Housing Affordability

Simon Hampel · 17th Sep, 2016

From the ABC

Hundreds of thousands of Australians are struggling with huge mortgages or high rents that seriously strain their personal finances. Bankruptcies and defaults are on the rise and young people are increasingly missing the boat on home ownership. The biggest problem is among people who can’t afford to buy; more than half a million low-income households are paying more than 30% of their income in rent. Home ownership, particularly among people under 35, is steadily declining across the country and recent homebuyers are increasingly suffering “mortgage stress”.
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Difference of Opinion - 02/08/2007: Why has housing become unaffordable? - Why has housing become unaffordable?

http://mpegmedia.abc.net.au/tv/differenceofopinion/20070802_1.flv

The tax system, poor infrastructure, aggressive lending, obstructionist planners, speculators and our obsession with property have all been blamed for the problem. So how has this happened and what can be done to fix it? The political parties have realised housing is a crisis they need to address. The Federal Government is calling on state governments to release more land and to cut local taxes and charges. It says State governments have wasted money on public housing and wants private developers to deliver it in the future. The opposition has announced a half billion-dollar fund to reduce the costs imposed on new developments. But will any of these schemes make an impact?
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Difference of Opinion - 02/08/2007: What can governments do to make housing affordable? - What can governments do to make housing affordable?

http://mpegmedia.abc.net.au/tv/differenceofopinion/20070802_2.flv

Should the tax system be changed to encourage investment in affordable housing rather than expensive houses and apartments? Other suggestions include reining in aggressive lenders, big increases in spending on public housing and speeding up the release of new land on the fringes of our cities. What are the remedies that will work to make homes affordable for all Australians?
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Jacque · 3rd Aug, 2007

I watched this programme last night with much interest and two issues became clear:

The advent of easy credit in the last 10yrs has helped to push up the housing market, with little thought (or care) to the actual individual's ability to repay loans. Blame everyone and everything from mortgage brokers flogging unsuitable loan products to lo doc loans and third class lenders.

The ensuing rental crisis is real and tenants need to be better cared for in our current system. Solutions included longer leases to provide more security, more stringent vacation notice periods and tax breaks to those private investors who are willing to house lower income tenants.

It was an insightful discussion, and I especially enjoyed listening to what Ross Gittins had to say. He was so spot on about his generation (baby boomers) being in the golden position of being able to influence price movements due to their high equity situation.

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Housing Affordability

Simon Hampel Founder Staff Member

Jacque Jacque Parker Premium Member

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Housing Affordability

Simon Hampel Founder Staff Member

Jacque Jacque Parker Premium Member

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