One week left to have your say in the Government’s Inquiry into worsening rental affordability
With Anthony Albanese PM recently announcing sweeping housing reforms, describing the changes as ‘most significant in a generation’ the spotlight is definitely on the housing crisis.
While rental affordability is impacting many, and as a result impacts housing supply, the cost of living is affecting everyone – landlords included!
There are 2.2 million family investors supplying rentals Australia wide, and the majority of people who rent are using them; 30% of households rent their home with 27% renting from a private landlord.
Just 3% rent from a government housing authority – half of what it was two decades ago.
As Hayden Groves, President of The Real Estate Institute of Australia (REIA) (The professional body for Australia’s real estate sector) points out, family investors are, in fact, the main suppliers of rental homes across Australia.
“At a time when cost of living, inflation and interest rates are challenging for all, family investors are rightly frightened by talk of rent controls and rent freezes and we see that bearing out in the listings and sales data.”
“The biggest loser out of that is, of course, renters as fewer rental properties will be available.”
The Government is currently holding an inquiry into the worsening rental crisis in Australia, and would like to hear from people about their experiences – this includes tenants, landlords and anyone one else with an interest in housing sector.
Mr Groves said that everyday Australians needed to tell decision makers in Canberra their story about supplying rental properties as well as renters themselves.
“Now is the chance for family investors; and tenants to get involved and give their ideas on how we can improve the rental system and increase supply, not further reduce it.”
We urge you to have your say, and explain your experiences and share your ideas.
REIA has issued a call to action to Australia’s real estate industry:
- Watch the call-to-action video here.
- More details about the inquiry are here
- Make a submission to the inquiry here.
Make sure your voice is heard – submissions are due by Friday, 1 September.
Relieving the housing crises
National Cabinet has agreed to an ambitious new national target to build 1.2 million new well located homes over five years, from 1 July 2024. This is an additional 200,000 new homes above the National Housing Accord target agreed by states and territories last year.
The Commonwealth has committed to $3 billion for performance-based funding, the New Home Bonus, for states and territories that achieve more than their share of the one million well-located home target under the National Housing Accord.
This will incentivise states and territories to undertake the reforms necessary to boost housing supply and increase housing affordability, making a positive and practical difference for Australians planning to buy a home.
This ambitious target will be supported by the Housing Support Program, a $500 million competitive funding program for local and state governments to kick-start housing supply in well-located areas through targeted activation payments for things like connecting essential services, amenities to support new housing development, or building planning capability.
National Cabinet also agreed to a National Planning Reform Blueprint with planning, zoning, land release and other measures to improve housing supply and affordability.
The Blueprint includes: updating state, regional, and local strategic plans to reflect housing supply targets; promoting medium and high-density housing in well-located areas close to existing public transport connections, amenities and employment; and streamlining approval pathways.
More details about the Government’s plans can be found here.
If you would like to talk about this nationwide inquiry further, would like to know our thoughts, or would like to know how our property management services can make your life easier, we’re always here for an informal chat to answer questions.
Give us a ring on 02 4954 8833, send us an email to mail@apnewcastle.com.au or pop into our Cardiff office.