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Victoria Walker has come up with a plan to slash the time it will take to save a home deposit.

The 30-year-old mental health nurse this month will move from her flat in Bondi into her grandfather’s home nearby.

“We definitely have it harder than our parents did buying a home, but I figure that it’s going to be hard no matter when you choose to do it,” she said. “The move will help me save … and its not for everyone, but we have a good relationship and I’m lucky to have the opportunity.”

Her comments come as a new Senate inquiry has revealed the national rate of home ownership is declining and more Australians are being locked out of the housing market.

Some rental markets are also being affected by prices which are rising much faster than the average median wage growth.

The committee including Senators Sam Dastyari, Scott Ludlam, Kim Carr and Nick Xenophon has called for state government to dump stamp duties, which they argue should be replaced by more broad-based land tax levies.

They have also taken aim at negative gearing, arguing the Federal Government should consider slashing the controversial policy in a taxation review currently underway.

“The committee has called for an inquiry into the costs and impacts of negative gearing, particularly on renters, including the option of phasing it out,” Senator Ludlam said.

“The Abbott Government should consider this as part of a sensible discussion of Australia’s tax system.”

Other recommendation include changes to infrastructure funding, which is usually funded by developers and passed on to consumers in the form of higher house prices, and the reinstatement of Minister for Housing and Homelessness.

Meanwhile, Ms Walker is prepared for a long battle no matter what action the government takes to improve the odds for new homebuyers.

She believes her parents’ generation had it easier buying a home, but there are always other issues that affect the affordability at any point in time.

Obtaining credit for a home loan is easier for her generation than for her parents, she notes.

“You just have to figure out what your priorities are … mine was never to buy a house straight away, and so I spent money on travelling and my lifestyle, but now I’m getting to the age where having a home is becoming important to me and saving is becoming my number-one priority,” she said.

Ms Walker has worked for more than seven years at hospitals across Sydney, most recently Royal Prince Alfred hospital in Camperdown.

Saving for a housing deposit has been on the agenda since she started working, but has only become front-of-mind in the past two years.

Holding a coveted position within the mental health unit at Camperdown’s Royal Prince Alfred hospital, she is not concerned about her earning capacity.

But price jumps in the Sydney housing market in the past 12 months of more than 13 per cent means the price of ownership is rising faster than she can save, which is where the opportunity to live with family comes in.

Is she daunted by the task ahead?

“A little, but its something I want to do,” she said.


Posted by Samantha Hutchinson – Domain (Fairfax Media) on 11th May, 2015