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
The risky tactic home buyers use to try to nab a bargain
Elizabeth Redman Domain (No paywall)Home hunters who make lowball offers for properties they like as prices fall risk missing out on the place of their dreams. Potential buyers who read about economist forecasts of 20 per cent property price falls by next year are in some cases making bids well below a home’s price guide before realising the market has not fallen that far and another buyer has offered more. Agents warn some vendors will take offence at opportunistic offers for their family home and refuse to engage with that buyer, and that although property prices are falling as interest rates rise, the best quality homes are still attracting competition.
https://www.smh.com.au/property/news/the-risky-tactic-home-buyer…
# Australia, Home ownership, Housing market.Westpac to offer 10-minute mortgage as it eyes refinancing surge
Clancy Yeates The Sydney Morning Herald (Paywall)Westpac chief executive Peter King says a technology revamp will allow the lender to fully approve digital mortgages in as few as 10 minutes, as it prepares for a long-term shift towards digital banking, and a potential boom in refinancing. On Wednesday, the banking giant will become the latest lender to announce plans to push into digital mortgage lending, a key battleground for banks and fintechs as they try to slash approval times.
https://www.smh.com.au/business/banking-and-finance/westpac-to-o…
# Australia, Housing market.Gold Coast records biggest population growth outside nation’s capitals
Stephanie Gardiner The Sydney Morning Herald (Paywall)A Gold Coast tourism campaign once urged visitors to “come back and play”, but new population data reveals many Australians are instead deciding to stay. The Australian Bureau of Statistics has released figures on population changes in the cities and regions between 2011 and 2021, and they show Queensland’s holiday hotspot saw the biggest boom outside the capitals.
https://www.smh.com.au/national/queensland/gold-coast-records-bi…
# Australia, Planning and development.‘The most significant cost’: Is it time to limit rent increases?
Tawar Razaghi Domain (No paywall)There are renewed calls from tenant advocates for caps on rent increases in NSW as the state is in the grips of a chronic rental crisis. Experts are pleading for housing to be regulated like other essential goods and services in a bid to ease the largest cost of living pressure on renters that is crushing household budgets, and increase to the number of rentals available. In Sydney alone, house rents jumped 19 per cent since the pandemic began and outpaced annual wage growth more than five times in the past year to June. In regional NSW, tenants are facing displacement and homelessness due to rents spiking 30 per cent since 2020, outstripping average annual wage growth up to seven times in the past year in the hardest-hit council areas. ... At the heart of the problem is a chronic shortage of housing, experts agreed, but they said until that is addressed a cap on rent hikes would help alleviate the financial pressure on households. ... Tenants Union NSW chief executive Leo Patterson Ross said governments had failed to increase the number of rental properties until now and rent controls would be an immediate solution to alleviate financial pressures on renters, alongside an increase in rental properties in the long term.
https://www.smh.com.au/property/news/the-most-significant-cost-i…
# TUNSW in the media NSW, Rent, Families, Housing market, State Government.'Unprecedented growth in house prices': OECD calls for cap on housing tax breaks benefiting the rich
Nassim Khadem ABC (No paywall)Capping tax breaks for housing could help reduce house prices and ensure that property is not concentrated in the hands of older and wealthier Australians, according to a new report by the Organisation for Economic Co-operation and Development (OECD). The report suggests that capital gains tax exemptions can disproportionately benefit higher-income and wealthier households and drain government budgets. In Australia, there is no capital gains tax on a person's principal place of residence and the tax levied when someone sells an investment property is heavily discounted. One of the OECD's recommendations to governments, including Australia's, is to "consider capping the capital gains tax exemption … to ensure that the highest-value gains are taxed". It suggests this could "reduce some of the upward pressure on house prices". The estimated cost of the capital gains tax exemption for main residences was $64 billion in 2021. Also, read Shane Wright's and Rachel Clun's article entitled: 'Poorer young Australians suffer world-leading hit to housing: OECD' in 'The Sydney Morning Herald' at: [https://www.smh.com.au/politics/federal/poorer-young-australians-suffer-world-leading-hit-to-housing-oecd-20220721-p5b3cf.html]
https://www.abc.net.au/news/2022-07-21/cap-capital-gains-tax-dis…
# Must read, Video Australia, Climate change, Home ownership, Housing affordability, Housing market, International, Older people, Tax, Young people.Laws allowing pet ban in rentals to be reviewed in Tasmania amid housing crisis and surrenders
Liz Gwynn ABC (No paywall)Every day RSPCA Tasmania receives a call from someone who is homeless, or is about to be homeless, with their pet. The situation has been bad for several years, but with the cost of rent rising, and vacancy rates at a record low, more animals are also becoming victims of the state's housing crisis. ... Around 15 per cent of dogs that are surrendered to us are solely because their owner has not able to find a rental property," Dogs Home of Tasmania CEO Michael Sertori said. "Luckily we are here to find a forever home for that dog, but it's still unfair and ridiculous in this modern day and age". ... Consumer Affairs Minister Elise Archer said on Sunday it was now willing to review the laws "straight away".
https://www.abc.net.au/news/2022-07-24/fresh-calls-to-change-law…
# Australia, Rent, Pets, State Government.Woman who faced homelessness reveals devastating impacts for NSW inquiry
Emma Siossian ABC (No paywall)Beth Fuller was living a secure life in regional New South Wales with her husband when her marriage unexpectedly ended. It threw her world into turmoil and left her financially vulnerable. "I moved from home ownership, where I was very comfortable and we had a very good lifestyle and plans for the future," she said. "Then I was homeless. I was not financially comfortable. In fact, I was insecure." Ms Fuller, now aged 62, said she left her marriage with very little superannuation, having focused more on her relationship and family over the years. ... Ms Fuller's experience compelled her to make a submission to a current NSW Upper House inquiry into homelessness among older people aged over 55. ... Housing for the Aged Action Group (HAAG) executive officer Fiona York said older women were particularly vulnerable to housing affordability and increasing rents. ... The final hearing wrapped up this week, with findings due by late September. "The committee will examine opportunities for change and improvement, including around early intervention, services to support older people experiencing or at risk of homelessness," committee chairperson Scott Barrett said.
https://www.abc.net.au/news/2022-07-24/older-women-and-homelessn…
# NSW, Homelessness, Older people, Women.Better emergency preparedness can protect older adults from climate change
Atiya Mahmood, Gracen Bookmyer, Rachelle Patille and Shreemouna Gurung The Conversation (No paywall)Last summer brought scorching hot temperatures and record-breaking heatwaves to British Columbia. Unfortunately, the heat was not the only record that skyrocketed — what followed was a chain of extreme weather events. British Columbia saw unprecedented rainfall and flooding that forced nearly 20,000 people from their homes, blocked essential highways and impeded necessary travel and resource distribution. All of this is a result of climate change, which hasn’t impacted everyone equally. Older adults experiencing homelessness and housing insecurities are some of those most impacted.
https://theconversation.com/better-emergency-preparedness-can-pr…
# International, Climate change, Homelessness, Housing market, Minimum habitability standards, Older people.