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
Beware of pedlars of supply side solutions to home affordability
Ross Gittens The Sydney Morning Herald (Paywall)One thing you can be sure of is that if house prices are soaring, governments will be holding inquiries into it. Unfortunately, the other thing you can be sure of is that nothing will come of those inquiries. Why? Because their purpose is to express the government’s deep concern about the worsening affordability of homeownership – its heart-felt sympathy for young people struggling to buy their first home – not to tackle the problem. Within Ross Gitten's article there is a link to a video on 'tiny houses' which is worth checking out.
https://www.smh.com.au/business/the-economy/beware-of-pedlars-of…
# Must read Australia, Affordable housing, Federal Government, Home ownership, Housing affordability, Housing market, State Government, Young people.Aboriginal practice in western courts: meet the man striving to make justice fairer
Cameron Gooley The Sydney Morning Herald (Paywall)Brendan Thomas has spent more than two decades in the public service, working to create a more equitable justice system for Aboriginal people in New South Wales. But the Wiradjuri man is about to take on his biggest role yet: he’s been appointed to head a new division in the state’s Department of Communities and Justice (DCJ) ... Tasked with improving public housing and reducing the Aboriginal incarceration rate and the number of First Nations children being placed into state care, he’s well aware of the enormity of the task. Check the media release at: [https://www.dcj.nsw.gov.au/news-and-media/media-releases/aboriginal-leader-to-transform-outcomes]
https://amp-smh-com-au.cdn.ampproject.org/c/s/amp.smh.com.au/pol…
# NSW, Aboriginal renters, Public and community housing, State Government.Government’s plan to end no-fault evictions delayed until next year
Lucie Heath Inside Housing (Paywall)From the United Kingdom ... The government has written to stakeholders to inform them that the white paper, which was originally expected this autumn, will be published in 2022. The white paper is expected to set out the government’s plans to ban Section 21 evictions, which are often referred to as no-fault evictions as they allow landlords to evict tenants without giving a reason. Former prime minister Theresa May first announced plans to ban this type of eviction in April 2019. A spokesperson for Department for Levelling Up, Housing and Communities told Inside Housing that the government “remains committed to delivering a fairer private rented sector – this includes ending the practice of no-fault evictions”. ... Calls were repeatedly made during the coronavirus crisis for the government to bring forward the ban on Section 21 evictions as it was feared that they could be used against people who had fallen into arrears due to pandemic-related pressures.
https://www.insidehousing.co.uk/news/news/governments-plan-to-en…
# International, Eviction, Rent, No-grounds evictions.Sirius Sydney
Domain (No paywall)You will find another glossy ad selling luxury apartments in Sydney’s iconic Sirius Building in 'Domain' (29-30 October 2021, p9) with the tag 'Don't miss your opportunity to own this view'. The Sirius building was built in the 1970s to provide social housing for low-income residents of Sydney’s The Rocks district. The Berejiklian government sold it to private developers in 2019 for $150m. You can read about the sell-off of Millers Point housing at: [https://www.tenants.org.au/blog/millers-point-through-looking-glass]
# Video NSW, Public and community housing, Estate renewal, Housing market, State Government.Australia’s Reserve Bank signals the end of ultra-cheap money. Here’s what it will mean
Isaac Gross The Conversation (No paywall)The Reserve Bank of Australia had a Cup Day surprise in store for the country, announcing it was abandoning its policy of “yield curve control”, meaning it was no longer going to defend any particular interest rate for borrowing over any particular duration. ... The decision means the booming housing market will start to crest. Low interest rates sparked the boom as renters flocked to become first-homebuyers and investors jumped in to catch rising prices. The prospect of higher mortgage payments is going to dent this enthusiasm, perhaps quickly. Prices are set to stabilise, before edging, or sliding down .
https://theconversation.com/australias-reserve-bank-signals-the-…
# Australia, Home ownership, Housing market, Landlords and agents.Signs of a cooling housing market are too late for those hoping for better affordability
Greg Jericho The Guardian (No paywall)For the first time in a long time the prospect of rising interest rates is back on the table. But while the Reserve Bank suggests we still have to wait a while yet, the housing market has already begun to cool from the absurd levels of earlier this year. ... While the prospect of rising rates and the end of government subsidies might be taking the heat out of the housing market, it will be too late for many. The difficulty of affording a home is now greater than it was before the pandemic, and unless prices actually fall, it will remain so for a long time to come.
https://www.theguardian.com/business/grogonomics/2021/nov/04/sig…
# Australia, Home ownership, Housing affordability, Housing market.How to make your home more resilient to natural disasters
Sezen Bakan The New Daily (No paywall)Millions of Australians aren’t considering how extreme weather could put their lives and property at risk when house hunting, a new report shows. As climate change wreaks havoc on Australian weather patterns, data published by Suncorp Insurance shows 46 per cent of Australians aren’t thinking about natural disasters when buying a new home or renovating.
https://thenewdaily.com.au/finance/property/2021/11/02/home-prop…
# Australia, Home ownership, Housing market.Some households will need $22,458 extra a year to avoid mortgage stress if rates rise by 1 percentage point
Tawar Razaghi Domain (No paywall)Households with a $1 million home loan would need an extra $22,458 in income a year to avoid mortgage stress if interest rates rose 1 percentage point, new data reveals. Despite the Reserve Bank deciding to hold its cash rate at a record low of 0.1 per cent after its November board meeting on Tuesday, there are growing expectations that will not remain the case next year. Experts believe the inevitable rate rise will push many households into mortgage stress and signal the “beginning of the end” of the great COVID-19 house price boom.
https://www.domain.com.au/news/households-will-need-22458-extra-…
# Australia, Home ownership, Housing affordability, Housing market, Landlords and agents.