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
Dear Philip Lowe, please be careful
Alan Kohler The New Daily (No paywall)Tomorrow’s interest rate decision by the Reserve Bank is the weightiest in a generation, and not only because it would be the first hike in a decade and Australians are burdened with debt.
https://thenewdaily.com.au/finance/finance-news/2022/05/02/reser…
# Australia, Housing market.‘It’s over’: Australia’s house price growth slows to a 12-month low
Ellen Lutton Domain (No paywall)Australia’s extraordinary run of house price growth has finally come to an end in all but a couple of cities, with the latest data revealing a patchwork of property markets slowing across the nation.
https://www.domain.com.au/news/its-over-australias-house-price-g…
# Australia, Housing market.The Australian city where house prices are growing by Olympic proportions
Sarah Webb Domain (No paywall)Brisbane is now the fastest-growing capital city property market in Australia, after house and unit medians skyrocketed 32.1 per cent and 9.3 per cent respectively in just one year.
https://www.smh.com.au/property/news/the-australian-city-where-h…
# Australia, Housing market.Building grants create 'unintended consequences' for Perth's overheated construction industry
Rebecca Turner ABC (No paywall)It's been 75 weeks since Perth couple Cassie and Julian Kirtisingham signed a contract to build a five-bedroom, two-bathroom house in the city's southern suburbs. Like many new home buyers, the couple signed up in late 2020 so they could take advantage of $20,000 WA government and $25,0000 federal government stimulus grants designed to keep the construction industry alive during the pandemic.
https://www.abc.net.au/news/2022-04-30/building-grants-lead-to-d…
# Australia, Federal Government, Housing market, State Government.Clive Palmer’s promise to cap mortgage rates at 3% would make it much harder to get a home loan
Isaac Gross The Conversation (No paywall)Clive Palmer’s United Australia Party continues to make waves in the federal election campaign, most recently with advertisements on massive billboards pledging a “maximum 3% interest rate on all home loans for five years”. But does this promise stack up? Keeping mortgage rates at their record lows for five years is a bold promise. Especially because – as Clive Palmer well knows – the government doesn’t set interest rates.
https://theconversation.com/clive-palmers-promise-to-cap-mortgag…
# Australia, Housing market.The Sydney suburbs where property prices have risen and fallen most
Tawar Razaghi Domain (No paywall)Median house prices are still higher than last year in every Sydney suburb, with lifestyle locations continuing to lead the way, new figures reveal.
https://www.smh.com.au/property/news/the-sydney-suburbs-where-pr…
# NSW, Housing market.Low-income tenants hardest hit as Australian rent rises outstrip assistance payments
Stephanie Convery The Guardian (No paywall)Soaring rents have dramatically outstripped increases to the commonwealth rent assistance (CRA) payment, with house rentals in capital cities rising by an average of 13.8% over the last two years while rent assistance has risen by a maximum of 4.52%, leaving low-income renters hardest hit by the national rental crisis. The pressure in regional areas is even more severe, with rent increases of 20.2% across the board. Almost half of low-income renters now experience rental stress, spending more than 30% of their income on rent, even with government support. ... Leo Patterson Ross from the NSW Tenants Union said there were specific policy levers that could be pulled at a federal level that would materially benefit renters – especially through the NHHA – on issues like no-grounds eviction, as well as in separating financial incentives designed for owner-occupiers from those of investors who buy properties to rent for profit. “The federal government could say to the states: ‘You are running a tenancy legislation system that is exacerbating your homelessness crisis, you’re essentially wasting federal money. We need you to start running your business in a way that doesn’t make your problem worse, and if you want your federal funding, you need to come to the table’,” Patterson Ross said.
https://www.theguardian.com/australia-news/2022/apr/27/low-incom…
# TUNSW in the media Australia, Rent, Federal Government, Homelessness, Housing market, Landlords and agents, Welfare.Rental crisis ‘a blind spot’ for politicians in cost of living campaign
Rachel Clun The Sydney Morning Herald (Paywall)The rental crisis engulfing the country should be a wake-up call for both major parties as they fight the election campaign on cost of living issues, welfare support groups say, as data shows there are almost no affordable rentals across Australia. Anglicare’s rental affordability snapshot found less than 1 per cent of rentals were affordable for people on income support, while those on the minimum wage could afford just 2 per cent of available rentals across the country. ... Australian Council of Social Service (ACOSS) chief executive Dr Cassandra Goldie said the report’s findings were alarming. “[This] should be a wake-up call to the government and all parties and candidates this election,” she said. Also, read Stepnanie Convery's article entitled: '"Housing in Australia is broken": only 1.6% of private rentals are affordable for those on minimum wage.' in 'The Guardian' at: [https://www.theguardian.com/australia-news/2022/apr/28/housing-in-australia-is-broken-only-16-of-private-rentals-are-affordable-for-those-on-minimum-wage]. Read Sezen Bakan's article entitled: 'Only seven rental properties are affordable for singles on JobSeeker' in 'The New Daily' at: [https://thenewdaily.com.au/finance/property/2022/04/28/rental-listings-crisis-jobseeker/]. You may view Anglicare's media release with links to both their National Report and Regional Report at: [https://www.anglicare.asn.au/2022/04/27/anglicare-australia-releases-rental-affordability-snapshot-all-parties-must-commit-to-affordable-housing/]
https://www.smh.com.au/politics/federal/rental-crisis-a-blind-sp…
# Australia, Rent, Affordable housing, Families, Housing affordability, Housing market, Welfare.