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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
Landlords hold upper hand, renters set for tough conditions over next 12 months
Tawar Razaghi Domain (No paywall)Tenants face tough conditions for the next 12 months, as housing stress is expected to spread as the number of rentals to choose from plummets to another record low, new figures show. The national rental vacancy rate is at its lowest point on record, falling for the fifth consecutive month to 0.9 per cent, the latest Domain Rental Vacancy Report for July shows.
https://www.smh.com.au/property/news/landlords-hold-upper-hand-r…
# Australia, Rent, Housing market.New program aims to end 'revolving door' for Perth's unwell homeless people
David Weber ABC (No paywall)During Homelessness Week, the focus in Western Australia has fallen onto the link between staying in good health and keeping a home.
https://www.abc.net.au/news/2022-08-02/staywitchs-program-helpin…
# Australia, Public and community housing, Health, Homelessness, Housing market.Borrowers to feel the heat as RBA raises rates again, but new customers get cheaper deals
Gareth Hutchens and Sue Lannin ABC (No paywall)As the Reserve Bank raises interest rates for the fourth time in four months, home loan borrowers are bracing for more repayment pain. Some economists say the RBA is only halfway through its rate-hiking cycle, with the goal of reaching, or even exceeding, 3 per cent by the end of the year. As the cost of money goes up, the big four banks have dramatically raised interest rates for existing customers with variable-rate loans, and more rate rises are expected. Also, read Peter Martin's article entitled: 'Why does the RBA keep hiking interest rates? It’s scared it can’t contain inflation' in 'The Conversation' at: [https://theconversation.com/why-does-the-rba-keep-hiking-interest-rates-its-scared-it-cant-contain-inflation-188011] Read Dinah Lewis Boucher's article entitled: 'Australian house prices set to drop further as interest rates surge. Here's a round up of what's happening with property prices across Australia' on the ABC at: [https://www.abc.net.au/news/2022-08-02/australias-housing-market-property-price/101289042] Read the article by Michael Janda, Rhiana Whitson and Matthew Doran entitled: 'Reserve Bank raises interest rates for fourth-straight month' on the ABC at: [https://www.abc.net.au/news/2022-08-02/reserve-bank-interest-rate-rise/101292420] Read Elizabeth Knight's opinion piece entitled: 'So much for the soft landing for house prices. It’s now a painful thud' in 'The Sydney Morning Herald' at: [https://www.smh.com.au/business/the-economy/so-much-for-the-soft-landing-for-house-prices-it-s-now-a-painful-thud-20220802-p5b6mk.html]. Read Lily Thomson's article entitled: 'RBA increases to interest rates mean home buyers who bought at the peak are facing rapidly rising mortgage repayments' on the ABC at:[https://www.abc.net.au/news/2022-08-02/rba-rate-rise-puts-pressure-on-home-owners-mortgages/101287948].
https://www.abc.net.au/news/2022-08-03/rba-raises-rates-increasi…
# Australia, Home ownership, Housing affordability, Housing market.The young are missing out on the Australian dream
The New Daily (No paywall)The great Australian dream of home ownership is being realised by fewer young people than it was half a century ago. Data collected in the latest Census shows the home ownership rate of people aged 30 to 34-years-old sat at 50 per cent in 2021, a drop of 14 per cent since 1971. For those aged 25 to 29, the decrease was also 14 per cent over the same period, dropping to 36 per cent in 2021.
https://thenewdaily.com.au/finance/property/2022/08/02/property-…
# Australia, Home ownership, Young people.Lack of homes fuels farm worker shortage
Liv Casben Illawarra Mercury (Paywall)It’s milking time at Rob Miller’s farm on the south coast of NSW, but a shortage of staff means fewer cows are making the slow walk to the dairy. The area surrounding his Milton farm includes a string of coastal towns that have gone through a property boom since the COVID-19 pandemic heralded a once-in-a-lifetime exodus to the regions. “One of the biggest issues that we face in a really nice place, rents have gone up … and therefore if you’re looking for staff to work in your business you can’t find them,” Mr Miller tells AAP.
https://www.illawarramercury.com.au/story/7840409/lack-of-homes-…
# NSW, Rent, Coronavirus COVID-19, Housing affordability, Regional NSW, Work, employment.Australia’s Rental Prices Have Gone Up By More Than 70 Percent In Some Suburbs
Lavender Baj (No paywall)As if the cost of living wasn’t already bad enough amid rising inflation, landlords across the country have hiked up the rent to record-breaking levels. You know, because we cannot have anything good this year. ... The report comes amid calls for fixed caps on rental hikes, with the executive director for rental advocacy group Better Renting Joel Dignam telling 3AW’s Neil Mitchell that caps could ensure people actually have a place to live. ... According to NSW Tenants’ Union CEO Leo Patterson Ross, we would need to see a significant increase in vacant rentals for the situation to get much better for tenants. (Junke)
# TUNSW in the media Australia, Rent, Housing market.Landlords evicting tenants for Airbnb and holiday lets, report finds
Robyn Vinter The Guardian (No paywall)From the United Kingdom ... Landlords are evicting tenants and switching to Airbnbs and holiday lets because the money is better and they “do not have to worry about bad tenants”. Research has found a boom in rental properties being used for short-term lets, caused by a rise in domestic holidays and increased regulations for long-term landlords.
https://www.theguardian.com/technology/2022/jul/31/landlords-evi…
# International, Rent, Housing market, Short-term holiday letting.Residents of flood-affected Goodna to be initial priority for buy-back scheme, Reconstruction Authority says they will not be rushed
Laura Lavelle ABC (No paywall)The owner of flood-ravaged properties south-west of Brisbane says he remains in an "awkward position" as he waits to hear whether his houses will be bought back by the government. Flood-affected home owners in eastern parts of Goodna are being given "initial priority" for voluntary home buy-backs, with 31 owners having confirmed their interest so far. More than five months after the February flood disaster, authorities say 4,259 people across the state have registered their interest to have their homes raised, rebuilt or voluntarily bought back under the $741 million Resilient Homes Fund. It includes 443 home owners for voluntary buy-back, with 70 per cent of them living in Ipswich and Brisbane. Eighteen home owners have been identified in the first tranche of the Brisbane buy-back scheme. The state government said Goodna east has been given "initial priority" because of the extent of the disaster impact and flood risk, with valuations in Ipswich to start in mid-August.
https://www.abc.net.au/news/2022-08-01/qld-flood-disaster-report…
# Australia, Housing market, State Government.