In its Federal Budget submission last week, Australian property technology company PEXA has outlined five steps to address the nation’s growing housing affordability crisis.
PEXA’s recommendations included accelerating the development of a national affordable housing register, enhancing access to national property data, establishing a robust national digital identity framework, ensuring equal access to e-conveyancing, and providing cybersecurity training for small businesses in high-risk sectors.
PEXA Group CEO Glenn King (pictured above) stressed the urgency of addressing the housing shortage.
“Housing has become a critical issue nationwide, with availability, affordability, and suitability of housing all demonstrably worsening since 2020 for a range of complex long-term reasons,” King said.
“Access to affordable, suitable housing is now the single most urgent social and economic policy problem for Australians. At a national level, the housing shortage has significant negative impacts on economic mobility, participation, equity and productivity.”
He asserted that the proposed measures could commence immediately at a low cost to the government, offering tangible benefits such as enhancing the availability of affordable housing provided by the private sector, improving the effectiveness, timeliness, and efficacy of Australian housing policy, and promoting equitable access to digital transaction technologies in Australia’s property markets.
One notable proposal is the development of a national affordable housing register, championed by the not-for-profit private sector group Housing All Australians (HAA).
PEXA’s collaboration with HAA involves building the Progressive Residential Affordability Development Solution (PRADS) Register, designed to enhance private-sector investment in affordable housing. The register aims to centralise affordable housing obligations, enabling effective monitoring and compliance oversight. This would ensure that homes committed to vulnerable Australians are delivered punctually, and the affordable below-market rates are upheld throughout the agreement’s duration.
Government funding from the Commonwealth would facilitate the finalisation of the PRADS Register, ensuring it becomes a national, fully operational, and self-sufficient system within four years.
Read more about the PRADS model and register here.
PEXA also recommends unlocking and harmonising access to property-related data nationally, offering policymakers a real-time “Census of Housing” for evidence-based policy. The establishment of a national digital identity system, equal access to e-conveyancing, and enhanced cybersecurity training for small businesses complete PEXA’s set of proposals.
Click here to read PEXA’s Federal Budget submission.
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