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
Lower house prices could trap borrowers in expensive mortgages
John Collett The Sydney Morning Herald (Paywall)Those who have not paid off a decent part of their mortgage should make sure it has a competitive interest rate now, as falling house prices will make it more difficult to refinance to a cheaper loan later. Sally Tindall, research director at RateCity, says as property prices fall, more borrowers will find themselves with less bargaining power, and they should look around now for a better deal before it is too late. Also read Nicole Pedersen-McKinnon's opinion piece entitled: 'Rate "wriggle room" has given way to a secret mortgage discounting war' in 'The Sydney Morning Herald' at: [https://www.smh.com.au/money/borrowing/rate-wriggle-room-has-given-way-to-a-secret-mortgage-discounting-war-20220819-p5bb6l.html]
https://www.smh.com.au/money/investing/lower-house-prices-could-…
# Australia, Home ownership, Housing market.Ambitious plans to build towers over railway lines at Central Station revealed
Matt O'Sullivan The Sydney Morning Herald (Paywall)Buildings up to 34 storeys, plazas and a pedestrian avenue separating towers will be constructed over busy rail lines at Central Station under plans for an $11 billion redevelopment aimed at reshaping the southern end of Sydney’s CBD. ... While about half of the new buildings will be for offices, 850 apartments are planned for the site, about 15 per cent of which will be deemed affordable housing. A further 15 per cent is earmarked for so-called diverse housing ranging from student to build-to-rent accommodation.
https://www.smh.com.au/national/nsw/ambitious-plans-to-build-tow…
# NSW, Housing market, Local Government, Planning and development, State Government, Students.Development sites being offered to ease housing affordability concerns
Carolyn Cummins The Sydney Morning Herald (Paywall)Private investors are selling a significant mixed-use development site, with price expectations of $80 million, on Sydney’s northern beaches that will allow a buyer to create more affordable housing in the tightly held precinct. The area across the Spit Bridge has historically had high land values and a significant undersupply of available land with the kind of floor space ratios and building height limits that are capable of providing high-density living. Housing affordability has become a significant issue for both the NSW government and nationally. During the 2022 federal election campaign, now Prime Minister Anthony Albanese said Labor would build 30,000 affordable homes over five years.
https://www.smh.com.au/business/companies/development-sites-bein…
# NSW, Affordable housing, Landlords and agents.Eastern suburbs proposal lets neighbours cut trees blocking water views
Andrew Taylor The Sydney Morning Herald (Paywall)Residents in Sydney’s eastern suburbs can demand their neighbours and the local council prune trees blocking views under a plan that opponents say will lead to neighbourhood disputes. Waverley councillors this month voted on changes to the tree management policy that stops new trees from blocking pre-existing views and requires council officers to consider cutting back trees that have been pruned in the past.
https://www.smh.com.au/national/nsw/eastern-suburbs-proposal-let…
# NSW, Local Government, Neighbours.Domain boss says the housing market is 'tempering', not crashing, as property downturn continues
Samuel Yang ABC (No paywall)Australian house prices may be falling at their fastest pace in more than a decade, but the CEO of real estate website Domain has argued the property market is simply going from red hot to normal. [Jason Pellegrino said]"We are looking at a return to more seasonal patterns and more average listing volumes and market activity over the course of the next 12 months." ... [But] there have been warnings that first home buyers who took advantage of the federal government's low deposit schemes, such as the First Home Guarantee, could be hit hardest by the property downturn as it would be more difficult for them to refinance. ... That means even with the hope of a housing rebound in 2024, falling property prices could force some borrowers into "mortgage prison", RateCity's research director Sally Tindall warned. Also, read Sarah Brookes's article entitled: 'Grim forecast Perth property prices could drop $90k' in 'Domain' at: [https://www.smh.com.au/property/news/grim-forecast-perth-property-prices-could-drop-90k-20220817-p5banj.html]
https://www.abc.net.au/news/2022-08-19/domain-boss-housing-marke…
# Australia, Housing affordability, Housing market.Why we're buying a house in Italy instead of regional Victoria
Kellie Scott and Patrick Wright ABC (No paywall)Moving to Italy might not seem like an obvious anecdote to being priced out of the Australian housing market, but it's exactly what Jarred did earlier this year. The 36-year-old and his wife, 29-year-old Aurora, had been house-hunting in regional Victoria, hoping to find a place to call home with their two small children. But after missing out on a place in Castlemaine, Victoria — which sold for $50,000 above asking price — they were inspired to revisit a pre-pandemic plan of moving to Tuscany, Italy, where Aurora grew up. (ABC Everyday)
https://www.abc.net.au/everyday/buying-real-estate-in-italy-inst…
# International, Home ownership.For one type of home, the property downturn is deeper than the rest
Kate Burke Domain (No paywall)More expensive homes are bearing the brunt of the property downturn, with new data showing prices are falling fastest at the upper end of the market. Price falls that began for higher-end homes in Sydney and Melbourne earlier this year have accelerated and spread, as rapidly rising interest rates curb borrowing power and put downward pressure on prices.
https://www.smh.com.au/property/news/for-one-type-of-home-the-pr…
# Australia, Housing market.This Conservative leadership contest could have a profound impact on housing
Jules Birch Inside Housing (Paywall)Even though neither candidate in the Conservative leadership race have much to say about housing policy, the results of the election could profoundly impact us ... Liz Truss would cut red tape for housebuilding at the same time as she would scrap the “Stalinist housing targets” introduced by her own party and boost community rights to object to homes that create the red tape in the first place.
Rishi Sunak would put a stop to building on the green belt, highlighting the 60 square miles lost to development since 2014 while ignoring the 60,000 square miles that are left and the fact the green belt has doubled in size since 2014. Those contradictory ideas reveal next to nothing beyond a need to appeal to well-housed Conservative members, but neither candidate has said anything so far about social housing, affordable housing or private renting.
https://www.insidehousing.co.uk/comment/comment/this-conservativ…
# International, Public and community housing, Rent, Affordable housing, Housing market.