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Extreme conditions for renters described as 'needle in a haystack type stuff' as housing crisis deepens

https://www.abc.net.au/news/2024-03-05/extreme-conditions-for-renters-remain-as-housing-crisis-deepens/103543924

There is further evidence Australia's ongoing housing crisis is deepening as the national vacancy rate hits a record low of 0.7 per cent, according to Domain.

Extreme conditions for renters described as 'needle in a haystack type stuff' as housing crisis deepens

I'm sure if we keep voting for the Libor and Laberal parties they will eventually fix it right?

13 comments

unionagainstdhmo

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How come spending $368,000,000,0000 on nuclear submarines that won't arrive until 2050, and most likely won't be useful in 2050 because they will most likely be detectable, for a war that will never happen, is a good use of taxpayer funds but spending much less than that on housing is?

They don't even need to spend on housing, they just need to take a risk and kill the housing market, maybe pay off people's mortgages.

autotldr

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This is the best summary I could come up with:

"It's challenging and I think 0.3 per cent (vacancy rate), that's needle in a haystack type stuff," chief of research and economics at Domain Nicola Powell said.

Ms Powell said record low vacancy rates are being driven by ongoing factors like rapid population growth and rising property prices, leaving more renters stuck in the rental market.

But perhaps the biggest problem is a shortage of supply, and that sluggishness has been brought into sharp focus by the latest Bureau of Statistics building approvals data.

CoreLogic's head of research Tim Lawless said the problem is construction companies are reluctant to build because they can't turn a profit.

And for those hopeful renters looking for at least something to cling onto, Domain data shows, on a national scale, the average views per rental listing continued to decrease in February.

While it may mean that Australians are sleeping rough, on the flip side, Ms Powell said others are choosing to stay at home to save up for a house of their own.

The original article contains 699 words, the summary contains 169 words. Saved 76%. I'm a bot and I'm open source!

WhatAmLemmy

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Definitely keep bringing in 300k people a year, while building fewer dwellings than the existing population require, and definitely continue incentivising them to be built either a) where nobody wants to live or b) of such a low quality you're forced to take option a.

All guaranteed to improve housing affordability and security for decades and decades and decades and decades.

princessnorah

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This just seems like a thinly veiled attack on immigration honestly. I’d way rather see reforms on absentee foreign ownership of residential property, on Australian owners with more than one property leaving any vacant, and on negative gearing.

There were also 300k babies born in 2022, didn’t hear you say people should stop having kids.

Edit: As well, 220k people migrated away from Australia and 190k people died. It’s really easy to make one number seem like the problem, but there’s a bigger picture you’re omitting.

WhatAmLemmy

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Get fucked Karen. Not every complaint involving immigration is racism...

BadlyDrawnRhino

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Yeah, replying "Get fucked" to a response that brings up a lot of good counter-arguments to your original point will certainly make it look like you were bringing up immigration in good-faith.

unionagainstdhmo

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Actually you sound more like a Karen. Care to explain how your comment is any different from a "Fuck Off We're Full!" sticker?

As @princessnorah@lemmy.blahaj.zone stated, immigration is not the only factor driving population growth and the housing crisis. Instead of attempting to lower demand, shouldn't we be rapidly increasing supply?

princessnorah

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I’m not sure where in my comment you think I called you racist mate. A huge chunk of our immigration is from New Zealand & the UK anyway. Do the math, our population would be shrinking without it.

Like other people have said, why not focus on supply instead? We should implement an aggressive property rates regime on unoccupied homes. The National Rental Affordability Scheme is coming to an end in 2 years time, but it could be re-funded with that money. As well as fast-tracking social housing projects.

An outright ban on absentee foreign ownership of residential property would also probably help supply a lot. It’s ridiculous that someone who doesn’t have a right to live in Australia, can still own a home here.

shalafi

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Gosh, we can't say a word about immigration around here. FAKE NEWS! Right? Because it's a GOP talking point, we'll pretend nothing is happening.

The reality is that loads of people are coming to the US, legally and illegally.

From the CBO:

https://www.cbo.gov/publication/59697

From the Border Patrol:

https://www.cbp.gov/newsroom/stats/southwest-land-border-encounters

EDIT: Apologies. Apparently I'm so steeped in the US migrant thing I assumed wrongly.

unionagainstdhmo

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This is an Australian community, discussing an Australian issue. Please don't bring America's shit show here.

Kangie

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Fascinating take on Mongolian basket weaving! Though I'm not sure how it relates to the price of tea in China...

Nudding

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You a bot?

quoll

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@WhatAmLemmy @Longmactoppedup

Housing supply has outpaced population for over a decade.

https://www.theguardian.com/news/datablog/2023/dec/12/australia-immigration-data-spike-migration-rate-housing-prices