Rising housing costs have dramatically widened the gap between what Australians on high and low incomes can afford. Rising home prices paired with plummeting rates of home-ownership are driving up wealth inequalities.Housing is draining the incomes of the poorThe inflation-adjusted incomes for the lowest fifth of households increased by about 26 per cent between 2003-04 and 2019-20.
While average full-time earnings have doubled over the past half-century, home prices have quadrupled. In other words, a relatively low-risk, low-effort investment provided greater returns than a year of hard work.The growing divide between the housing "haves" and "have nots" is being entrenched as wealth is passed onto the next generation.
Source: Real Estate Daily Report (realestatedailyreport.net)
That would be right.
Overseas buyers should not be let in to the market without prerequisites being set.
Limit negative gearing to 1 house at at time for family's that want a investment. There should not be people having 3 and 4 negative home and more at a time.
We need the government to offer interest free loans to reputable developers for water and sewer to fasttrack new housing development.
Well stop crying about rising interest rates then because that’s the only thing that will decrease house prices as we are witnessing now
Stopping the hundreds of thousands of foreign skilled workers Labor and AlboMP are importing will fix the housing crisis.
The only way to fix it is to outlaw ownership of multiple properties
Thank you Reserve Bank governor. Thank you Government.
ABC you are irrelevant.Typical leftist crap. Some people will never have the ability to own a house. Thank God that average people are willing to provide them with homes. It's not too much to ask them to pay a fair rent. ABC stop this decisive crap. Shame on you
Stop foreign investment in housing. Must be Australian Citizen. Like many other countries.
How many of you at the sheltered workshop know as TheirABC have rental properties?
Socialised Millionaires. Luv it.😂😂😂
This piece is terrible. Alt. solutions: 1. Immigration max 100k/yr for 10yrs. 2. NG on new builds only. 3. Progressive vacancy taxes based on local rental demand 4. Whole property AirBnBs = hotels 5. 'Use it or lose it' rules for land banks; developers have 1yr to commence work.
Poor people have stop being leaches and need to work harder. They get it too easy in this country. They’re too willing to stick the hand out.
Affordable housing means house prices must fall, which politicians and existing homeowners don’t want.
no sh!t
ok comrades, socialism is obviously your solution to everything.
People can make a budget and save up for a deposit. It's rarely about the size of the income and more what you do with the income you get.
Not sure how we call housing an investment whilst we subsidies investors losing money on it. Last time I checked an investment is suppose to make money.
Higher interest rates are not the main fix. Wealthy ride it out by charging higher rents. Overly generous tax laws are the problem. Reduce tax write-off's to 50% of gross income and one property only, but allow sellers to transfer a proportion of the capital gains into super.
Years past the Federal Government amended monetary rebate to WA in order to remove Stamp Duty on homes. The WA Governments have not followed through. Remove Stamp Duty as intended and help the homebuyers.
wining about matter that are above your pay check that's a flogging
This is the lucky country remember or is it? Lucky for the millionaires tho
when we jack up migrant intake it would make the rent n housing crisis much worse It is utter stupidity to be obsessed on growth Look at the hellish life in Lagos n Manila
No more foreign ownership and some need to move into more affordable areas as a start to their 'aspirations '. Eg Thomastown 18ks from Melbourne CBD with good train and bus services and well priced housing and rental.
When you have Lib and Lab state governments that sell off social housing and both parties continue the handouts to property investors without adequate rent controls, this is the inevitable result. Neoliberalism 101.
Was the same 20 years ago 🙄
High house prices are not helping inheritances unless we're talking multiple properties. If you have a one house all it does is increase your rates and if you sell it and buy another your selling costs are increased and you'll pay more for something else plus extra stamp duty.
rich immigrants are happy to come in and buy most of it up the mid wage aussies dont get a look-in...
..'The federal government should start by reducing the capital gains tax discount and abolishing negative gearing...The effect on property prices would be modest — roughly 2 per cent lower than otherwise'... lolololololol....While driving investors supplying the market.
The 1st nation's people own 50% of the Australia's land mass. Can we buy some land off them?
The improvement solution is easy & it will never be done. Reduce immigration to PreHoward levels of 70,000 Stop Foreign ownership. Both will improve affordability & that is well known in the industry.
This is happening to MILLIONS of Australians under the Lib/Lab government-engineered HYPER-DEMAND housing policies (NG & CGT tax concessions for property speculators, allowing foreign buyers, high immigration, etc). De-corrupt the market by fixing the root cause- HYPER-DEMAND.
The govt needs to stop all the schemes that support prices. They make the situation worse
All by the design of the failed experiment of neoliberalism
When all the boomers who own the majority of the housing stock die, the houses and the land they occupy evaporate rather than being inherited by the millennials
Someone gains on others loss. The battle for housing is painful. Born and burnt in Australia in a lifetime. Free country my backside. Only for the people of no conscious.
Watch the elites propaganda arm, the ABC, talk about population being a fait accompli that we just need to plan for. Q1 why is it a fait accompli? Q2 what happened to the planning? Defund the treasonous ABC.
Who's responsible for this? Russia or China ?
Noooo. Really🤔
It's always been this way. Nothing ever gets done. The govt is increasing immigration, which will only make it worse. Penalising investors will just lead to fewer rentals. Building more social housing is the answer, but not high density high-rise areas spread them out.
Canada has put a temporary stop on overseas buyers in an attempt to curb this. We should try something similar. Too many Australians can't afford to live in their own country.
ABC is just like the rest of the elites. Advocating MASS IMMIGRATION that's ripping our kids futures to pieces while presenting garbage like this article. Anyone that understands, and opposes, what's going on, should be demanding total ABC reform.
Is that why the Voice is the main Labor government preoccupation?
ABC and other elites purposely created this disaster while rambling on about 'how to fix it' with fake solutions, they supported mass immigration, the rocket fuel behind it. ABC has to be defunded.
And in other water is wet news? Rents in Hobart have been an issue for yrs now
Real estate agents are a huge problem as well, my ex partner has applied for over 20 properties, some still sit empty some have even dropped in price since she applied but they still don't give her a property..
This is brand new information
Like '5 houses Albo'? 🤔🤔
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