Tim Ayres (NSW, Australian Labor Party, Assistant Minister for Trade) Share this | Hansard source

Could I make a couple of observations. Firstly, for first home buyers in, for example, Sydney's suburbs the prices that first home buyers pay for homes are, as you would expect, lower than the median price. That's the first point.

The second point is that this scheme is aimed at supporting Australians to achieve ownership by enabling them to purchase moderately priced homes—that is, it is not designed for the top end of the market—and the property price caps reflect that objective of the scheme. Of course, they will need to be adjusted over time, and the scheme of the legislation allows that to happen as the market in Australian real estate develops.