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
New Zealand Steps in to Prevent Housing Bubble
Renee McKeown (No paywall)New Zealand is scrapping tax incentives for investors in an effort to cool one of the hottest property markets on the planet as it responds to the country’s “housing problem”. Property values have increased nearly eight times faster than income with prices up 27 per cent on average according to Corelogic. The draft legislation would limit the availability of deduction for interest expenses for existing residential properties, however would not extend to new builds. Finance minister Grant Robertson said they needed to stem investor demand. “We want to curb investors’ appetite for existing residential properties but also want to stimulate investment in new housing,” Robertson said. (The Urban Developer)
https://www.theurbandeveloper.com/articles/nz-government-steps-i…
# International, Rent, Federal Government, Housing affordability, Housing market, Landlords and agents.‘Priced out’: how Covid’s work-from-home boom is squeezing small towns
Jock Serong The Guardian (No paywall)Two winters ago, my evening dip at Port Fairy’s East Beach was framed by a backdrop of darkened, empty holiday houses. I could swing into a parking spot outside the front door of the supermarket. And to some extent these things still applied in the winter of 2021, but there were noticeable differences. The town’s two primary schools are at capacity. Long-term rentals and homes for sale are scarce. The lights are very much on. In some ways Port Fairy, three-and-a-half hours west of Melbourne, offers a useful study of what’s happening to coastal towns all along the eastern seaboard.
https://www.theguardian.com/australia-news/2021/oct/03/priced-ou…
# Australia, Coronavirus COVID-19, Housing market, Regional NSW.China is in the midst of a power crunch and the Evergrande crisis. But not everyone is panicking — yet
Bill Birtles and Paddy Fok ABC (No paywall)Ninety million empty flats and a generation squeezed out of the housing market in big cities. An economy heading for a slowdown that's currently growing too fast for power plants to keep up. It might look like China is headed towards disaster, but crystal ball gazing in the world's most populous country has never been easy.
https://www.abc.net.au/news/2021-10-03/china-evergrande-property…
# International, Housing market, Landlords and agents.Property price hikes continue to slow, but annual growth at highest level in more than 30 years: CoreLogic
Kate Burke Domain (No paywall)Australia’s booming property market has reached record highs in the face of extended lockdowns and growing affordability constraints, resulting in the strongest annual growth in more than 30 years.
https://www.domain.com.au/news/property-price-hikes-continue-to-…
# Australia, Coronavirus COVID-19, Housing affordability, Housing market.Banks prepare for lending restrictions as investors dive into market
Shane Wright and Jennifer Duke The Sydney Morning Herald (Paywall)Major banks are preparing for lending restrictions to kick in before the end of the year following new data showing property prices are rising at their fastest rate in more than 30 years and investor activity continues to climb.
https://www.smh.com.au/politics/federal/sydney-median-house-pric…
# Australia, Home ownership, Housing market, Landlords and agents.Port Macquarie-Hastings mayor calls for travel exemption review of property inspections
Luuisa Rubbo ABC (No paywall)The Port Macquarie-Hastings Council is calling on the state government for a review of COVID-19 travel exemptions to the area by residents from NSW hotspots. Mayor Peta Pinson and council's CEO have written to the government about the community's frustration and opposition to travel exemptions that allow Greater Sydney residents to visit regional areas to inspect property.
https://www.abc.net.au/news/2021-10-01/local-mayor-calls-for-rev…
# NSW, Privacy and access, Coronavirus COVID-19, Housing market.Australia’s house price boom: what’s happening and how can it be brought under control?
Ben Butler The Guardian (No paywall)Australian house prices are soaring – even more than usual. ... Before the 2019 election, Labor proposed curbing negative gearing – which lets investors use the losses on their properties to reduce their tax bills – and cutting the capital gains tax discount in half. Most economists think these measures would have a negative effect on house prices. But Labor dumped them from its policies. ... Sky-high house prices are bad for young people and other would-be first homebuyers, who get locked out of homeownership and remain at the mercy of landlords. Rent growth was somewhat moderated early in the pandemic by the absence of international students and foreign workers, but it has jumped in recent months. A severe crash in the housing market would also be bad for the broader economy. Property is where both households and Australia’s banks have stashed much of their wealth.
https://www.theguardian.com/australia-news/2021/oct/01/australia…
# Australia, Housing market, Tax.What does your house price have to do with the price of televisions?
Andrew Charlton The Sydney Morning Herald (Paywall)For most households with a mortgage, even a small lift in interest rates would be painful. It would also lead to a big house price correction. That is why everyone is watching inflation nervously. So, how worried should we be? The answer is a bit complicated, so let’s break it down.
https://www.smh.com.au/business/the-economy/what-does-your-house…
# Australia, Coronavirus COVID-19, Housing market.