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
Why are property values rising during an economic shock?
Elizabeth Redman Domain (No paywall)Property values are rising despite the economic shock of prolonged and widespread lockdowns, as more people want to buy a home than to sell one. The counterintuitive surge in the housing market has slowed somewhat since the March boom as affordability constraints kick in, but continues even as workers are stood down to curb the spread of COVID-19. Many of those lucky enough to keep their jobs are taking advantage of low interest rates and hoping conditions will improve soon.
https://www.domain.com.au/news/why-are-property-values-rising-du…
# Australia, Coronavirus COVID-19, Housing market.Australian house prices rising at fastest yearly pace since 1989 but signs boom is cooling
The Guardian (No paywall)Australian house prices are growing at their fastest annual pace since 1989, although there are further signs the boom is coming off the boil. CoreLogic’s national home value index rose 1.5% in August to an annual rate of 18.4%. While the monthly increase was still above average, it was the smallest rise since January.
https://www.theguardian.com/australia-news/2021/sep/01/australia…
# Australia, Housing affordability, Housing market.City-fringe land sales hit record as returning Aussies buy lotsCity-fringe land sales hit record as returning Aussies buy lots
Simon Johanson The Sydney Morning Herald (Paywall)Land sales across greenfield estates on Melbourne and Sydney’s outskirts are hitting record highs, driven by Australians coming back from overseas and others being unable to leave.
https://www.smh.com.au/business/companies/city-fringe-land-sales…
# Australia, Coronavirus COVID-19, Housing market.Aged care: How much is it going to cost you?
Rachel Lane The Sydney Morning Herald (Paywall)Working out the cost of aged care is complex. There are caps to consider, along with various fees, means tests and levies. [Read on]
https://www.smh.com.au/money/super-and-retirement/aged-care-how-…
# Australia, Housing market, Older people.UK house price rises accelerate, says Nationwide
Kevin Peachey BBC (No paywall)UK house prices accelerated in August, the Nationwide has said, with values now 13% higher than before the pandemic. The building society said that annual house price growth sped up, to 11%, with the average home costing £248,857. It said property prices recorded their second largest month-on-month rise in 15 years, up by 2.1%. The Nationwide said the increase was "surprising", given that the benefit from stamp duty holidays was reduced. At the end of June, stamp duty holidays became less generous in parts of the UK. Many thousands of deals were rushed through to beat the deadline. The tax breaks led to significant movement at the top end of the market. ... However, a recent report by the Resolution Foundation think tank suggested that it was "wide of the mark" to suggest the stamp duty holidays were the key driver for rising prices. It said that pandemic-related factors such as low interest rates and changing home preferences would continue to push up prices.
# International, Coronavirus COVID-19, Housing market.Engineer investigated over Sydney apartment 'structural issues' in NSW first
Amy Greenbank and Josh Bavas ABC (No paywall)An engineer overseeing the construction of a major urban hub being built in Sydney is under investigation over "structural issues" in a previous project. Engineers Australia, the industry's peak professional body, is probing Anthony Hasham after receiving a complaint from NSW building commissioner David Chandler in May. It's the first time NSW's construction watchdog — which was handed sweeping powers to clean up the building industry last year — has referred an engineer to the organisation.
https://www.abc.net.au/news/2021-09-02/engineer-investigated-ove…
# NSW, Housing market, Minimum habitability standards.Lockdowns hit property auction clearance rates
John Collett The Sydney Morning Herald (Paywall)Ongoing lockdowns in Sydney and Melbourne have hit property auctions in our two biggest cities, but most experts do not expect to see an end to the prolonged boom any time soon, though price rises are likely to slow. Preliminary figures from researcher CoreLogic show that almost two-thirds of auctions scheduled in Melbourne during the week ending last Sunday were withdrawn, contributing to a clearance rate of a paltry 35 per cent. However, in Sydney, sellers were still out in numbers, albeit with about 12 per cent of planned auctions pulled from the market. The city, nevertheless, produced a strong clearance rate of almost 83 per cent. One likely reason for the big difference in clearance rates is that, in Victoria, in-person inspections are banned during the government’s extended lockdown and can only be conducted remotely. Meanwhile, in New South Wales, private inspections are permitted by appointment but are limited to one real estate agent and one buyer at a time.
https://www.smh.com.au/money/borrowing/lockdowns-hit-property-au…
# Australia, Privacy and access, Coronavirus COVID-19, Housing market.Pandemic has interstate buyers set on Queensland houses as prices continue to soar
Lexy Hamilton-Smioth ABC (No paywall)Single dad Teifi Caron has been hunting for a house in Brisbane's inner west for five months, but keeps being outbid by desperate buyers. ... [Core Logic's head of research Eliza Owen said:] "The market is being driven by perpetually low mortgage rates, relatively low levels of stock, and the fact that the state is free from lockdowns."
https://www.abc.net.au/news/2021-09-01/qld-property-prices-soar-…
# Australia, Coronavirus COVID-19, Housing market.