The independent PBO also warns in its costings that the per-house cost of $300,000 may not be met because the scheme is so large in scope,while the impact it would have on Australia’s property market “is highly uncertain”.
Under the plan,a new federal Housing Trust would be established to construct and manage the new housing,in partnership with states,territories and community housing providers.
About 125,000 properties would be part of a shared equity ownership scheme,with people able to own between 50-75 per cent of the equity and access a low-interest loan to buy their first home.
When an owner wished to sell the property they would only be able to sell back to the Housing Trust and price growth would be capped at 7.5 per cent per year.
Another 750,000 new public and community housing dwellings would be built to reduce waiting lists and homelessness,while 125,000 so-called universal access rental homes would also be constructed.
Tenants in Trust homes would pay the lower of either 25 per cent of their income or market rent.
Greens leader Adam Bandt will launch the policy on Sunday. He said that with so many people locked out of the housing market “we urgently need the government to act and ensure everyone has somewhere secure to call home”.