An impossible triangle? The impact of housing policy on affordability, accessibility, and efficiency

Jason Nassios, James Giesecke and Xianglong Locky Liu

Centre of Policy Studies/IMPACT Centre Working Papers from Victoria University, Centre of Policy Studies/IMPACT Centre

Abstract: While the impact of housing-related tax instruments on economic efficiency and housing markets has been widely studied, the impact of expenditure instruments has received less attention. Housing grants, transfer duty concessions, shared equity schemes, and rental assistance, are several such expenditure instruments that generate debate regarding their efficacy in achieving housing policy aims. This study examines the impact of these instruments on the housing market. We find that each instrument addresses a specific housing policy aim, but cannot simultaneously improve affordability, accessibility, and efficiency. This finding reinforces the need for policymakers to establish clear and targeted objectives to guide housing policy choices.

Keywords: First homeowner grant; Shared equity; Transfer duty concession; Homeownership; Housing affordability; Housing prices; Excess burden (search for similar items in EconPapers)
JEL-codes: C68 E62 H2 H71 R38 (search for similar items in EconPapers)
Date: 2024-01
New Economics Papers: this item is included in nep-ure
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