The Rate Detective Blog - Dave Kaplan, CEO
Personal musings from the chief Rate Detective.
For a Quote call 1300 793 143
8am-8pm Weekdays, 9am-5pm Weekends
Get In Touch 
Follow me on Twitter
Subscribe via RSS
Affordability Ancient History
Thursday, March 18, 2010Affordable housing in Australia is primed to become ancient history, thanks to a chronic housing undersupply, a dysfunctional planning system and unrealistic buyer expectations.
The latest figures estimate Australia’s current housing under supply is as high as 200,000 homes. This number is expected to explode to 60,000 homes by the end of the year and 800,000 homes by 2020 if planning measures aren’t taken to rectify the situation and provide for our growing and ageing population.
Following on from a decade in which house prices rose by a whopping 170%, today’s average first home buyer is facing median house price of $485,000. As such, affordability has become a major concern.
In addition to calling on both the State and Federal Governments for better planning policies, developers can help ease the shortage and housing affordability issues by electing to build smaller homes, despite being one of the world's most urbanised nations, Australia is far from being densely populated when compared with cities such as Tokyo, Paris and Los Angeles.
On a more optimistic note, the number of residential building construction projects commenced in the fourth quarter of 2009 jumped 15.1% from the previous three months.
Happy Savings!
Dave Kaplan
March 12, 2010
Mortgage stress on the way up
April 29, 2010
Housing Affordability: is it getting better?
© Rate Detective - All Rights Reserved
ABN 47 127 196 712 - ACN 127 196 712
Reproduction in part or whole without written
permission is prohibited.
RateDetective operates under the House Home Loans credit license. License number 364974.
Rate Detective and its advisers operate as authorised representatives of Risk Advice Specialists Pty Ltd ABN 27 153 718 079 Australian Financial Service Licence No. 412709. Rate Detective and its advisers are authorised to advise and deal in Life Insurance, Income Protection, Total and Permanent Disability and Trauma Insurance.
Post new comment