Thursday, April 25, 2024

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Australia’s Housing Crisis Has Become A Fierce Political Battle

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We Need A Different Conversation About Australia’s Housing Supply

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Australian Housing Crisis: Full-Time Workers Forced Into Homelessness

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Shock Sum Parents Need To Give Their Kids To Buy First Home

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27 Million Milestone Stirs ‘Population Panic’

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The Future Of Housing In Australia Is Apartments. Lots And Lots Of Apartments

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Australia Is At Social Breaking Point. Where To From Here?

It’s grim, isn’t it? This week, we’ve heard ANZ’s chief executive declare home loans are now “the preserve of the rich”, seen the Rental Affordability Index conclude that renting is less affordable than ever, and learnt that our social cohesion is at the lowest level ever measured by the Scanlon-Monash index. All are clearly related.

Home loans are so expensive because high property prices are now meeting high-interest rates. Naturally, landlords are passing this on to renters. And those interest rates are increasing because inflation is stubbornly high, meaning however unaffordable housing is, everything else is costing more, too.

The ensuing financial stress is seeping through the community and straining our social and even political relationships. That last point isn’t my speculation. It’s what the Scanlon report found. Taken altogether, this is a picture of slow-motion breakdown.

Read the full article at www.theage.com.au

A Housing Crisis Is Unfolding For Many Older People

The Australian welfare system, including the Age Pension, was designed on the assumption that older people own their home and can age there.

But the latest National Seniors Australia research has shown this to be far from true for many of us.

In February this year, the 11th National Seniors Social Survey, or NSSS-11, asked more than 5,300 people aged 50 and over about their housing situation.

It revealed housing affordability concerns plague two-thirds of us, and more than half are living in homes unsuitable for later life because they need modifications, security of tenure, or assistance to manage their size.

The findings are consistent with the alarm bells already ringing across the country about rental and mortgage crises, showing they affect older people as well as the young.

Read the original article at nationalseniors.com.au

Australia’s housing crisis is “only going to get worse”

REA Group’s Economist Anne Flaherty warned that Australia’s housing crisis is “only going to get worse” as demand from strong immigration continues to far outrun housing construction.

“Over August we did see approvals increase by 7%. But compared to 12 months earlier they were actually down over 20%”, Flaherty told Sky News Business Editor Ross Greenwood.

“This is really problematic if you think about the fact that our population is growing so rapidly”.

“We know that over the 12 months to March, our population increased by 563,000 people. So, unless approvals pick up the issues, we’re seeing with undersupply at the moment are only going to get worse”.

“Unfortunately, building approvals are your best-case scenario of how many homes are going to be developed. Because the reality is that just because a property is approved for development does not mean it is going to get off the ground”.

Read the full article at macrobusiness.com.au

The federal government’s signature housing policy has passed. This is what it’ll actually do

After more than half a year stuck in the Senate without enough support to become law, the Housing Australia Future Fund (HAFF) has finally passed parliament after Labor struck a deal with the Greens.

While it’s been touted by the government as the biggest-ever investment into affordable housing in Australian history, the policy is a little complicated, as it isn’t a direct injection of funding into housing.

‘Whole Housing System In Crisis’: Report Finds Australia’s Emergency Accommodation Is Often Unsafe

Study finds lack of available social housing and unaffordable private rentals mean people entering crisis accommodation have no pathways out

Emergency accommodation is often unsafe, inappropriate, of poor quality and compounds the trauma of people experiencing housing crisis, a new report has found.

The lack of available social and affordable housing coupled with inaccessible and unaffordable private rentals meant that most people who entered crisis accommodation had no meaningful pathways out.

Demand for emergency housing was also vastly outstripping supply, which meant services were resorting to acquiring unsuitable and often unsafe short-term accommodation, such as in rooming houses, hostels, motels and caravan parks.

Read the original article at The Guardian

Australian Housing Crisis: Nation to fall more than 60,000 short of target in first year: HIA

Australia is on track to fall more than 60,000 new homes short of the 240,000 total needed in the first year of an ambitious new housing affordability crisis-busting program.

And a leading economist has warned to get the numbers up state governments will need to encourage foreign investors, reconsider property taxes and slash planning timelines.

The Housing Industry Association’s National Outlook released today forecasts just 178,839 new apartments, townhouses, units and houses will be built next year.

In 2025 the projections suggest only 195,105 homes will be added to the nation’s housing supply.

Read the original article at news.com.au

1 In 2 Young People Are Being Turned Away From Accessing Crisis Housing Accomodation

In the midst of a housing and cost of living crisis young people are finding it increasingly harder to find a place to call home.

TikToks capturing hordes of people inspecting (most likely) mould speckled homes on the weekends and conversations of significant rent hikes have become fixtures of what it means to be a young person right now, and for some, things can only be spread so thin before it crumbles.

This week marks National Homelessness Week, and has prompted the NSW Government to reaffirm its plan to drive down homelessness across the state.

A Four-Step Housing Solution

We have a shortage of homes in Australia. There are four steps governments can take to improve supply and ease the pressure.

After decades of debate, all political parties and agencies recognise that there is an acute shortage of housing. This is partially due to an underbuild in the previous decades, a shift toward lower density through the pandemic and strong population growth. The shortage of housing stock has reached such an acute level that all tiers of government are focused on addressing the problem.

When the National Housing Finance and Investment Corporation (NHFIC) released its State of the Nation’s Housing Report 2022-23 in April, it was a significant moment for policymakers. The report’s findings indicate that all levels of government have failed to deliver an adequate supply of homes for Australians. Until then, they failed to recognise the depth of the problem.

The Australian Government’s goal to build one million homes over the next five years is achievable, but even this volume of new homes won’t resolve the shortage. The challenge for them is how to achieve this laudable goal. The following are four necessary steps to increase the supply of new homes.

Michael Pascoe: “I’ve Found the Missing Housing – Half a Century’s Worth”

You know all the handwringing about the housing crisis, the claims that “it’s complicated” and that “there’s no silver bullet” and the broad resignation of not having a solution?

Well, I’ve found the missing housing and know what the real solution is – if any government cares.

We’ve arrived at the present housing disaster rather like the Hemingway character explaining how he went bankrupt: “Two ways. Gradually and then suddenly.”

The “gradual” part of the crisis started half a century ago when governments began to withdraw from providing public housing.

That gradual withdrawal turned into a speedy exit since the turn of the century, finally disastrously exploding under the cover of COVID as the nation found itself with a critical shortage of accommodation and an unsustainable model of housing prices forever dramatically rising.

Read the original article at TND

Young Aussie Calls Out Major Housing Myth Spread By Baby Boomers

A young influencer is challenging baby boomers who suggest ‘lazy young people sipping lattes’ could buy a house like they did 40 years ago.

Jack Toohey has made A video breaking down the differences between buying a home in 1983 and 2023.

Baby boomers are often fond of reminding the young how they paid 18 per cent interest rates in the 1980s, but they fail to mention that typical house price compared with average incomes were significantly cheaper when they bought four decades ago.

Toohey has demolished their misleading claims and misinformation with facts and figures comparing real estate values and earnings.

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