Australian Real Estate Blog
From the category archives:
The poor run of housing numbers continued with housing starts for the March quarter down 3.3 per cent on a seasonally adjusted basis.
According to Australian Bureau of Statistics figures released today, new home starts decreased to a level of 38,928. Detached house starts decreased by 5.4 per cent to 25,997 while multi-unit starts grew by 2.4 per cent to 12,295.
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When housing affordability is raised in the media, the story is invariably about how hard it is for first home buyers to plant a foot on the property ladder. But the real housing affordability crisis is among those not even in the hunt for home ownership, according to Associate Professor Kath Hulse and Professor Terry Burke of the Swinburne Institute for Social Research (ISR)…. full story
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AAP
Prime Minister Kevin Rudd says Australia needs one million new homes over the next six years to keep up with estimated population growth.
Mr Rudd spoke at a Housing Industry Association (HIA) conference on Friday, where he also released a paper detailing his government’s new rental affordability scheme.
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It was I think former British Prime Minister Harold Macmillan (Lord Stockton) when asked “What drives politics’” responded by saying “Events, dear boy, events”. Politicians are essentially judged on how well they manage them. Some succeed – others fail.
Going forward – it is going to be an extremely testing time for politicians – as they are “tested” in how well they manage “global urban bubbles” and whether they elect to restore affordability in a responsible phased way - or instead - choose to do nothing and restore affordability by the process of outwards migration.
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A Brisbane lawyer is leading a new push to provide affordable housing across Queensland.
Heather Watson from the Queensland Community Housing Coalition is building a consortium of housing organisations, councils, developers and bankers to provide cheap accommodation.
Ms Watson says the units will be built in towns and cities with a severe shortage of low cost living.
She says the proposed consortium will be a first for Australia.
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FOR more than 50 years the average Australian was able to buy their first home on the average wage. Traditionally, the median house price was about three times the median household income. Today, in Adelaide, Melbourne and Brisbane, the median house price is more than six times the median income; in Sydney and Perth, it is more than eight times.
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MORE than half the nation’s renters believe they will never be able to afford their own home with most blaming high interest rates, a survey has found.
Full Story
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PEOPLE may be forced to live in tents if interest rates continue to rise and the number of houses built falls to its lowest level yet, according to Lindsay Partridge, boss of the country’s biggest brick maker.
The negative effects of the latest interest rate rise have yet to be played out, the managing director of Brickworks said after the company delivered a 9.7 per cent rise in half-year net profit to $40.3 million.
He said demand for housing continued to rise because of tight rental markets and record immigration numbers.
“At some point the fundamental shortage of housing construction must be addressed,” he said.
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Housing Affordability - “Land the issue - not prices” - Senior Australian Reserve Bank Official - Sydney Morning Herald - 28 March 2008
Land the issue, not prices - National - smh.com.au
and
Housing grants drive up prices - Bloomberg
RBA slams subsidies for home buyers - Breaking News - Business - Breaking News
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Much of the domestic focus this week was on the Reserve Bank Board’s March policy meeting minutes. This play-by-play analysis of the underlying strength of the Australian economy led to the inevitable conclusion that monetary policy needed to be more restrictive and interest rates were raised 25bps.
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