Housing News Digest
Housing News Digest
The Tenants' Union Housing News Digest compiles our pick of items from all the latest tenancy and housing media, sent once per week, on Thursdays.
Below is the Digest archive from November 2020 onwards. From time to time you will find additional items in the archive that did not make it into the weekly Digest email. Earlier archives are here, where you can also find additional digests by other organisations.
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Archive
How the great Australian dream became a nightmare
Gareth Evans ABC (No paywall)Owning a home was once seen as the path to a better life: the Great Australian Dream. But now it's an ambition out of reach for more and more Australians, with the reserve bank continuing to hike interest rates and a shortage in properties to buy. Today, business and economics reporter, Gareth Hutchens on the Government's pledge to build a million more homes and whether it will help, or even happen at all.
https://www.abc.net.au/radio/programs/abc-news-daily/the-great-a…
# Audio Australia, Federal Government, Home ownership, Housing market.NSW govt spruik '63-year' land tax benefit
Jack Gramenz (No paywall)Optional land tax will help first-home buyers purchase property sooner and save them money over the time they're expected to stay in the property, the NSW government says. Some could live in their property for 63 years and still pay less than they would for upfront stamp duty, NSW Treasury analysis says. That figure is for a first-home buyer buying a $1.5 million unit, the maximum eligible price. More realistically, "under reasonable assumptions", the Treasury analysis still shows those who opt for annual land tax will save money for more than 20 years. Premier Dominic Perrottet wants to start a trial in January of an optional land tax for first-home buyers. (Blue Mountains Gazette)
https://www.bluemountainsgazette.com.au/story/7962953/nsw-govt-s…
# NSW, Home ownership, Housing affordability, Housing market, State Government, Tax.Inside exempt accommodation: what it is really like to live in sub-standard supported housing
Jack Simpson Inside Housing (Paywall)This type of accommodation ... become[s] a crucial option for those who are hard to house, such as prison leavers, rough sleepers, refugees and migrants, and those experiencing substance-abuse issues. In many cases, the accommodation provided is of a good standard, the support is of a high level, and tenants have a positive experience that provides a foundation for moving into social housing or the private rented sector. However, there are more and more examples where the housing is substandard and there is next to no care, support or supervision. This is having a profoundly detrimental impact on people, many of whom are escaping trauma or illness and need a stable and supportive environment. ... [So with the number of sub-standard exempt accommodation properties on the increase across the country] what is it really like to live in one of these homes? Jack Simpson speaks to two people who have endured this type of housing.
https://www.insidehousing.co.uk/insight/insight/inside-exempt-ac…
# International, Homelessness, Local Government.Australian home prices fall for six months in a row as interest rate rises bite
Sue Lannin and Rhiana Whitson ABC (No paywall)National property prices have fallen for the sixth month in a row as higher interest rates make the cost of borrowing more expensive.
https://www.abc.net.au/news/2022-11-01/home-prices-property-inte…
# Australia, Housing market.House prices in mining towns rise as other areas of Australia fall
Andrew Chounding ABC (No paywall)House prices across Australia have fallen since their mid-year peak, but in some regional towns, the cost of buying a house has continued to rise. In the Goldfields town of Kalgoorlie-Boulder, demand for accommodation has been stretched by workers in the mining and resources sector. Almost half of all homes in Kalgoorlie were occupied by renters, with the vacancy rate at 0.3 per cent. Local realtor Gavin Gilmore said the demand for rentals had pushed prices rise to the point where buying a property could be more affordable than renting. "Our rental vacancy rate is hovering around zero per cent, that puts enormous pressure on companies in one respect, but also employees to find accommodation," he said.
https://www.abc.net.au/news/2022-11-02/regional-house-prices-min…
# Australia, Rent, Housing market, Work, employment.The eye of the storm: House prices still have a long way to fall
Elizabeth Knight The Sydney Morning Herald (Paywall)It’s a nail-biting period for homeowners. The rate of decline in house prices eased again in September suggesting a softer landing for the market but if the consensus of economists is to be believed, it’s not over yet. We could be in the eye of the storm. And if house prices experience a peak to trough fall of between 15 per cent and 20 per cent, as many economists expect, we are less than half way there given the national market is off only circa 6 per cent. Even if the Reserve Bank of Australia, which places a more conservative 11 per cent estimate on house price devaluation, is closer to the mark, there is still a long way to go before the market cools down.
https://www.smh.com.au/business/the-economy/the-eye-of-the-storm…
# Australia, Home ownership, Housing market.Workers feel mortgage, insurance pain as inflation and interest rates rise
Rachel Clun The Sydney Morning Herald (Paywall)The rising costs of mortgages, groceries and insurance are squeezing workers and putting some households under increasing financial stress as they face growing inflation and the Reserve Bank’s continued interest rate rises. The value of new owner-occupier loans fell for the fourth month in a row as households around the country tightened their budget belts over October, and inflation reached 7.3 per cent.
https://www.smh.com.au/politics/federal/workers-feel-mortgage-in…
# Australia, Families, Housing market, Work, employment.Now that Australia’s house prices are falling, does the RBA really need to raise rates yet again?
Greg Jericho The Guardian (No paywall)The Reserve Bank continues to signal it wants to kill inflation and yet what exactly still needs to be put to the sword? With falling house prices, will further rate rises now do more harm than good?
https://www.theguardian.com/business/grogonomics/2022/nov/02/now…
# Australia, Housing market.