Thursday, July 11, 2024

Month: September 2023

Australian Households On Six-Figure Incomes Can Now Only Afford 13% Of Homes

New report shows housing affordability has reached its lowest levels in decades as market continues to rebound

Rising interest rates and surging home prices have seen Australian housing affordability crash to its lowest levels in decades, according to a new report.

A household earning the median income of $105,000 can now only comfortably afford 13% of homes on the market, the lowest share since the relevant data was first collected in 1995, according to property data company PropTrack.

Three years ago, the median income household could afford almost 40% of homes – which includes houses and units – for sale.

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