Latest news with #housingAffordability
SBS Australia
04-07-2025
- Business
- SBS Australia
To buy, or to rent? How housing affordability stacks up across the states
To buy, or to rent? How housing affordability stacks up across the states Published 4 July 2025, 8:16 am It's an age old question: is it cheaper to buy or rent? A new report by property group Domain has revealed that servicing a mortgage on a house is cheaper in 6 per cent of suburbs around the country. For units, it's almost 23 per cent. But in Perth, nearly 83 per cent of apartments are cheaper to buy than rent. And while that may be a win for buyers, it highlights the struggles for those in the rental market.
CBS News
30-06-2025
- Business
- CBS News
Lawmakers pass budget bill that would eliminate broker's fees for Massachusetts renters
Lawmakers on Beacon Hill in Boston have just passed a budget bill that includes legislation to eliminate renter-paid broker fees. The add-on is typically the cost of one month's rent, and can be a major hurdle for renters trying to find a place to live in the city. "That is a lot of money to come up with, especially if you are just starting out in this world," said Lina Kriva, a real estate agent with her namesake Lina Kriva Homes. Typically, a landlord can ask for first and last month's rent, as well as a security deposit. The deposit is also usually the cost of one month's rent. Often, the landlord will ask the renter to pay for a broker's fee. If both the landlord and the renter have a broker, those brokers will usually split the overall fee. When you factor in the broker fee to the typical up-front costs to move in, some renters are paying a total of four months' rent just to get a key to move in. Governor Maura Healey called these fees "unfair for the renter." Healey is expected to sign the bill into law, making renter-paid brokers' fees a thing of the past. Who pays the broker's fee? "Two things that could happen. One that whoever hires you pays the fee," explained Kriva, "Could also be that to be competitive, the landlord will pay both sides, but right now we don't have that competitive area." Some renters and brokers believe landlords will simply offset the cost by raising rent prices. "That could easily happen. As in New York, I think they saw a 15% to 20% hike when this type of legislation went in. Someone is going to get their money back," said Kriva. "I think it would not shift the burden to the landlord, it would only increase prices," said Manuel Londono, a renter and landlord. "The real issue is the supply of housing is not growing." Londono is in a unique position where he rents his current place, but also owns multiple properties in the city where he is the landlord. He says he will just raise rent prices to make up for the difference, and he expects to pay a higher price the next time he is looking to rent for himself. "As a landlord, I expect a certain return. If it's not giving it to me, I would sell the property," explained Londono.
ABC News
30-06-2025
- Business
- ABC News
Queenslanders push for further measures to enable home ownership
A Sunshine Coast woman who works four casual jobs but still can not save enough money for a home deposit says a new shared equity scheme for first home-buyers fails to address the root cause of housing stress. The Boost to Buy Home Equity program announced in this year's Queensland state budget was designed to help 1,000 eligible first home-buyers enter the property market. The government said it would contribute 30 per cent equity for new builds and 25 per cent for existing homes, for properties up to the value of $1 million. It was designed to allow Queenslanders to purchase a home with a two per cent deposit. Buderim woman Jade Weatherill said the scheme would not help low-income households spending more than 30 per cent of their income on rent. She said the equity home buying schemes were only accessible to couples or higher-income earners. "Those schemes are great when it's a couple and they're both working full time and they might be lucky enough to have parents help them out with the deposit," she said. "But a single woman on casual employment … I'm not even going to bother trying." Ms Weatherill said flexible mortgage structures that allowed people to qualify for a loan regardless of their income and pay it off at a lower rate over time would be a better option. Ms Weatherill, who works as a face painter, writer, artist, disability support worker, teacher's assistant and in retail, said she still was not earning enough to guarantee housing security. "Any full-time proper job that I try and apply for there's thousands of people [also applying] and you hardly even hear back," she said. "So, I take the casual jobs hoping for something better one day." She said real estate agents constantly turned her applications away because she was a casual worker. "I don't apply for rentals anymore because I don't earn enough," she said. "There is nothing affordable." She said she rented privately but having no record of renting and no regulation could cause issues. "Landlords want cash because they don't want to claim it on tax," Ms Weatherill said. "You've got no security. "Stop making housing an investment for the rich. "It's a human right." Queensland's property market has never been more expensive. The latest Real Estate Institute of Queensland (REIQ) data shows the median sale price for Queensland houses grew 0.61 per cent across the first three months of the year to $812,000. Real Estate Institute of Queensland (REIQ) data from March showed million-dollar medians were maintained in Noosa ($1.34m), Brisbane ($1.215m), Gold Coast ($1.15m) and Sunshine Coast ($1.077m). REIQ chief executive Antonia Mercorella said the latest figures reflected an active market in early 2025 and highlighted an exponential five-year transformation with some regions doubling in value. "In March 2020, as Australia was shutting its borders and grappling with economic uncertainly, Queensland's annual median house price was just $490,000," she said. "Today it's $790,000, representing a staggering 61.22 per cent increase. "Queensland units have similarly surged from $385,000 to $640,000 — a 66.23 per cent increase in the median sales price over the same five-year period. "As prices have climbed, units have become a popular go-to option for buyers seeking more affordable entry points." Singles earning up to $150,000 and households with two adults earning up to $225,000 will be eligible for the new shared equity scheme. The $30,000 first home buyers grant that was due to expire at the end of the month has been extended to June 2026. But Anglicare Southern Queensland chief executive Sue Cooke said research showed the scheme did not go far enough for the state's most vulnerable. "We understand that Queensland's Boost to Buy Home Equity scheme will enable some Queenslanders to purchase a home with a two per cent deposit," she said. "There is still some way to go in assisting low-income households to achieve home ownership." Ms Cooke said research from the Queensland Council of Social Service (QCOSS) on living affordability revealed people on low incomes were unable to make meaningful savings. "Making a deposit as small as two per cent is unachievable for many Queenslanders," she said. "There is an opportunity for the government to assist with these cost-of-living pressures by reconsidering measures such as the $1,000 energy relief to ensure all Queenslanders can receive a fair go at achieving home ownership." Ms Cooke said mortgage guarantees and targeted shared equity arrangements, replacing stamp duty with universal land tax, and/or increasing the stamp duty threshold and land lease arrangements would make a more meaningful difference. "Whilst we welcome funding announcement for social housing to achieve the LNP's ambitious commitment to deliver over 2,000 homes in its first year; we are keen to understand specific detail of the Securing our Housing Foundations Plan, including how 52,000 people currently on the social housing waitlist will be supported," she said.
BreakingNews.ie
05-06-2025
- Business
- BreakingNews.ie
90% of Irish people worried about the daily cost of living due to price increases
More than 9 out of 10 Irish people are worried about the daily cost of living due to price increases, according to the findings of a major EU-wide survey published by the European Commission. The study also revealed that Irish people have the second highest level of concern about the future because of the affordability of housing. Advertisement They also have some of the lowest levels of satisfaction among EU citizens for access to quality childcare and healthcare. The Eurobarometer survey entitled Investing in Fairness assessed the attitudes of EU citizens on various aspects of fairness and social inclusion, including economic stability and quality of life. It found that 91 per cent of Irish respondents claimed they were worried about the future of their household due to the daily cost of living as a result of rising prices. It was the 9th highest rate among the 27 EU member states where 88 per cent overall were concerned about daily living costs. Advertisement Concern levels ranged from a low of 47 per cent in Denmark to 97 per cent in Portugal. Like most Europeans, Irish respondents also expressed concern about the reduced quality of public services, child poverty and housing affordability. Six out of 10 Irish people said they were worried about their ability to pay either rent or a mortgage, while a similar proportion said they were concerned they were not receiving a fair salary based on their skills and experience. The survey showed 92 per cent expressed worry about the affordability of housing with only Portugal having a higher rate than Ireland. The EU average was 82 per cent. Advertisement Ireland also recorded the 7th highest level of concern about the reduced quality of public services with 90 per cent worried about access to services like hospitals, childcare and schools. On a positive note, 39 per cent of Irish people said they were unconcerned about the quality of education in Ireland – the 6th highest rate and more than twice the EU average of 18 per cent. The Eurobarometer poll, which surveyed over 26,000 people across the EU, including over 1,000 in the Republic, also assessed the public's view on job satisfaction. It showed that Irish workers were less concerned that most Europeans that their skills were becoming less valuable because of digital changes in society. Advertisement The report also revealed that almost two-thirds of Irish workers (64 per cent) – the same figure as the EU average – are worried about the future because of a lack of job opportunities. Workers as well as unemployed people in Ireland emphasised the importance of training more than most Europeans with Irish citizens among the most willing to take part in training to develop their skills for using digital technologies in their daily work. Irish respondents were also among the strongest supporters of favouring programmes which would ensure young people had access to childcare, education, training and affordable housing. The European Commission said the report's findings would be instrumental in shaping policies and initiatives aimed at fostering a more inclusive and equitable society. Advertisement It claimed the high level of satisfaction found among EU citizens with their current job indicated a general contentment with employment conditions across the EU. Ireland recorded the joint 2nd highest job satisfaction rate together with Finland and the Netherlands at 93 per cent after Denmark, while the EU average was 85 per cent. However, the European Commission noted that only a narrow majority of Europeans were satisfied with access to quality healthcare and social services which demonstrated the need for more substantial efforts in these areas.
Daily Mail
21-05-2025
- Business
- Daily Mail
Why first-time homeowners need to 'get in before the crowd' and buy now
Hopeful home buyers have been urged to pull the trigger now before a first home assistance scheme causes property prices to surge. From January 2026, the federal government will guarantee half the deposit on Australians' first homes, slashing the requisite from 10 per cent to five per cent. A deposit of just $50,000 would be enough to purchase a $1million home. However, industry experts warned the plan will fuel housing stress by opening the door to a flood of demand in a low-supply market. Michael Yardney from Metropole Property Strategists has predicted vendors will react to the scheme by raising house prices - making homes less affordable for future generations of entry-level buyers. 'Property prices will skyrocket in early 2026 when Labor's five per cent deposit scheme comes into effect – get in before the crowd,' he told the West Australian. 'Sure, prices seem expensive but that's what your parents said. Who wouldn't like to buy their parents' home for the price they paid.' Tim Reardon, an economist from the Housing Industry Association, also encouraged first-time buyers to buy now before the scheme takes effect. 'The housing affordability problem will get significantly worse over the next three years as we complete a low volume of homes, and population growth remains extraordinarily high,' he said. Labor's Homes for Australia Plan also promises to shore up renters' rights. The Albanese government has vowed to build 100,000 homes exclusively for first-time buyers to balance demand for property introduced by its deposit scheme. They also believe their $43billion commitment to the housing industry - eight times more than the Coalition invested in a decade - will see the construction of 1.2million homes over the next five years. But critics have repeatedly slammed Labor for slow progress on its plans. According to data released by the Australian Bureau of Statistics in April, over one million homes need to be built by 2029 to keep up with projected demand. Australia needs to build 57,000 homes per quarter between 2024 and 2029. The current rate sits about 20,000 houses below that requirement. It follows a strong period of construction during the pandemic. Experts say growth in the industry has been hampered by labour and materials shortages, which the government has promised they are addressing. Slow planning processes and approvals, and high interest rates have also hindered construction. The number of commenced and finished construction projects were down in 2024 compared to previous quarters.
