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
Barangaroo: From the Hungry Mile to Australia’s most expensive neighbourhood
Lucy Macken Domain (No paywall)Long before Barangaroo drew the designer eye of some of the world’s top architects and the glittering towers they built lured the uber-rich from around the world, the foreshore was better known for the Hungry Mile, a barren roadway named after the queues of workers who sought work on the docklands during the Great Depression. There were few residents, but in neighbouring Millers Point there were an estimated 300 public housing properties to house Sydney’s neediest citizenry. Not any more. A selloff of public housing by the state government means that generations of working-class locals no longer live in the historic sandstone terraces. But the money being splashed around in Millers Point – $5 million for a rundown terrace, up to $10 million for a double-fronted one with views – is a fraction of that at Barangaroo. There, Crown’s distinctive One Barangaroo tower – designed by international architectural firm WilkinsonEyre – dominates the skyline, and Lendlease’s trio of towers, designed by acclaimed architect Renzo Piano and known collectively as One Sydney Harbour, is fast taking shape. The tallest of Lendlease’s buildings, known as Residences One, is not due for completion until early next year, but it already claims Australia’s most expensive residential sale of $140 million. [Read on] Also, read Michael Koziol's article entitled: 'Old enemies cop it sweet in Keating and Perrottet’s architecture double act' in 'The Sydney Morning Herald' at: [https://www.smh.com.au/national/nsw/old-enemies-cop-it-sweet-in-perrottet-and-keating-s-architecture-double-act-20221020-p5brdi.html]. Read Margot Saville's opinion piece entitled: 'Barangaroo stole our skyline and belittled the Opera House' in 'The Sydney Morning Herald' at: [https://www.smh.com.au/national/nsw/barangaroo-stole-our-skyline-and-belittled-the-opera-house-20221018-p5bqs7.html] You will find a link to 15 stories under the heading: 'The verdict on Barangaroo' at: [https://www.smh.com.au/national/nsw/barangaroo-ten-years-on-20221013-p5bpfy.html].
https://www.smh.com.au/property/news/barangaroo-from-the-hungry-…
# NSW, Public and community housing, Heritage listings, Housing market, Planning and development, Sydney.Calls for Queensland to end 25-year locked-in property management contracts amid rising body corporate costs
Audrey Courty ABC (No paywall)Rising tensions between Queensland homeowners and property managers over locked-in management rights contracts lasting up to 25 years will be raised at the state government's housing summit today amid concerns of rising body corporate fees.
https://www.abc.net.au/news/2022-10-20/qld-housing-summit-body-c…
# Australia, Strata, Landlords and agents.Perth rental crisis: Families’ heartbreaking pleas as they face possibility of being homeless
(Paywall)FIFO workers are among Perth’s new army of homeless. Katherine Houareau, who works as a truck driver at a mine site in Leinster, is scrambling to find a new rental home for herself and her two kids. (The West Australian)
https://thewest.com.au/features/the-sunday-times-long-reads/pert…
# Australia, Rent, Homelessness.Property prices to fall up to 20 per cent: RBA
Shane Wright The Sydney Morning Herald (Paywall)Property prices could fall as much as 20 per cent by the end of 2024, hitting consumers and wiping hundreds of billions of dollars worth of wealth from households, internal research by the Reserve Bank has found. Documents released under Freedom of Information by the bank show it believes the sharp rise in interest rates it has put in place to quell inflation will have a direct impact on the value of the largest asset held by most Australians over the next two years.
https://www.smh.com.au/politics/federal/property-prices-to-fall-…
# Australia, Housing market.How big a pay rise you need to afford to buy a house
Melissa Heagney Domain (No paywall)Home hunters would need a pay rise of as much as $28,000 since April to afford a median-priced house even though property prices are falling, because mortgage repayments are more expensive now, new modelling shows. If a potential home buyer does not manage to purchase until March 2023 and interest rates rise as forecast, they would need to earn an extra $9000 by then.
https://www.smh.com.au/property/news/how-big-a-pay-rise-you-need…
# Australia, Housing affordability, Housing market.Digital Finance Analytics (DFA) Blog The US Housing Market Is Cooling…
(No paywall)Latest US data shows housing starts is falling, as mortgage rates rise. (Digital Finance Analytics)
https://digitalfinanceanalytics.com/blog/the-us-housing-market-i…
# Video International, Housing market.This is how high mortgage repayments could go for every loan size
Nicole Pedersen-McKinnon The Sydney Morning Herald (Paywall)The good news: the pace of interest rate rises has slowed. The bad news: they have not stopped.
The Reserve Bank is still expecting inflation to stand at about 7.75 per cent at the end of the year. And its priority is (still) to return that rate to between 2 and 3 per cent over time, all while keeping the economy on an “even keel”. Even it admits this is a tough ask, with the RBA noting the path to achieving that balance is “clouded in uncertainty”.
https://www.smh.com.au/money/borrowing/this-is-how-high-mortgage…
# Australia, Housing affordability, Housing market.Auctions are in a downward cycle, pushing property prices lower
Elizabeth Redman Domain (No paywall)House prices are in a downward cycle and sellers who need to secure a sale are increasingly flexible on price, but as prices fall, it’s motivated sellers who make up an increasing slice of the market. Many homeowners who are in no rush to sell are delaying their campaign until next year, while this spring’s vendors are largely aware they should not expect last year’s boom-era prices.
https://www.smh.com.au/property/news/auctions-are-in-a-downward-…
# Australia, Housing market.