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
Number of homes in the hands of investors almost triples since 1986
Geraden Cann (No paywall)From New Zealand ... The number of properties in the hands of investors increased about 191 per cent between 1986 and 2018, research has found. In real terms, that constituted 288,714 more properties entering the hands of investors, resulting in the group owning over a quarter of the occupied housing stock, or 440,025 properties. (Stuff)
https://www.stuff.co.nz/life-style/homed/housing-affordability/3…
# Research alert International, Housing market, Landlords and agents.Battle royale over putrid sewage leak in Sydney beachside suburb
Julie Power The Sydney Morning Herald (Paywall)A blockage in an old private sewer pipe servicing 27 homes on a hill near Sydney’s Coogee Beach caused a putrid smelling river of faeces and toilet paper to flood downstream residents’ gardens, pavement and the nature strip for more than a month. After a temporary fix last week, the question of who is responsible for permanently repairing the pipe has turned into a “Battle Royale” between Randwick Council and Sydney Water – with each saying it is the other’s responsibility, said local resident Louise Clinton.
https://www.smh.com.au/national/nsw/battle-royale-over-putrid-se…
# Legal significance NSW, Utilities water energy internet, Housing market.Australian house prices to soar by up to 16% in 2021, ratings agency says
Ben Butler The Guardian (No paywall)Australian house prices are set to soar by as much as 16% this year, driven by government support and stronger than expected economic growth, the ratings agency Fitch predicts. ... “Low interest rates in Australia have also started to encourage housing investors into the market, potentially replacing demand from first-time buyers as they start to be priced out,” Fitch said.
https://www.theguardian.com/australia-news/2021/jul/16/australia…
# Australia, Housing market.Homelessness, household stress on the rise
John Kidman (No paywall)Homelessness is projected to surge across Australia by nine per cent this year and housing stress could increase 24 per cent. The two are joint symptoms of a broken national system, says advocacy coalition Everybody's Home. Instead of treating the issues separately, the organisation suggests a holistic approach with five prongs. It wants more first-home buyer support, more low-cost properties, a better deal for renters, immediate relief for stressed households and a plan to end homelessness by 2030.
https://7news.com.au/business/housing-market/homelessness-househ…
# Australia, Rent, Home ownership, Homelessness, Housing market.The Sydney regions where you make a profit from property and the regions where you make a loss
Tawar Razaghi Domain (No paywall)Almost all homes at the top end of town in Sydney recorded a profit this year, with many turning around up to a million dollars in the space of just 12 months, new figures reveal. ... CoreLogic counted more than 2000 profit-making sales across Sydney where properties were held for a year or less in the March 2021 quarter. About one in five of those were investor resales and the remaining majority were owner-occupiers benefiting from large capital growth in the past year, said Ms Owen.
https://www.domain.com.au/news/the-sydney-regions-where-you-make…
# NSW, Home ownership, Housing market, Landlords and agents.NSW Peaks push for measures to support households struggling during current lockdown.
Tenants' Union of NSW (No paywall)The Tenants Union of NSW, with the NSW Council of Social Services (NCOSS) and Homelessness NSW, have written to Premier Berejiklian and Treasurer Perrottet, asking them to ensure measures are in place to support the most vulnerable during the current lockdown.
https://www.tenants.org.au/news/nsw-peaks-push-measures-support-…
# Must read NSW, Eviction, Rent, Coronavirus COVID-19, Homelessness.Sydney renters receive protections with 60-day evictions ban, increased support payments
Tawar Razaghi Domain (No paywall)Sydney renters will be protected from eviction for the next 60 days if they have lost at least 25 per cent of their income in the latest lockdown, and landlords will be incentivised with up to $1500 to offer rent reductions to stressed tenants. ... Landlords have also been offered some relief with a capped grant of up to $1500 or a reduction on their land tax on the condition they reduce rent for their tenants. The state government also announced an extra $12 million in funding for temporary accommodation for those at risk of – or experiencing – homelessness. ... There were repeated calls from advocates and the opposition for more help for tenants who worked casual shifts and other affected workers essential to make ends meet while following stay-at-home orders. Tenants’ Union of New South Wales chief executive Leo Patterson Ross said it was a welcome recognition of the need for support for people who have lost income through this lockdown. “The financial support and the incentive for landlords to reduce rent will make a difference,” he said. “The stop on evictions for impacted renters gives those struggling with rent as a result of the lockdown greater certainty about their living situation and their ability to stay at home. “We are concerned, however, about renters who might otherwise already be facing eviction for ‘no grounds’, including end of fixed terms, or other reasons. This is a bad time for people to be forced to move and find a new home.” You will find another report in yahoo finance at: [https://au.finance.yahoo.com/news/eviction-freeze-nsw-001838331.html]. Here's a summary of what NSW Fair Trading describe as a 'new short term moratorium on evictions'. Go to: [https://www.fairtrading.nsw.gov.au/resource-library/publications/coronavirus-covid-19/property/moratorium] Here's the relevant regulation. Go to: [https://legislation.nsw.gov.au/view/pdf/asmade/sl-2021-378]
https://www.domain.com.au/news/sydney-renters-receive-protection…
# Must read, TUNSW in the media, Legal significance NSW, Eviction, Rent, Homelessness, Housing market, State Government.Tenants have little support, protections three weeks into lockdown with no end in sight
Tawar Razaghi Domain (No paywall)Sydney renters are reaching a “crisis point” with requests for food support soaring as they try to make ends meet with little financial support and inadequate eviction protections three weeks into a citywide lockdown. With no end in sight, NSW Labor, the Greens and the Tenants Union of New South Wales have renewed their urgent calls for the state government to reinstate a rental support package, including an eviction moratorium and rent reduction or deferrals to support tenants as part of the health response. ... [Leo Patterson Ross, chief executive officer of the Tenants Union of NSW] said three key elements were needed to protect renters: restriction on people being forced or pressured to vacate their homes; clear direction about what are and are not necessary entries into a person’s home, and a support package to prevent people falling into unnecessary household debt and exacerbating the economic impact of the outbreak. “It’s really important that the restriction on forcing people to move is seen as part of the health response. It is entirely avoidable to prevent people from being evicted or made financially desperate and forced by that to move,” Mr Patterson Ross said.
https://www.domain.com.au/news/tenants-have-little-support-prote…
# Hot topic, TUNSW in the media NSW, Eviction, Rent, Coronavirus COVID-19, Housing market, State Government.