The proportion of Australian homeowners falling behind on mortgage repayments has reached an eight-year high, driven by persistent inflation and high interest rates. According to a report by Fitch, the number of mortgage holders in arrears by 30-59 days has climbed to 0.48%, the highest level since 2016. Additionally, 30+ day arrears have risen by 9% to 1.3%, marking the third consecutive quarter of increases.
Sydney Maintains Highest Median Rent Among Australian Capitals at $750 per Week
New data from Domain reveals that the median price for rental houses in Sydney remained at a high of $750 per week in June 2024. This amount continues to represent the highest median rent among Australia’s capital cities, marking a 7.1% increase from June 2023.
Australia’s Push for Sustainable Housing Amid Climate Concerns
Australia’s federal government has set ambitious targets to construct 12 million new homes by 2029, but faces challenges due to the construction industry’s significant greenhouse gas emissions. These emissions stem from both day-to-day energy use (operating carbon) and materials used in construction (embodied carbon).
Sydney’s Sirius Building Transformed into Luxury Apartments Amid Housing Crisis Criticism
Once a symbol of social housing in Sydney, the Sirius building has undergone a controversial transformation into luxury apartments, with prices starting at $15 million. The final 76 apartments, sold for approximately $150 million in 2019, mark a significant shift from its original purpose.
Victoria Unveils Ambitious Housing Targets to Address Population Growth
Victoria’s state government has unveiled draft council targets aimed at facilitating the construction of 25 million new homes by 2051. These targets are designed to meet the burgeoning population and housing demands across various local government areas (LGAs), with a strategic focus on established suburbs.
NSW Budget Targets Housing Crisis and Regional Development Amid Fiscal Challenges
The New South Wales budget for the upcoming fiscal year is prioritizing social affordable housing, regional development, and essential services across Sydney and beyond. Treasurer Daniel Mookhey underscored the need for sustainable solutions to tackle the housing crisis, emphasizing the importance of securing future prosperity and preventing talent drain.
Victoria Tenant Evicted After 25 Years, Home Stands Empty Amid Housing Concerns
Louise Wilksch, a 71-year-old renter, was asked to vacate her long-term home in Victoria, leaving it empty. This situation has sparked debate over eviction laws and taxes on vacant dwellings.
The Rise of “Forever Loans” in Australia: Generational Divide and Financial Concerns
As housing prices and living costs soar across Australia, many individuals are grappling with the burden of substantial mortgage debts that may never be fully repaid. This trend has led to the emergence of “forever loans,” marking a significant shift in how Australians approach home ownership, particularly among different generations.
Keeping Warm in Southern Australia: Renter-Friendly Tips for Winter Comfort and Savings
During winter, many homes in southern Australia struggle to maintain comfortable indoor temperatures, often falling short of recommended guidelines. This issue is compounded by landlords who historically lacked incentives to improve energy efficiency in rental properties.
Sydney Calls for Reforms as Thousands of Airbnb Rentals Operate Without Registration
The City of Sydney is pushing for significant reforms in the short-term rental sector amid concerns that thousands of properties listed on Airbnb are operating without valid registrations. A recent report commissioned by the city identified discrepancies, noting around 2,500 active properties compared to AirDNA’s data indicating 5,500 properties.