{"id":38440,"date":"2022-05-06T11:39:51","date_gmt":"2022-05-05T23:39:51","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=38440"},"modified":"2022-05-06T11:39:51","modified_gmt":"2022-05-05T23:39:51","slug":"to-make-housing-affordable-property-prices-need-to-fall-watch","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/to-make-housing-affordable-property-prices-need-to-fall-watch\/","title":{"rendered":"To make housing affordable, property prices need to fall | WATCH"},"content":{"rendered":"<p><strong>PHOTO: A new report argues that the great Australian dream of owning a home has changed from being a place of essential shelter to an asset for growing personal wealth.\u00a0<cite class=\"_1EAJU _1ftZy _2L258 _14LIk _3pVeq hmFfs _2F43D\" data-component=\"Figure__cite\">(<span class=\"_1EAJU _1s6pr _2L258 _1BqKa _3pVeq hmFfs _2F43D\" data-component=\"Byline\"><span class=\"_1EAJU _2L258 _14LIk _3pVeq hmFfs _2F43D\" data-component=\"Text\">AAP: Glenn Hunt<\/span><\/span>)<\/cite><\/strong><\/p>\n<p class=\"_1HzXw\">&#8220;Let&#8217;s make housing affordable&#8221;. It&#8217;s a catchphrase that federal politicians in recent decades have repeatedly used in their pre-election pitches, and which current major party campaign pledges are centred on.<\/p>\n<p class=\"_1HzXw\">Over the past four decades, governments have thrown money at first-time buyers under the guise that it will make housing more affordable.<\/p>\n<p class=\"_1HzXw\">While those who got the grants may be grateful,\u00a0many economists argue it&#8217;s simply fuelled house price growth and made it harder for another generation of young people to buy a home (or at least do it without the backing of their parents).<\/p>\n<p><iframe title=\"Making housing affordable means house prices have to fall | The Business | ABC News\" width=\"1380\" height=\"776\" data-src=\"https:\/\/www.youtube.com\/embed\/pPvak35MN00?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" class=\"lazyload\" data-load-mode=\"0\"><\/iframe><\/p>\n<p class=\"_1HzXw\">A report released this week by think tank Per Capita shows\u00a0the rate of home ownership is declining rapidly, especially among those under 40.<\/p>\n<p class=\"_1HzXw\">On current trends, it estimates\u00a0that fewer than 55 per cent of people born after 1990 will own a house by the age of 40, compared to a historical high of 72 per cent.<\/p>\n<p class=\"_1HzXw\">But anyone who talks about making housing more affordable also needs to address the worrying flip side \u2013 falling house prices for Australians who are already in the property market and have a mortgage.<\/p>\n<div class=\"entry-featured-img-wrap\"><a class=\"entry-featured-img-link\" href=\"https:\/\/propertynoise.co.nz\/au\/interested-in-becoming-a-supporter\/\"><img fetchpriority=\"high\" decoding=\"async\" class=\"attachment-hoot-medium-thumb  entry-content-featured-img entry-grid-featured-img wp-post-image lazyloaded\" src=\"https:\/\/propertynoise.co.nz\/au\/wp-content\/uploads\/2020\/04\/Featured-Image-460x270.jpg\" alt=\"support\" width=\"460\" height=\"270\" data-src=\"https:\/\/propertynoise.co.nz\/au\/wp-content\/uploads\/2020\/04\/Featured-Image-460x270.jpg\" \/><\/a><\/div>\n<div class=\"entry-grid-content\">\n<header class=\"entry-header\">\n<h2 class=\"entry-title\"><a href=\"https:\/\/propertynoise.co.nz\/au\/interested-in-becoming-a-supporter\/\" rel=\"bookmark\">Support independent Australian news aggregation<\/a><\/h2>\n<p>&nbsp;<\/p>\n<\/header>\n<\/div>\n<aside class=\"_3qLh5 _sBMB _1ilWc cj-aC\" data-component=\"RelatedCard\" data-uri=\"coremedia:\/\/externallink\/101038230\">\n<div class=\"_8ozWK\" data-component=\"CardBox\">\n<h3 class=\"_1EAJU hMmqO MaLKt NHr4j _316gH _1zBDU _1BqKa _2AH39 _3HiTE x9R1x pDrMR hmFfs _390V1\" data-component=\"CardHeading\"><span class=\"_3agD2\" data-component=\"KeyboardFocus\">Interest rates have risen. How will this affect you?<\/span><\/h3>\n<div class=\"_2mnnz _1vrxI _1Gx7i _2gSqv\" data-component=\"CardLayout\">\n<div class=\"_16eiR\">\n<p class=\"_1EAJU _3V31R _2L258 _1BqKa _25ANV hmFfs\" data-component=\"Typography\">Are you worried about being able to afford a home? Or are you worried about\u00a0making mortgage repayments?\u00a0Tell us.<\/p>\n<\/div>\n<div class=\"_3nQI7 _1P5AM _2PGTd _2paT0\">\n<div class=\"_3poXF\" data-component=\"IntersectionObserver\">\n<div class=\"_1Axyg\" data-component=\"AspectRatioContainer\"><img decoding=\"async\" class=\"jMqWO _1PHKk\" src=\"https:\/\/live-production.wcms.abc-cdn.net.au\/778fc73f3637569e3841dfc4b3b00a56?impolicy=wcms_crop_resize&amp;cropH=2250&amp;cropW=4000&amp;xPos=0&amp;yPos=0&amp;width=862&amp;height=485\" alt=\"Drone view of housing rooftops and roads\" data-component=\"Image\" \/><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/aside>\n<p class=\"_1HzXw\">Two-thirds of Australians own their home, or more than one home, although most of them share ownership with their bank.<\/p>\n<p class=\"_1HzXw\">Per Capita notes that the proportion\u00a0of outright home owners has shrunk by a\u00a0quarter in the 20 years between 1997-98 and 2017-18, from about 40 per cent of the population to 30 per cent.<\/p>\n<p class=\"_1HzXw\">On the most recent data available, out of 10.5 million dwellings in Australia, about 37 per cent of Australians are owner-occupiers with a mortgage, about 29.5 per cent own their home outright, 27 per cent rent from a private landlord, and 3 per cent rent from state or territory housing.<\/p>\n<p class=\"_1HzXw\">So, can we make housing affordable without sending house prices tumbling?<\/p>\n<div class=\"entry-featured-img-wrap\"><a class=\"entry-featured-img-link\" href=\"https:\/\/propertynoise.co.nz\/au\/get-keep-informed\/\"><img decoding=\"async\" class=\"attachment-hoot-medium-thumb  entry-content-featured-img entry-grid-featured-img wp-post-image lazyloaded\" src=\"https:\/\/propertynoise.co.nz\/au\/wp-content\/uploads\/2019\/10\/Enews-GIF-400x270.gif\" alt=\"Enewsletter\" width=\"400\" height=\"270\" data-src=\"https:\/\/propertynoise.co.nz\/au\/wp-content\/uploads\/2019\/10\/Enews-GIF-400x270.gif\" \/><\/a><\/div>\n<div class=\"entry-grid-content\">\n<header class=\"entry-header\">\n<h2 class=\"entry-title\"><a href=\"https:\/\/propertynoise.co.nz\/au\/get-keep-informed\/\" rel=\"bookmark\">GET &amp; KEEP INFORMED<\/a><\/h2>\n<\/header>\n<\/div>\n<p class=\"_1HzXw\">With interest rates starting to rise from rock bottom, improvements to affordability from cheaper debt look like being history.<\/p>\n<p class=\"_1HzXw\">Like other subsidies, grants or tax breaks that added to demand, cheaper debt only tended to push up home prices and make housing less affordable anyway.<\/p>\n<p class=\"_1HzXw\">That means it&#8217;s all but impossible to genuinely make home ownership cheaper without lowering house prices.<\/p>\n<p class=\"_1HzXw\">The question then becomes, what policy changes can\u00a0<em>moderate<\/em>\u00a0house prices without tipping too many Australians into mortgage stress and causing them to lose their homes?<\/p>\n<p>&nbsp;<\/p>\n<div class=\"entry-featured-img-wrap\"><a class=\"entry-featured-img-link\" href=\"https:\/\/propertynoise.co.nz\/au\/profile-your-business-for-12-months-in-2019\/\"><img decoding=\"async\" class=\"attachment-hoot-medium-thumb  entry-content-featured-img entry-grid-featured-img wp-post-image lazyloaded\" src=\"https:\/\/propertynoise.co.nz\/au\/wp-content\/uploads\/2021\/09\/Yvonne-Bradley-460x270.jpg\" alt=\"\" width=\"460\" height=\"270\" data-src=\"https:\/\/propertynoise.co.nz\/au\/wp-content\/uploads\/2021\/09\/Yvonne-Bradley-460x270.jpg\" \/><\/a><\/div>\n<div class=\"entry-grid-content\">\n<header class=\"entry-header\">\n<h2 class=\"entry-title\"><a href=\"https:\/\/propertynoise.co.nz\/au\/profile-your-business-for-12-months-in-2019\/\" rel=\"bookmark\">Profile your business (for 12 months) \u2013 ONLY $499 INCL GST<\/a><\/h2>\n<\/header>\n<\/div>\n<h2 class=\"_1EAJU hMmqO SYcM3 zwVFG _1BqKa _3AExf _3HiTE x9R1x pDrMR hmFfs _390V1\" data-component=\"Heading\">How consecutive governments made housing unaffordable<\/h2>\n<p class=\"_1HzXw\">Per Capita notes that over decades we have witnessed the &#8220;financialisation of housing&#8221;: the great Australian dream of owning a home changed from being a place of essential shelter and became regarded as an asset\u00a0to\u00a0create\u00a0and grow\u00a0personal wealth.<\/p>\n<p class=\"_1HzXw\">This has happened due to several factors, the first of which was deregulation.<\/p>\n<aside class=\"_3qLh5 _sBMB _1ilWc cj-aC\" data-component=\"RelatedCard\" data-uri=\"coremedia:\/\/article\/101037448\">\n<div class=\"_8ozWK\" data-component=\"CardBox\">\n<h3 class=\"_1EAJU hMmqO MaLKt NHr4j _316gH _1zBDU _1BqKa _2AH39 _3HiTE x9R1x pDrMR hmFfs _390V1\" data-component=\"CardHeading\"><span class=\"_3agD2\" data-component=\"KeyboardFocus\">Rate rise default risk<\/span><\/h3>\n<div class=\"_2mnnz _1vrxI _1Gx7i _2gSqv\" data-component=\"CardLayout\">\n<div class=\"_16eiR\">\n<p class=\"_1EAJU _3V31R _2L258 _1BqKa _25ANV hmFfs\" data-component=\"Typography\">As interest rates rise, almost 300,000 people who took large and risky home loans during the pandemic could fall into severe financial hardship or even default.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/aside>\n<p class=\"_1HzXw\">Since the early 1980s, regulations that set limits on how much and to whom banks could lend to have been wound back.<\/p>\n<p class=\"_1HzXw\">This most recently happened in December 2019. Banking watchdog\u00a0APRA removed certain limits on lending, only to\u00a0reintroduce some limits in October 2021\u00a0after house prices had shot up again.<\/p>\n<p class=\"_1HzXw\">Another factor that\u00a0helped fuel housing demand\u00a0and contributed to\u00a0deteriorating housing affordability was\u00a0generous tax breaks that primarily benefit wealthy investors.<\/p>\n<p class=\"_1HzXw\">Economists argue\u00a0tax rules\u00a0that fuel speculative buying include\u00a0allowing for negative gearing against property (reintroduced by the Labor Government in the late 1980s shortly after the same Hawke government had abolished it), and the 50 per cent capital gains tax discount (introduced in 1999 by the then Howard government).<\/p>\n<figure class=\"_247xw _3qLh5 _sBMB _3pBTa\" role=\"group\" data-print=\"inline-media\" aria-labelledby=\"101036496\" data-component=\"Figure\" data-uri=\"coremedia:\/\/imageproxy\/101036496\">\n<div class=\"_3poXF\" data-component=\"IntersectionObserver\">\n<div class=\"_1Axyg\" data-component=\"AspectRatioContainer\"><img decoding=\"async\" class=\"jMqWO _1PHKk\" src=\"https:\/\/live-production.wcms.abc-cdn.net.au\/962a8fc4ed6727edfdf08e77ea3a41e6?impolicy=wcms_crop_resize&amp;cropH=1490&amp;cropW=1987&amp;xPos=7&amp;yPos=0&amp;width=862&amp;height=647\" sizes=\"100vw\" alt=\"John Howard on the Queensland election campaign\" data-component=\"Image\" \/><\/div>\n<\/div><figcaption id=\"101036496\" class=\"_1EAJU _2_dbS _2L258 _14LIk _3pVeq hmFfs _2F43D\" data-component=\"Figure__figcaption\"><em><strong>Economists say rules that fuel speculative buying\u00a0include the 50 per cent capital gains tax discount introduced in 1999 by the then Howard government.<cite class=\"_1EAJU _1ftZy _2L258 _14LIk _3pVeq hmFfs _2F43D\" data-component=\"Figure__cite\">(<span class=\"_1EAJU _1s6pr _2L258 _1BqKa _3pVeq hmFfs _2F43D\" data-component=\"Byline\"><span class=\"_1EAJU _2L258 _14LIk _3pVeq hmFfs _2F43D\" data-component=\"Text\">ABC News: Talissa Siganto<\/span><\/span>)<\/cite><\/strong><\/em><\/figcaption><\/figure>\n<p>READ MORE VIA <a href=\"https:\/\/www.abc.net.au\/news\/2022-05-05\/housing-affordability-property-prices-interest-rate-rise\/101034784\">ABC<\/a><\/p>\n<div class=\"entry-featured-img-wrap\"><a class=\"entry-featured-img-link\" href=\"https:\/\/propertynoise.co.nz\/au\/sexy-real-estate-agents-fun-instagram-page-sexy-agents\/\"><img loading=\"lazy\" decoding=\"async\" class=\"attachment-hoot-medium-thumb  entry-content-featured-img entry-grid-featured-img wp-post-image lazyloaded\" src=\"https:\/\/propertynoise.co.nz\/au\/wp-content\/uploads\/2022\/02\/T-Shirt-Design-460x270.jpg\" alt=\"SEXY AGENTS\" width=\"460\" height=\"270\" data-src=\"https:\/\/propertynoise.co.nz\/au\/wp-content\/uploads\/2022\/02\/T-Shirt-Design-460x270.jpg\" \/><\/a><\/div>\n<div class=\"entry-grid-content\">\n<header class=\"entry-header\">\n<h2 class=\"entry-title\"><a href=\"https:\/\/propertynoise.co.nz\/au\/sexy-real-estate-agents-fun-instagram-page-sexy-agents\/\" rel=\"bookmark\">Sexy real estate agents \u2013 FUN Instagram Page | sexy.agents<\/a><\/h2>\n<\/header>\n<\/div>\n<h3 class=\"widget-title\"><span class=\"accent-typo\">MOST POPULAR<\/span><\/h3>\n<ul class=\"wpp-list wpp-list-with-thumbnails\">\n<li><a href=\"https:\/\/www.propertynoise.co.nz\/real-estate-agent-accused-of-taking-rivals-signs\/\" target=\"_self\" rel=\"noopener\"><img decoding=\"async\" class=\"wpp-thumbnail wpp_featured wpp_cached_thumb lazyload\" data-src=\"https:\/\/sp-ao.shortpixel.ai\/client\/to_webp,q_glossy,ret_img,w_75,h_75\/https:\/\/www.propertynoise.co.nz\/wp-content\/uploads\/wordpress-popular-posts\/93414-featured-75x75.jpg\" data-srcset=\"https:\/\/sp-ao.shortpixel.ai\/client\/to_webp,q_glossy,ret_img\/https:\/\/www.propertynoise.co.nz\/wp-content\/uploads\/wordpress-popular-posts\/93414-featured-75x75.jpg, https:\/\/sp-ao.shortpixel.ai\/client\/to_webp,q_glossy,ret_img\/https:\/\/www.propertynoise.co.nz\/wp-content\/uploads\/wordpress-popular-posts\/93414-featured-75x75@1.5x.jpg 1.5x, https:\/\/sp-ao.shortpixel.ai\/client\/to_webp,q_glossy,ret_img\/https:\/\/www.propertynoise.co.nz\/wp-content\/uploads\/wordpress-popular-posts\/93414-featured-75x75@2x.jpg 2x, https:\/\/sp-ao.shortpixel.ai\/client\/to_webp,q_glossy,ret_img\/https:\/\/www.propertynoise.co.nz\/wp-content\/uploads\/wordpress-popular-posts\/93414-featured-75x75@2.5x.jpg 2.5x, https:\/\/sp-ao.shortpixel.ai\/client\/to_webp,q_glossy,ret_img\/https:\/\/www.propertynoise.co.nz\/wp-content\/uploads\/wordpress-popular-posts\/93414-featured-75x75@3x.jpg 3x\" alt=\"Adam Docking\" width=\"75\" height=\"75\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 75px; 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The rise and fall of a tennis legend: \u2018Boom Boom\u2019 Boris Becker, once worth $67million<\/a><\/li>\n<li><a href=\"https:\/\/www.propertynoise.co.nz\/she-got-the-dog-bill-gates-reveals-how-he-split-wealth-property-empire-in-130bn-divorce\/\" target=\"_self\" rel=\"noopener\"><img decoding=\"async\" class=\"wpp-thumbnail wpp_featured wpp_cached_thumb lazyload\" data-src=\"https:\/\/sp-ao.shortpixel.ai\/client\/to_webp,q_glossy,ret_img,w_75,h_75\/https:\/\/www.propertynoise.co.nz\/wp-content\/uploads\/wordpress-popular-posts\/93417-featured-75x75.jpg\" data-srcset=\"https:\/\/sp-ao.shortpixel.ai\/client\/to_webp,q_glossy,ret_img\/https:\/\/www.propertynoise.co.nz\/wp-content\/uploads\/wordpress-popular-posts\/93417-featured-75x75.jpg, https:\/\/sp-ao.shortpixel.ai\/client\/to_webp,q_glossy,ret_img\/https:\/\/www.propertynoise.co.nz\/wp-content\/uploads\/wordpress-popular-posts\/93417-featured-75x75@1.5x.jpg 1.5x, https:\/\/sp-ao.shortpixel.ai\/client\/to_webp,q_glossy,ret_img\/https:\/\/www.propertynoise.co.nz\/wp-content\/uploads\/wordpress-popular-posts\/93417-featured-75x75@2x.jpg 2x, https:\/\/sp-ao.shortpixel.ai\/client\/to_webp,q_glossy,ret_img\/https:\/\/www.propertynoise.co.nz\/wp-content\/uploads\/wordpress-popular-posts\/93417-featured-75x75@2.5x.jpg 2.5x, https:\/\/sp-ao.shortpixel.ai\/client\/to_webp,q_glossy,ret_img\/https:\/\/www.propertynoise.co.nz\/wp-content\/uploads\/wordpress-popular-posts\/93417-featured-75x75@3x.jpg 3x\" alt=\"Bill &amp; Melinda Gates\" width=\"75\" height=\"75\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 75px; --smush-placeholder-aspect-ratio: 75\/75;\" \/><\/a><a class=\"wpp-post-title\" href=\"https:\/\/www.propertynoise.co.nz\/she-got-the-dog-bill-gates-reveals-how-he-split-wealth-property-empire-in-130bn-divorce\/\" target=\"_self\" rel=\"noopener\">\u2018She got the dog!\u2019 Bill Gates reveals how he split wealth &amp; Property EMPIRE in $130bn divorce<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>PHOTO: A new report argues that the great Australian dream<span class=\"more-link\"><a href=\"https:\/\/propertynoise.co.nz\/au\/to-make-housing-affordable-property-prices-need-to-fall-watch\/\">Read More &rarr;<\/a><\/span><\/p>\n","protected":false},"author":1,"featured_media":38441,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[461747081],"tags":[478098512,478118747,478098521,478098892,478108952,478117790,478103354,478098519,478098852,478098535,478121190,478098522,478098873,478098579,478098510,478098616,478098514,478098609,478098511,478098705,478098533,478098828,478098509,478121191],"class_list":["entry","author-data123nz","post-38440","post","type-post","status-publish","format-standard","has-post-thumbnail","category-australian-property-real-estate-news","tag-australia","tag-australian-interest-rates","tag-australians","tag-corelogic","tag-covid-19","tag-fhbs","tag-first-time-buyers","tag-home-ownership","tag-house-price-growth","tag-house-prices","tag-housing-affordable","tag-interest-rates","tag-property-investment","tag-property-market","tag-property-news","tag-property-prices","tag-propertynoise","tag-rba","tag-real-estate","tag-real-estate-agency","tag-real-estate-agent","tag-real-estate-agents","tag-real-estate-news","tag-risky-home-loans"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - 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