Category Archives: Housing

$15,000 more a year: homeowners brace as interest rate hikes bring ‘mortgage cliff’ closer

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Rate rises mean that households with an average $576,985 mortgage will have to find an extra $1250 a month

Jack Lynch and his partner moved out of Sydney to the picturesque but cheaper Blue Mountains to become homeowners in 2021, and promptly locked in a cut-rate, fixed-rate loan.

The couple, in their early 30s, are now bracing for that loan to expire, and for repayments to increase by more than $2,000 a month.

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How gentrified is your postcode? Search our map of Australia’s capital cities

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Exclusive: A third of suburbs in Sydney and Adelaide are already highly gentrified, and other capitals are on a similar trajectory

More than a third of Sydney and Adelaide suburbs and a quarter in Brisbane are affordable only to the most wealthy, and Hobart and Melbourne are following a similar path, analysis of census data on income and housing costs has found. Almost half of Darwin suburbs are either at risk or already well on the way to being “gentrified”, with a similar figure in Perth.

Researchers at the Australian Urban Observatory, who created a gentrification index from the data, say many of the areas most at risk of being gentrified are relatively recent greenfield areas in what were once outer suburbs, where many lower income families were able to find affordable housing. These families now run the risk of being displaced even farther afield.

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Political point scoring over latest RBA rate rise won’t help those feeling the ‘painful squeeze’

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How high must rates go to choke inflation? Blaming Labor’s budget, price-gouging businesses or the national wage increase isn’t an answer

The Reserve Bank is all about “seeking to keep the economy on an even keel” as it cranks up interest rates to crush inflation – but the effect of multiple rate rises is anything but even.

The central bank again surprised most economists and investors on Tuesday by hiking its cash rate another 25 basis points to 4.1%.

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Indigenous deaths in custody at record high and public perception of police worst in 10 years, report finds

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Productivity Commission report on government services says 26% of Australia’s state-owned Indigenous housing is overcrowded

Indigenous deaths in custody are at their highest in the 15 years that records have been kept while public perceptions of the honesty and fairness of police officers has reached a 10-year low, according to new data from the federal Productivity Commission.

The Report on Government Services also found overcrowding in public housing is on the rise, while the number of public housing properties of an acceptable standard has sharply dropped.

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Can your suburb help fix Australia’s housing crisis? It all comes down to density

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Despite adding millions of people and dwellings over the past decade, our cities are well behind globally in terms of population density

Skyrocketing rents and a projected home shortage have sparked fierce debate on the most effective ways to address Australia’s housing crisis.

Experts say one of the most effective fixes is to increase the supply of housing, specifically infilling urban areas to increase the density of areas where people actually want to live.

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Holiday lets nearly negate supply of new homes in tourist areas, study shows

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Campaigners say second homes and holiday lets are taking homes away from residents in hotspots such as Devon and Cumbria

The supply of new homes in some tourist hotspots is being almost completely negated by the rise of second homes and holiday lets, analysis has revealed.

In the Copeland area of the Lake District, which includes the beauty spot of Scafell Pike, there were 426 new homes created in the last three years. Over the same period, 407 existing homes were converted to commercial holiday lets or second homes.

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Lone renter in ‘David and Goliath’ row with Montreal developers

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Carla White’s battle has shone a light on city’s lack of affordable new housing for those on low incomes

A single tenant in a Montreal apartment block has halted a multimillion-dollar development project in a standoff that has focused fresh attention on the lack of affordable housing in major Canadian cities.

Property developer Mondev has been trying for years to persuade Carla White to move from her small C$400-a-month (£238) apartment so it can demolish a row of mostly abandoned buildings and build 176 luxury apartments.

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Greens offer compromise on Labor’s stalled housing bill, scaling back demands

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Party says they are willing to negotiate to pass housing bill through Senate ‘but Labor has to shift’ on rent freezes and direct action

The Greens have scaled back their demands on housing, offering to pass Labor’s future fund bill in return for $2.5bn a year of direct spending and action on soaring rents.

The Greens and Albanese government are still locked in negotiations over the $10bn housing Australia future fund, with the latest offer from the minor party designed to allow the Senate to pass the bill in the June sitting.

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‘Partial privatisation’: Waterloo South public housing tenants say NSW Labor misled residents

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Having promised to end sell-offs before the election, Chris Minns’ government forced to defend development plans

After the Minns government won the New South Wales election, Norrie May-Welby finally invested in a mod con to her home that would seem humdrum to most: she bought new fly screens.

This, she thought, was the end of seven years spent waiting for the day she would be relocated from her home at Waterloo South public housing estate.

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Land for 10,000 northern rivers homes flagged in NSW plan to ease housing crisis

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Exclusive: Homes for 7,800 residents in areas worst hit by 2022 floods proposed in near term, with more development later

Land that could hold more than 10,000 homes across 22 sites in the northern rivers has been identified as part of a New South Wales government strategy to deal with the region’s housing crisis.

The draft northern rivers resilient lands strategy will be released on Friday, more than a year after floods devastated the region and saw thousands of people displaced. Many are still unable to return home.

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Australia politics live: ‘absolutely shocking’ for education department to give PwC contracts after tax leak scandal, Faruqi says; Ben Roberts-Smith verdict due today

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Department taken to task for its nine contracts with PwC, two of which were entered into in the past two months. Follow latest updates

Sally McManus responds to RBA governor’s commentary on housing market

Sally McManus spoke to ABC News Breakfast this morning and gave her thoughts on some of RBA governor Phil Lowe’s commentary around the housing market and what he thinks needs to happen.

I think we’re living in two worlds. We’ve got people living in very big houses that have multiple dwellings and they’re landlords. And what they’re doing is when the Reserve Bank governor puts up interest rates, they’re passing on that cost to renters and that’s part of the reason why we’re seeing rents increase.

And I think that that is just basically saying to everyone, look, ordinary people, move in with your parents and grandparents whilst we’re going to say nothing about those CEOs I talked about at companies that actually are the ones that could ease cost of living tomorrow on people but they’re choosing not to because in the end they want to see their bonuses.

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Rental units only $39 cheaper than houses per week as demand soars for affordable options

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CoreLogic says units are now the only option for many tenants but supply is limited, forcing up rents

Renting a house in Australia costs just $39 more a week than renting a unit, compared to a difference of $64 a year ago, new research shows.

Kaytlin Ezzy, an economist at property data firm CoreLogic, said Australians have been increasingly turning to units amid sky-rocketing rents. This has caused the rental price gap between houses and units to shrink as demand for units outstrips supply.

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Australia politics live: Lambie threatens to disrupt Senate over Afghanistan medals; question time under way

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Adam Bandt rails against Woodside’s exclusion from petroleum resource rent tax

Greens leader Adam Bandt is speaking to ABC radio RN Breakfast about the petroleum resource rent tax (PRRT) changes and in particular the fact that Woodside’s Western Australian North-West Shelf project isn’t included in it.

The tax is still broken, and they’re meant to be subjected to it. They should pay their fair share of tax. As I say, even after these changes, Australia only brings in a few $100 million extra from these big gas corporations that are making billions of dollars of profits. It’s about a 10th of what comparable countries bring in. If we made these guess corporations pay their fair share of tax. They’d be an extra $94 billion over the decade to go to things like delivering cost-of-living relief, funding a rent freeze, getting dental into Medicare.

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Guardian Essential poll: majority of Australians support rent freezes, migration cap amid housing crisis

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Poll finds respondents support policies of the Greens and Coalition, posing a potential risk to the Albanese government

A majority of voters support severe measures to tackle the housing crisis including freezing rents, capping migration and using superannuation for housing, according to the latest Guardian Essential poll.

The poll of 1,138 people, released on Tuesday, finds support for a range of signature policies of the Greens and Coalition, demonstrating the risk posed to the Albanese government if it is not seen to be doing enough to fight rising rents and property prices.

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57% supporting preventing wealthy families using family trusts to minimise tax, and just 15% opposed

49% supporting only allowing negative gearing on one investment property, and just 17% opposed

47% wanting to tax deceased estates worth more than $5m to fund affordable rentals, and 23% opposed; and

36% supporting removing all negative gearing tax concessions on investment properties and 25% opposed.

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Australia’s rental affordability drops to worst levels in nearly a decade

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New report shows average households are spending a third of income on rent while lower income families pay more than half their earnings

Australian rental affordability has dropped to its worst levels in nearly a decade, with the average household spending a third of its income on rent, as the impacts of the Covid pandemic continue to be felt on the market.

Lower income households pay even more, with more than half of their income going towards their rent, according to new research from ANZ and CoreLogic.

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‘Doesn’t make any sense’: call for Queensland home park rent caps to apply to all tenants

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Advocates for renters say state shouldn’t play favourites with proposed limits on rent increases

It’s “unfair” that a proposed rent cap for Queensland manufactured home park residents will not be considered for tenants in the wider private housing market, advocates say.

Manufactured home parks are marketed as retirement villages for those over 50, where residents lease the land from the park owner, with rent going towards shared facilities and utilities.

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‘Hitlist’ of private schools criticised and businesses and public sector join outcry over Victorian budget

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New tax measures and job cuts to help repay state’s Covid debt spark criticism from multiple groups

Victorian private schools are among a chorus of critics of the state’s latest budget, after payroll exemption for schools with “high fees” was cut and landlords and big businesses were hit by new taxes.

To help repair the state’s budget bottom line, the Andrews government on Tuesday revealed more than 100 private schools will no longer be shielded from payroll tax in a budget measure the opposition and independent education sector warns will lead to higher fees for parents.

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Nearly half of those seeking Australian homelessness charity’s help have jobs but can’t pay soaring rents

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Mission Australia report finds demand for its services has jumped as CEO says government needs far more than ‘Band-Aid crisis solutions’

Four in 10 people who sought help from a major homelessness charity in the past three years were employed but could not meet skyrocketing rents, according to a report by Mission Australia.

The report comes as the demand for the organisation’s homelessness services, mainly based in New South Wales, jumped by 26% to 7,378 people between January 2020 to December last year.

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Affordable rental properties in Australian capital cities at ‘record low’

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Just 16.2% of all rentals listed for $400 or less in April 2023, down from 30.2% in 2022

The number of properties listed for under $400 per week has halved in the last year, new data from PropTrack shows.

The report, which analysed data from listings on realestate.com, found the rental crisis had worsened in the past 12 months. In 2022, it said, 30.2% of all rental listings were under $400 a week. That number has now dropped to 16.2%.

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Australia politics live: ABC journalists walk out to stand in solidarity with Stan Grant against ‘awful blight’ of racism

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Greens announce comedian Mandy Nolan as Richmond candidate for 2025 election

We are only a year into the Albanese government, but it’s never too early to be prepared, I suppose. The Greens have announced their candidate for Richmond at the next election – Mandy Nolan.

At the last election people were desperate to kick out the Liberals, but now they’re realising Labor also wants new coal and gas, which makes the climate crisis worse, as well as billions in handouts for property moguls, which pushes up rents and house prices. Labor has no plan whatsoever to help renters and Labor’s housing bill sees the crisis get worse.

Mandy’s already got a team of volunteers ready to hit the streets and talk to Richmond residents about how the Greens are the only party fighting for renters and climate action.

The Finance and Public Administration Committee (which includes department of parliamentary services and prime minister and cabinet).

The Legal and Constitutional Affairs committee, where it will be the Department of Home Affairs show.

The Environment and Communications committee will hear from the climate change and energy department as well as environment and water. (So power prices will dominate this one).

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