Tuesday, April 30, 2024

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Australia’s Housing Crisis Has Become A Fierce Political Battle

2

We Need A Different Conversation About Australia’s Housing Supply

3

Australian Housing Crisis: Full-Time Workers Forced Into Homelessness

4

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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Tag: Housing Crisis

Home » Housing Crisis » Page 3

Housing Affordability Is Deteriorating and There’s No End In Sight

The latest decision of the RBA to increase the cash rate by 0.25 basis points will further elevate mortgage stress and reduce borrowing capacity for homebuyers across the country.

Released today by the Bankwest Curtin Economics Centre at Curtin University, the ‘Housing Affordability in Western Australia 2023: Building for the future’ report has revealed the alarming extent to which housing affordability in WA has deteriorated in the last two years.

Private sector rents in WA increased by around 13% in the last year alone and rising interest rates have inflated mortgage payments for existing homeowners. Rising house prices, lower borrowing capacity and increased mortgage repayments have negatively affected prospective buyers.

The report shows that the mortgage delinquency rate has more than tripled for new homeowners who took out loans in 2022 compared to those with earlier loan vintages.

Advocates Urge Government to ‘Seriously Consider’ Tiny Homes as Solution to Housing Crisis

Owning a home has always been a dream for Tabatha Wiezczorek, but with the price of housing across much of the country through the roof she’s now looking at something smaller — a tiny home.

Ms Wiezczorek grew up in Newcastle and for a few years she was sleeping rough, unable to afford rent.

“I was homeless, I’d been homeless for about two years,” she said.

“I thought Cessnock was pretty cheap and it wasn’t too far away from Newcastle.”

Ms Wiezczorek decided to relocate to Cessnock, about 50 kilometres west of Newcastle, about 10 years ago.

“When I came out here it was a lot cheaper. It was under $300 a week to rent a three-bedroom house, she said.

“There’s nothing decent here now under $400 a week.”

What Killed the Housing Construction Industry?

Data from the Australian Bureau of Statistics shows that the backlog of residential construction work has blown out to a record $53 billion.

The value of house building work that is yet to be done has risen to $22.8 billion, while the value of apartment construction work in the pipeline has topped $30.7 billion.

Meanwhile, ASIC data shows that nearly 1500 construction companies have shut down since 30 June, putting the year on pace to be the worst in at least ten years.

Earlier this week, the National Housing Finance & Investment Corporation (NHFIC) released its State of the Nation’s Housing report, which forecasts that demand will exceed supply by 124,100 dwellings over the five years to 2028 amid record net overseas migration..

Politics at Heart of Housing Crisis

Australia’s housing crisis isn’t the fault of dodgy developers and greedy landlords, it’s a product of politics and poor leadership.

It might be popular to point fingers at developers and landlords, but this crisis, and it is indeed a crisis, is a socio-political issue that it is up to governments to solve.

Developers aren’t the wicked, greedy sorts they are often made out to be – they are creating a product the same as any other sector of manufacturing. And we don’t expect other businesses to make a loss to solve a policy problem.

Australia Faces Three Housing Crises — What Are They?

A new whitepaper finds that interest rates are not the primary driver of the movement in house prices.

The ongoing housing challenges in Australia are comprised of related but separate crises, according to the latest whitepaper from PEXA Research and LongView.

Putting into perspective the drivers of house prices based on decades worth of data, the whitepaper identified three related housing crises currently happening in Australia: purchase affordability, rental affordability, and rental experience.

PEXA CEO Glenn King said containing the analysis of the housing crisis to just supply-demand arguments would only yield simple solutions that, he believes, would not be enough to work.

“What we have sought to do to is forensically analyse Australia’s unique demographic and urbanisation profile to help explain Australia’s upward trend in house prices over so many decades,” he said.

Continue reading the findings of the whitepaper at yourmortgage.com.au.

Superb Parrots Caught in “Housing Crisis”

Just 0.005% of available tree hollows in Canberra’s woodlands are suitable nesting sites for superb parrots. This “housing crisis” in the bird world may affect the longevity of the species.

A new study by researchers at The Australian National University (ANU) and the ACT Government has found the search for a suitable nesting site can have a big impact on how many offspring the superb parrots are able to produce.

The superb parrot, also known as Barraband’s parrot, is a listed vulnerable species with a small resident population in Canberra.

Previously ANU researchers have shown that these sleek green birds depend on tree hollows for nesting, but that their preferred nest sites are extremely rare.

And if you want to provide a healthy habitat for parrots and other endemic creatures to nest in your own backyard, check out these tips to encourage native species.

 

Boomers, Generation X or Millennials: Who has it worse when it comes to buying a home and paying it off?

When single mum Kerrie Boylett wanted to buy a home in 1995, almost all lenders turned her away.

Ms Boylett is now retired and aged 68, but back then she was 40, and had a nine-year-old daughter.

“It was a lot harder for me to get a loan as a single person and a woman — it was practically impossible,” she tells ABC News.

Ms Boylett eventually convinced one lender to give her a loan. She bought her first home in Coogee, NSW for $150,000, with a deposit of 15 per cent (which she says was based on a decade of her saving).

Her variable interest rate was a massive 19 per cent and her income was low, making it a daily struggle to afford to live.

“It was really hard, really hard — I mean, I remember once I had the electricity cut off for three days,” she recalls.

Read the full article at abc.net.au

More social and affordable housing is the only solution to Australia’s rental crisis

A boost in social housing benefits everyone – people in housing stress get the homes they need and building new homes creates jobs and opportunities

For the first time, Australia is entering the new year with a prime minister who grew up in social housing.

Yet as Australians face a rise in living costs, soaring rents, and crashing vacancy rates, we are also bidding farewell to a key housing affordability measure.

The National Rental Affordability Scheme (NRAS) was designed to help working people who had been priced out of renting, allowing them to create a stable home for themselves and their family.

The scheme wasn’t perfect – it was based on incentives and payments to landlords – but its end will mean thousands of affordable homes will disappear with no plan for the people who were living in them. Renters leaving the scheme will enter a rental market with record low vacancy rates. Data released this week shows a 10% surge in rent prices across capital cities. Many won’t be eligible for social housing, and those who are will find that waiting lists are years long.

Housing Affordability: Would a Foreign Buyer Ban Make a Difference?

While home values have steadily retreated from their pandemic peak in recent months, they remain at near-record highs, posing an ongoing challenge for many Australians who want to own their own home.

In the September quarter of last year the national average home price sat at $889,800, data from the Australian Bureau of Statistics shows – 33% higher than in September 2019 ($668,800).

Joey Moloney, a senior associate at the Grattan Institute, says that the affordability of housing in Australia has been deteriorating for years though.

Read the full article at Money Magazine

How housing made rich Australians 50 per cent richer, leaving renters and the young behind

How housing made rich Australians 50 per cent richer, leaving renters and the young behind — and how to fix it

Compared to the rest of the world, income inequality is not particularly high in Australia, nor is it getting much worse — until you include housing.

Rising housing costs have dramatically widened the gap between what Australians on high and low incomes can afford. Rising home prices paired with plummeting rates of home-ownership are driving up wealth inequalities.

If we want to address inequality, we will have to fix housing.

Key points:

  • Housing is draining the incomes of the poor
  • Housing is driving wealth inequality
  • Housing is driving up capital income
  • Housing is creating a “Jane Austen world”
  • The Federal Government needs to fix taxation
  • Australia needs to build more houses

Read the original article at The Conversation

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