With affordability at its most challenging place in almost three decades, the only long-term solution is to build more homes. The federal and state governments have made commitments to do so, but are they realistic targets?
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Housing affordability is now at its worst level in at least three decades, according to the PropTrack Housing Affordability Index – a new comprehensive measure of the share of homes that households can afford to purchase across the whole income distribution.
Affordability is toughest in New South Wales, Tasmania and Victoria. This deterioration in affordability has been driven by a dramatic rise in
mortgage rates, combined with rising home prices over recent years.
At the same time, sharply higher price growth throughout the pandemic has meant housing accessibility — how long it takes new buyers to save a deposit — remains incredibly challenging.
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The PropTrack Regional Australia Report for 2022 has been released and it’s giving us a deep insight into the state of the Australian regional property market. The report shows that there have been some significant changes in the market since the start of the pandemic, and many of these changes are likely to continue in the coming months.
According to the report, regional areas have seen a surge in demand, with many people moving out of the cities and into more affordable regional locations. This trend is expected to continue, with regional areas predicted to see further price growth in the future.
However, the report also reveals that not all regions are performing equally, with some areas experiencing more growth than others. It’s clear that regional buyers need to be aware of the local market conditions and trends, in order to make informed decisions when buying or selling property.
Overall, the PropTrack Regional Australia Report provides valuable insights into the state of the property market in regional areas. If you’re considering buying or selling property in these areas, it’s important to stay informed and make strategic decisions based on the latest market trends and conditions.
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REA Group and Proptrack economist Anne Flaherty explains how housing affordability and housing shortages has become an issue in recent years and what other countries, like New Zealand are doing to help, including lowering barriers for medium density development and build-to-rent developments to provide stability for renters.
0:37 What countries are struggling with housing affordability
1:48 Build-to-rent developments
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First homebuyers will be given the opportunity to choose between an upfront payment or a smaller annual property tax under reforms aimed at making home ownership more affordable in NSW.
The First Home Buyer Choice scheme is part of a multi-billion dollar housing package to be unveiled in the 2022-23 NSW Budget.
Under the new initiative, first homebuyers who opt into the property tax will pay an annual property tax of $400 plus 0.3 per cent of the land value of the property.
But while these reforms are a step in the right direction to bridge the affordability gap, they don’t go far enough as PropTrack economist Angus Moore explains.
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More Aussies are taking in their elderly parents, while fewer kids are flying the family nest, making instances of multigenerational living more common.
Once upon a time, this kind of living scenario wasn’t uncommon, with two or three generations more likely to live together under one roof. But it faded away over the past 100-odd years as rising wealth and societal changes in the West saw living in smaller family units favoured.
Now, for a number of reasons, chief amongst them affordability concerns, multi generational living is on the rise once more.
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A quarter-acre block with a family sized home and big backyard was long desired by Australian buyers. But is this dream still realistic?
Our love for the big family home took hold when new suburbs were being developed rapidly and there was abundant space for low-density living. This is simply not as viable in today’s competitive market.
House prices Australia-wide have accelerated significantly in recent times, making the purchase of large blocks and homes more challenging – particularly for first home buyers. So what are developers doing to help the affordability crisis? Is there a solution?
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