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
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.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.Council housing remains the missing solution to the housing crisis. It is time for government to step up
Steve Hilditch Inside Housing (Paywall)From the United Kingdom ... Councils are ready to readopt their historic role as major providers of new homes at social rents, and could solve many of our housing market issues if they did. But they need a better partner in central government, writes Steve Hilditch.
https://www.insidehousing.co.uk/comment/comment/council-housing-…
# International, Public and community housing, Housing market.Reserve Bank poised to ease debt-buying as economy rebounds
Shane Wright The Sydney Morning Herald (Paywall)The Reserve Bank is poised to turn off a key element of its quantitative easing program and signal a step towards higher interest rates as evidence grows investors are pushing first time buyers out of a nationwide property market where house values have soared 24 per cent in a year.
https://www.smh.com.au/politics/federal/sydney-house-values-surg…
# Australia, Home ownership, Housing affordability, Housing market.‘It’s endemic’: Nearly two-thirds of audited real estate agents underquote
Henrietta Cook The Sydney Morning Herald (Paywall)Almost 60 per cent of real estate agents recently audited by the state’s consumer watchdog have been hit with fines for underquoting, with the industry put on notice as property sales ramp up following lockdown.
https://www.smh.com.au/national/victoria/it-s-endemic-nearly-two…
# Australia, Housing market, Landlords and agents.Nigerian high-rise building collapse in Lagos leaves three dead and dozens missing
ABC (No paywall)A 21-storey luxury apartment building under construction in an upscale area of Nigeria's largest city, Lagos, has collapsed, killing at least three people and leaving dozens more missing.
https://www.abc.net.au/news/2021-11-02/nigeria-building-collapse…
# International, Housing market, Minimum habitability standards.Martin Place ‘mayor’ and homelessness activist dies
Daniella White The Sydney Morning Herald (Paywall)Lanz Priestley, a social activist known as the “mayor of Martin Place”, has died after suffering a brain bleed last month. He was known as the leader of the “tent city” in Sydney’s Martin Place in 2017, when he and dozens of other homeless people were evicted from the site.
https://www.smh.com.au/national/nsw/martin-place-mayor-and-homel…
# NSW, Homelessness, Personal stories.Tribunal rubber stamps illegal extension
Jimmy Thomson (No paywall)Take Flatchatter Anne-X whose two top-floor neighbours took advantage of work in the loft space on roof repairs to install additional rooms with ensuite bathrooms, all without so much as a “by your leave”. Did they compensate the owners corporations for taking over common property? Nope – because they reckoned the roof space was of no use to anyone therefore it had no value. ... So the matter went to NCAT where the Member recognised the egregious nature of the land grab but declined to order the miscreants to reinstate common property.
# NSW, Strata, Tribunal NCAT.