. Whilst this problem hits Sydney and Melbourne the hardest out of most other capital cities, nonetheless it is our responsibility to ensure that our residents can have a fair go at buying their first home.

I certainly acknowledge that even with dual incomes, buying a home in Sydney remains fiercely competitive. Therefore, I can understand that my constituents are perplexed that the residential market does not always operate as a level playing field. Many of my constituents have contacted my office to inform me that they feel that the goalposts keep shifting with regard to home ownership. They save up enough money, only to lose out time and again to buyers who potentially flout the rules or where properties are developed and completely marketed elsewhere, other than Australia. Foreign investment itself is not the issue, but if the rules of foreign investment in residential property are not adhered to and then not enforced, Australians lose out.

I am proud to say that, since coming into office, this side of government has been actively working to redress the balance of home ownership. Just yesterday, the Prime Minister, along with the Treasurer and I, went to visit a home for sale in Kogarah, a popular suburb for residential rental and purchases in the heart of Barton. It was a unique opportunity to meet with constituents, hardworking Australians, to hear of their experiences in the residential property market. This is a familiar scenario across the country. I have heard many stories of Australians being priced out of the property market by unrelenting, unchecked foreign investment. This is something that the coalition is steadfastly committed to rectifying.

Appropriate financial penalties are needed to ensure that real estate agents and buyers, in their actions, are abiding by the rules. Furthermore, new application fees set to be introduced at the time of purchase of a property will go towards the administration of our foreign investment framework. I look forward to working with my colleagues and my constituents on this important issue to ensure that foreign investment and housing affordability work together for our nation's best interests.