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
‘I live in a flammable box’: cladding scandal threatens to overshadow Johnson’s levelling up agenda
Toby Helm and Michael Savage The Guardian (No paywall)From the United Kingdom ... Anastasia Frost often wonders why she listened to the Tories when they talked about aspiration, the benefits of home ownership and levelling up. She lives in a two-bedroom flat in the Ancoats area of Manchester with her husband and their 11-week-old son. “We put trust in this system. We were told you must buy a flat, you must get on the property ladder, but what good is it really?” she says. The Frosts spent 10 years saving up and finally were able to buy their home in 2015. But then, in 2017, came the Grenfell Tower disaster and, more than four years on, as they wait for their block to be declared safe – if it ever is – their home is worth nothing. You might also check out the story at: [https://www.theguardian.com/society/2021/sep/26/owners-face-new-trap-in-their-bid-to-sell-flats-hit-by-grenfell-cladding-crisis]
https://www.theguardian.com/society/2021/oct/03/i-live-in-a-flam…
# International, Strata, Home ownership, Housing market, Minimum habitability standards.‘Bad idea’: Experts warn property market intervention will push out young buyers
Jennifer Duke The Sydney Morning Herald (Paywall)First home buyers and low-income earners will find it harder to buy into the Sydney and Melbourne property markets if regulators intervene, with experts warning mooted rules limiting lending could worsen the housing affordability crisis. ... Grattan Institute economic policy program director Brendan Coates said this type of regulatory intervention could add to the problems facing buyers. ... AMP Capital chief economist Shane Oliver has called on the regulators to provide carve outs for first-time buyers to ensure they aren’t affected by the crackdown.
https://www.smh.com.au/politics/federal/bad-idea-experts-warn-pr…
# NSW, Home ownership, Housing affordability, Housing market, Young people.Borrowing power could be curtailed by loan curbs; Home loan growth strongest since early 2018
Clancy Yeates The Sydney Morning Herald (Paywall)At 11.36am ... Financial regulators yesterday gave their strongest signal yet that they will introduce clamps on the mortgage market, which made front page news in today’s Sydney Morning Herald and The Age. At 1.14pm ... New figures from the Reserve Bank show growth in the $1.9 trillion mortgage market continues to accelerate, as ultra-cheap debt and tight supply put a rocket under house prices.
https://www.smh.com.au/business/markets/asx-set-for-brighter-sta…
# Australia, Home ownership, Housing market, Landlords and agents.Record housing prices see buyers turning to fixer-uppers to secure their dream homes
Zilla Gordon ABC (No paywall)Covered in graffiti, broken windows and knee-high grass, Katie Keam bought this home for less than $200k — and she wouldn't live anywhere else.
https://www.abc.net.au/news/2021-09-30/house-prices-townsville-q…
# Australia, Home ownership, Housing market, Young people.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.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.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.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.