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
Sydney’s property prices dropped 10% this year, with $450 a day lost from average home
Peter Hannam The Guardian (No paywall)Sydney’s property prices have fallen by more than 10% since their mid-February peak, shedding almost $450 a day in value on an average home, and leading other major markets lower, CoreLogic said. The 10.1% decline for home values in the harbour city so far comes as documents from the Reserve Bank of Australia indicate average property values may sink as much as 20% nationally from their recent highs by the end of 2024. That decline would be the steepest since the 1980s if realised. Other cities reporting falling home values include Melbourne, where prices are down about 6.4% after beginning their retreat in mid-January. Brisbane’s falls are 6.1% from their mid-June zenith, while Adelaide and Perth have begun edging lower, easing about 1% from their August highs, CoreLogic said. Also, read Kate Burke's article entitled: '"Sinking all the boats": house price downturn hits double digits' in 'The Sydney Morning Herald' at: [https://www.smh.com.au/property/news/sinking-all-the-boats-house-price-downturn-hits-double-digits-20221024-p5bse9.html]. Read Catherine Hanrahan's article entitled: 'Sydney house prices have dropped by 10 per cent this year, according to latest data' on the ABC at: [https://www.abc.net.au/news/2022-10-25/sydney-house-prices-drop-by-10-per-cent-this-year/101573718]
https://www.theguardian.com/australia-news/2022/oct/24/sydneys-p…
# Australia, Housing market, Sydney.We face peril because the UK economy relies on house prices. Here are three ways to fix that
Fran Boait The Guardian (No paywall)From the United Kingdom ... House prices are predicted to drop next year due to a mixture of financial instability caused by the misjudged mini-budget and the Bank of England accelerating interest rate hikes. This will be disastrous for many households struggling to afford increased mortgage repayments. At the same time there are many struggling to buy their first home. In 2021, UK house prices grew at their fastest pace in over a decade, despite the economy still recovering from one of the worst contractions in 300 years. This disconnect between the housing market and the rest of the economy only benefits those who use housing as an asset for accumulating wealth.
https://www.theguardian.com/commentisfree/2022/oct/24/uk-economy…
# International, Housing market.Australian Institute of Architects lashes NSW Premier Dominic Perrottet for 'unwarranted attack' over Barangaroo
Paige Cockburn ABC (No paywall)... the peak body for architects, with over 12,000 members, has written to the premier to take issue with his comments and for "twisting tales". In the letter, the Institute said Mr Perrottet's remarks were "distasteful, derogatory and false" and demanded he apologise. ... "The institute does not negatively pass judgement on the work of members of our profession. It is our role, however, to point out government process discrepancies and failures which impact our profession and the general public, and this has been the case historically with the Barangaroo site."
https://www.abc.net.au/news/2022-10-26/nsw-architects-demand-apo…
# NSW, Planning and development, State Government, Sydney.Building insurers back in the apartment game
Jimmy Thomson (No paywall)When Building Commissioner David Chandler told us that his shake-up of new building standards in NSW would lead to a return of insurers providing cover for new apartment builds, there were a few in the industry who quietly said, ‘tell him he’s dreamin’.” This week that dream became a reality when a major insurer offered cover for selected new apartment blocks’ construction – the first time that has been available to blocks over three storeys high in 20 years, following the collapse of HIH Insurance and the GFC. (Flat Chat) Also, read Rose Mary Petrass' article entitled: '“Bad news for bad developers” – NSW first with 10 year apartment defect insurance' in 'The Fifth Estate' at: [https://thefifthestate.com.au/business/bad-news-for-bad-developers-nsw-first-with-10-year-apartment-defect-insurance/]
# NSW, Strata.Housing association’s women-only affordable housing scheme in west London rejected by councillors
Ella Jessel Inside Housing (Paywall)Hammersmith and Fulham’s planning committee turned down a proposal by the suffragette-founded Women’s Pioneer Housing (WPH) to replace 36 flats and its run-down offices in White City with 60 new homes. The scheme, a joint venture with developer HUB and designed by architects AHMM, would also have seen an 18-storey co-living tower with 209 studios built on the 227 Wood Lane site. However despite planning officers recommending approval, WPH’s scheme was rejected after a debate at Hammersmith and Fulham’s planning committee earlier this month.
https://www.insidehousing.co.uk/news/news/housing-associations-w…
# International, Public and community housing, Affordable housing, Planning and development, Women.Home Truths: Realities of the housing market in a public service town
Chris Johnson (No paywall)Australian Public Service employees have always had an impact on the Canberra housing market – both sales and rentals – because so many of them live and work in the capital. Depending on individual contracts and employment status, durations in the ACT vary from fleeting short-stays to lengthy permanency. And then there are the hordes of people working for industries that service the sector. They need homes too. (Riotact)
https://the-riotact.com/home-truths-realities-of-the-housing-mar…
# Australia, Housing market.Single housing ombudsman should cover social and private tenants, current watchdog says
Grainne Cuffe Inside Housing (Paywall)From the United Kingdom ... In response to a report by the Department for Levelling Up, Housing and Communities (DLUHC) Committee, published in July, the Housing Ombudsman said there should be a single body with “universal powers to ensure consistent and fair redress across the housing market, regardless of tenure or provider”. The comments were in response to the committee’s recommendation in the report, which followed its inquiry into the regulation of social housing in England, that all tenants should receive the same level of compensation for landlord failings, regardless of tenure. In June, rental reforms in a white paper proposed that a new private rented sector ombudsman could order rogue landlords to pay up to £25,000 in compensation to tenants.
https://www.insidehousing.co.uk/home/home/single-housing-ombudsm…
# International, Public and community housing, Rent, Tribunal NCAT, Landlords and agents.‘Data breach waiting to happen’: Warning for real estate agents and renters on personal info requests
Tawar Razaghi Domain (No paywall)Years of work and rental history, bank statements, self-funded background checks, social media profiles and pet resumes are just some details that prospective renters have to provide to secure a property. Experts have raised concerns about the potential risk of an Optus-style data breach waiting to happen in the real estate industry as it amasses more and more sensitive information on rental applicants. Real estate agents have almost free rein on what they can ask to collect – beyond protection against basic discrimination based on background or disability – and some ask for applications just to view a property. In a tight rental market, prospective tenants feel obliged to provide as much information as they’re asked for, said Leo Patterson Ross, chief executive of Tenants Union NSW. ... The Real Estate Institute of Australia’s president Hayden Groves said renter privacy and the risk of a data breach were of deep concern to the Institute. “It is on our radar, and we’ll be looking to ensure our state institute members who are dealing with this sort of sensitive data have the correct tools that they’re following due process and best practice principles,” Groves said.
https://www.smh.com.au/property/news/data-breach-waiting-to-happ…
# TUNSW in the media Australia, Privacy and access, Rent, Landlords and agents.