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
Ten-year building warranty is a strata game changer
Jimmy Thomson (No paywall)A crucial element in the NSW apartment building revolution has arrived with the first of the big insurers prepared to take a punt on Chandler’s five-star reforms. As we reported last week, Resilience Insurance is to offer building warranty cover for new apartment blocks over three storeys high – the first time in 20 years that has been available in Australia. ... This will provide comprehensive consumer protection for building defects caused by substandard design and building work, said Fair Trading Minister Victor Dominello, announcing the move, adding that this was “a big win for apartment owners and body corporates.” (Flat Chat)
# NSW, Strata.$30 million Little Bay residential development approved as council and residents fear for banksia bushland
Erin Modaro (No paywall)A development application for a 4-storey mix of apartments and townhouses in Little Bay has recently been granted approval by the Land and Environment Court, after developers appealed Randwick council’s dismissal of the application in 2021. The application for 45 new residences at 11 Jennifer Street was knocked back by Randwick Council due to concerns over damage to native vegetation, notably the critically endangered Eastern Suburbs Banksia Scrub. The original development proposal included the removal of areas of native scrub, which would threaten local wildlife such as the endangered Maroubra Woodland Snail. (City Hub)
https://cityhubsydney.com.au/2022/11/30-million-little-bay-resid…
# NSW, Planning and development.APHNR working group invitation
International Union of Tenants (No paywall)The Asia-Pacific Network for Housing Research (APNHR) is pleased to announce that we are forming an APNHR Working Group on Intergenerational Housing Issues. The scope extends to a broad range of intergenerational housing issues that include, but are not limited to: Intergenerational housing inequalities; Generation rent challenges; Intergenerational transfers and housing outcomes; Links between intergenerational housing and health and wellbeing; Multigenerational housing living and design.
https://www.iut.nu/news-events/aphnr-working-group-invitation/
# Research alert International, Rent, Families, Health, Housing market, Older people.Clothing Store Precinct preparing for sale
Geoff Turnbull (No paywall)The Clothing Store Precinct between Carriageworks and Pines Estate in Newtown may be the first part of North Eveleigh to be redeveloped. Also, flick down to item entitled: 'ALP NSW Conference supports public housing'. (South Sydney Herald)
https://southsydneyherald.com.au/clothing-store-precinct-prepari…
# NSW, Public and community housing, Planning and development.Now that Australia’s house prices are falling, does the RBA really need to raise rates yet again?
Greg Jericho The Guardian (No paywall)The Reserve Bank continues to signal it wants to kill inflation and yet what exactly still needs to be put to the sword? With falling house prices, will further rate rises now do more harm than good?
https://www.theguardian.com/business/grogonomics/2022/nov/02/now…
# Australia, Housing market.Workers feel mortgage, insurance pain as inflation and interest rates rise
Rachel Clun The Sydney Morning Herald (Paywall)The rising costs of mortgages, groceries and insurance are squeezing workers and putting some households under increasing financial stress as they face growing inflation and the Reserve Bank’s continued interest rate rises. The value of new owner-occupier loans fell for the fourth month in a row as households around the country tightened their budget belts over October, and inflation reached 7.3 per cent.
https://www.smh.com.au/politics/federal/workers-feel-mortgage-in…
# Australia, Families, Housing market, Work, employment.The eye of the storm: House prices still have a long way to fall
Elizabeth Knight The Sydney Morning Herald (Paywall)It’s a nail-biting period for homeowners. The rate of decline in house prices eased again in September suggesting a softer landing for the market but if the consensus of economists is to be believed, it’s not over yet. We could be in the eye of the storm. And if house prices experience a peak to trough fall of between 15 per cent and 20 per cent, as many economists expect, we are less than half way there given the national market is off only circa 6 per cent. Even if the Reserve Bank of Australia, which places a more conservative 11 per cent estimate on house price devaluation, is closer to the mark, there is still a long way to go before the market cools down.
https://www.smh.com.au/business/the-economy/the-eye-of-the-storm…
# Australia, Home ownership, Housing market.House prices in mining towns rise as other areas of Australia fall
Andrew Chounding ABC (No paywall)House prices across Australia have fallen since their mid-year peak, but in some regional towns, the cost of buying a house has continued to rise. In the Goldfields town of Kalgoorlie-Boulder, demand for accommodation has been stretched by workers in the mining and resources sector. Almost half of all homes in Kalgoorlie were occupied by renters, with the vacancy rate at 0.3 per cent. Local realtor Gavin Gilmore said the demand for rentals had pushed prices rise to the point where buying a property could be more affordable than renting. "Our rental vacancy rate is hovering around zero per cent, that puts enormous pressure on companies in one respect, but also employees to find accommodation," he said.
https://www.abc.net.au/news/2022-11-02/regional-house-prices-min…
# Australia, Rent, Housing market, Work, employment.