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
Council says it was not warned of land resumption for Bruce Highway when it approved new estate
Elizabeth Cramsie ABC (No paywall)A Queensland council says it was not warned homes in a new housing development could be resumed for Bruce Highway upgrades, when plans were assessed by the state government two years ago. Homeowners in the new Aspire development in Griffin, north of Brisbane, this week got an email from the Department of Transport and Main Roads (TMR) saying planning had "identified a future land requirement". "We intend to proceed with protected planning over the full property," the notice said. All home lots in the development have been purchased and many residents only moved in within the past three months, while other houses are at varying stages of completion. Also, read the same journalist's article entitled: 'Queensland homeowners told land needed for Bruce Highway upgrade hours after getting keys to Griffin house' on the ABC at: [https://www.abc.net.au/news/2022-10-19/qld-home-owners-angry-bruce-highway-update-land-resumption/101549992].
https://www.abc.net.au/news/2022-10-20/qld-moreton-bay-council-u…
# Australia, Home ownership, Personal stories, Planning and development.If a house scored 9 out of 10 for flood risk, would you buy it?
Kate Burke Domain (No paywall)Home buyers steer clear of properties at extreme flood risk when informed of the threat, altering their property search and bidding for lower risk homes, an international study has found. More buyers are factoring climate-change risks into their property decisions, but making risk data more accessible could more quickly shift buyer behaviour, experts say, and encourage upgrades to properties.
https://www.smh.com.au/property/news/if-a-house-scored-9-out-of-…
# Australia, Housing market, International.From homeowners to housemates: Queensland’s hidden population changes
Stuart Layt The Sydney Morning Herald (Paywall)Young adults and those around retirement age are less likely to be the head of their household than people their age six years ago, according to an analysis of Queensland population trends. Ahead of Thursday’s state housing summit, University of Queensland researchers have revealed a landmark shift in the composition of households in certain areas. In the time between the 2016 census and the 2021 census, which were used as the data source for the analysis, young adults and those aged 60-plus became more likely to be living with others and less likely to “lead” their own home.
https://www.smh.com.au/national/queensland/from-homeowners-to-ho…
# Australia, Share houses, Coronavirus COVID-19, Housing market, Older people, Young people.Property prices to fall up to 20 per cent: RBA
Shane Wright The Sydney Morning Herald (Paywall)Property prices could fall as much as 20 per cent by the end of 2024, hitting consumers and wiping hundreds of billions of dollars worth of wealth from households, internal research by the Reserve Bank has found. Documents released under Freedom of Information by the bank show it believes the sharp rise in interest rates it has put in place to quell inflation will have a direct impact on the value of the largest asset held by most Australians over the next two years.
https://www.smh.com.au/politics/federal/property-prices-to-fall-…
# Australia, Housing market.Auctions are in a downward cycle, pushing property prices lower
Elizabeth Redman Domain (No paywall)House prices are in a downward cycle and sellers who need to secure a sale are increasingly flexible on price, but as prices fall, it’s motivated sellers who make up an increasing slice of the market. Many homeowners who are in no rush to sell are delaying their campaign until next year, while this spring’s vendors are largely aware they should not expect last year’s boom-era prices.
https://www.smh.com.au/property/news/auctions-are-in-a-downward-…
# Australia, Housing market.This is how high mortgage repayments could go for every loan size
Nicole Pedersen-McKinnon The Sydney Morning Herald (Paywall)The good news: the pace of interest rate rises has slowed. The bad news: they have not stopped.
The Reserve Bank is still expecting inflation to stand at about 7.75 per cent at the end of the year. And its priority is (still) to return that rate to between 2 and 3 per cent over time, all while keeping the economy on an “even keel”. Even it admits this is a tough ask, with the RBA noting the path to achieving that balance is “clouded in uncertainty”.
https://www.smh.com.au/money/borrowing/this-is-how-high-mortgage…
# Australia, Housing affordability, Housing market.Digital Finance Analytics (DFA) Blog The US Housing Market Is Cooling…
(No paywall)Latest US data shows housing starts is falling, as mortgage rates rise. (Digital Finance Analytics)
https://digitalfinanceanalytics.com/blog/the-us-housing-market-i…
# Video International, Housing market.How big a pay rise you need to afford to buy a house
Melissa Heagney Domain (No paywall)Home hunters would need a pay rise of as much as $28,000 since April to afford a median-priced house even though property prices are falling, because mortgage repayments are more expensive now, new modelling shows. If a potential home buyer does not manage to purchase until March 2023 and interest rates rise as forecast, they would need to earn an extra $9000 by then.
https://www.smh.com.au/property/news/how-big-a-pay-rise-you-need…
# Australia, Housing affordability, Housing market.