National prices recovered to reach peak levels from 2022 lows after climbing 0.38 per cent in September and by 4.31 per cent this year, according to PropTrack’s Home Price Index report released on Sunday.
Buyer and seller confidence is on the rise with a significant increase in choice in the major capitals, PropTrack senior economist Eleanor Creagh said.
“Home price growth has been driven by record levels of net overseas migration, tight rental markets and a housing shortage,” she said.
THE PRELIMINARY ESTIMATE of net migration in calendar 2022 hit a new record of 386,970. In the 12 months to March 2023, another new record was set at 454,400. Media commentary criticising the Albanese Government for allowing this level of net migration is currently focused on the impact on the housing crisis and on a per capita recession.
ANZ CoreLogic’s Housing Affordability Report for 2023 revealed it takes an average of 14 years for a person living in the Greater Sydney Area to save for a house deposit; and a person living in Greater Sydney is spending almost 34 per cent of their income on paying rent, and almost 63 per cent on servicing a new mortgage.
What owning your own home has come to in Australia. This is a partnership offer to drive up the cost of housing, or a 3rd party acting in combination like a Muslim bank who can’t charge interest because they are unlicensed. Are they investment partners really and/or landlords who charge rent instead? Something current banks aren’t prepared to do. What they are saying is go find a surrogate parent or angel, it’s not our problem.
Would-be homebuyers teaming up with private investors to stump up a deposit has been floated as a possible model to ease Australia’s housing crisis.
Complaints that the Government was competing with housing saw them let go of the reins and prove that privatization was the best option. As with all cases we have seen the opposite to be the case. Now again the government is at fault and not privatisation. Why is that? Remember the days of one family one house one income and savings? Our children no longer do.
In the era of economic privatisation, government wasn’t meant to compete with the private sector, the claim being it was seen to be ‘crowding out’ the private sector, which leads us to where we are now.
But once we lose the primacy of need in something like housing, we lose the ability to see how my accumulated investments might be depriving you of something essential. We instead demand to be left to our investments. So, politics now cannot take a dollar off anyone, or even look vaguely like it will. It’s tempting to call this a “no losers” brand of politics, but of course, that’s not quite accurate. There are losers. It’s just that they’re the people who are already losing. We take nothing away from them except their prospects.
The major difference is clear Morrison is offering no support, “use your own money and the banks”. It’s all private your money your risk your debt. We’ve seen the consequences of that in a fluctuating market. Debt enslaves the citizenry in a Capitalist Economy. Governments are regulators ensuring it’s not diminished for Housing, Education, Health, and even Welfare. They brought in Robodebt your mistake, not theirs. The LNP housing policy is all for the benefit of those with incomes up to $200,000 effectively cutting out those with the least income and creating a middle-class welfare system.
Labor is offering a publicly funded scheme and assistance as shareholders to partner the lowest income earners with qualifications. A far less inflationary and pork barrelling scheme than the LNP one.
So which has the most honest intent of helping it’s certainly not the LNP’s. So all Barnaby Joyce can do is play pitbull, and bark at Tanya Plibersek so the differences between the two policies remain unspoken about on Morning TV? When your not offering anything of benefit just bark and distract.
Sunrise presenter Natalie Barr intervened in a fiery on-air clash between Deputy PM Barnaby Joyce and Labor front-bencher Tanya Plibersek.
A drastic slide in home ownership, mirrored by an equally dramatic rise in mortgage debt and renting, is a direct result of failed government policy. Spiralling inequality in the “Land of the Fair Go can be addressed, ironically, by stronger lending standards. Economist and The New Liberals candidate Steve Keen on the crisis in affordable housing. At the 1998 Census, 43% of Australians owned their houses outright, 29% had a mortgage, 18% rented from private landlords, and 6% from the government (the remainder were in hotels, homeless, etc). Twenty years later, only 30% owned their houses outright, 37% had a mortgage, while 27% rented from landlords and 3% from the government. And yet the objective of housing policy, under both Liberal and Labor governments, was to increase home ownership.
Indeed, treasurer Josh Frydenberg remarked back in June that the rise is good for the economy. The federal government extended lukewarm sympathies for those who are struggling to get a foot in the property door for the first time, while merrily pointing out that many households are gaining from continued property price inflation. Therefore, price hikes are here to stay because simple solutions – such as building more houses and properly taxing property investments – are not as politically sound. That’s the reality of things: those with power and money impact the market more than those without. That’s why the winners become fatter winners and the losers continue to lose. What we are facing today is not an unsolvable crisis, but there is a lack of willingness to solve it among those in a position to do so.
“Many social housing tenants have negative experiences,” it says. These included a lack of responsiveness to maintenance requests, concerns about safety – including drugs and criminal behaviour – and tenants feeling they were badly treated or their voices ignored.
Tim Wilson is the latest Coalition politician to cry crocodile tears over the housing affordability crisis, calling for Australians to access their superannuation to buy a house. Yet Coalition policies – from negative gearing, property subsidies, money-laundering, super fund borrowing to banking and lending standards – are all about pushing house prices up for those who already own them, writes Elizabeth Minter.
This is an area in which the NDIS fails to address and the service shows its ignorance and reluctance to even try. People without family supports aren’t capable with dealing with the bureacracy which polices them out of the system altogether rather than protects them. Trust is totally lost in others and in onesself and hiding from any welfare seems the most rational option for everyone. (ODT)
“You’re wasting resources trying to provide mental health services to people who don’t have stable housing,” Ms Smith said.
Historically, the mental health system included accommodation because people were ‘housed’ in institutions. When institutions closed there was an expectation patients would be accommodated in public housing, or in housing with supports attached.
But this deinstitutionalisation took place at a time when Australian governments were reducing their investment in social housing, creating a “perfect storm”,
The cyclical curse of boom and bust in a capitalist society where the banks are government guaranteed or not who is left carrying the can for irresponsible lending? The American GFC proved we all are but not those that created the debt in the first place. Maybe Islamic banking is in fact ethical banking and not just usary (ODT)
In a landmark move, the Victoria Government is handing over social housing assets worth $500 million to Aboriginal Housing Victoria to own, manage and develop on behalf of the state’s fast-growing Indigenous community.
Even experts who disliked Labor’s proposals the first time round are shifting their ground.
In a landmark move, the Victoria Government is handing over social housing assets worth $500 million to Aboriginal Housing Victoria to own, manage and develop on behalf of the state’s fast-growing Indigenous community.
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