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
Sydney house rents hit record high and unit prices back on the rise: Domain Rent Report
Kate Burke Domain (No paywall)The cost of renting a house in Sydney has reached new heights, with asking rents increasing by at least $50 a week in three months in some regions, despite the city’s lockdown.
https://www.domain.com.au/news/sydney-house-rents-hit-record-hig…
# NSW, Rent, Housing market.China’s spiralling property crisis leaves millions in limbo
Alexandra Stevenson and Joy Dong The Sydney Morning Herald (Paywall)China is trying to cool its costly and dangerously debt-ridden housing market, where high prices and go-go levels of borrowing and spending are increasingly seen as a national threat. But as the troubles of a major property developer and its $US300 billion ($408 billion) mountain of debt drive a government effort to contain the peril, Beijing risks hurting a major driver of its crucial economic growth engine: homebuyers like He Qiang. He was so optimistic about property in China that he bought an apartment from that property developer, China Evergrande Group, then became a real estate agent himself, selling the company’s apartments to hundreds of other families. ... Nearly three-quarters of household wealth in China is now tied to property. ... He Qiang is still waiting to hear from Evergrande about his apartment. Although the developer has not sent him a notice of delay, he can see that construction on his building stopped several months ago, and has had to reconsider his plans to get married in May. The apartment was supposed to be finished by the end of the year, giving him time to decorate so that the space could feature prominently in the wedding festivities.
“Now with this delayed construction,” He said, “the wedding will be postponed, too.”
https://www.smh.com.au/business/the-economy/china-s-spiralling-p…
# International, Home ownership, Housing market, Landlords and agents.‘Horrific for the community’: confessions of a real estate agent in priced-out Byron Bay
Travis Lipshus The Guardian (No paywall)The influx of wealthy urban buyers has sent property prices in the northern NSW resort town skyrocketing and locals are losing out
https://www.theguardian.com/commentisfree/2021/oct/17/horrific-f…
# NSW, Housing market, Landlords and agents, Regional NSW.Court to decide on plans for 350 units at Sydney Park as locals seek green space
Andrew Taylor The Sydney Morning Herald (Paywall)Inner west residents have called for an apartment development next to Sydney Park to be scrapped and the building site incorporated into the park, as the developer takes legal action against a local council after its plans were refused.
https://www.smh.com.au/national/nsw/court-to-decide-on-plans-for…
# NSW, Housing market, Planning and development.From brandy to housing ... tax reform beholden to vested interests
Shane Wright The Sydney Morning Herald (Paywall)In tax, everyone has a vested interest. ... Keating was forced to abandon reform to negative gearing in the face of a concerted campaign by the NSW property industry in the 1980s.
https://www.smh.com.au/politics/federal/from-brandy-to-housing-t…
# Australia, Housing market, Landlords and agents, Tax.House prices to surge by 22 per cent this year, says Westpac
Swati Pandey The Sydney Morning Herald (Paywall)Australian home prices will surge 22 per cent this year, economists at Westpac said, upgrading their forecast from a previous 18 per cent and warning it could force regulators to try to further rein in credit growth.
https://www.smh.com.au/business/banking-and-finance/house-prices…
# Australia, Housing market.House prices to rise 22 per cent this year, and grow further next: Westpac
Kate Burke Domain (No paywall)Westpac has tipped property prices to rise by more than 20 per cent this year, increasing its price forecast yet again as the market continues to boom despite extended lockdowns. Also, ckeck the story in 'The Guardian' at: [https://www.theguardian.com/australia-news/2021/oct/15/australian-house-prices-to-rise-22-this-year-and-then-ease-off-economists-say]
https://www.domain.com.au/news/house-prices-to-rise-22-per-cent-…
# Australia, Coronavirus COVID-19, Housing market.Sydney renters pay rent up to a year in advance to live near the beach
Tawar Razaghi Domain (No paywall)Locked-down Sydneysiders have been paying record rents to live within walking distance of beaches, with coastal suburbs jumping up to 34 per cent in the past year and some tenants offering up to a year’s rent in advance.
https://www.domain.com.au/news/beach-rentals-record-increases-of…
# NSW, Rent, Housing market.