Sydney Nations Least Affordable City, Again

New research by the HIA shows housing affordability hasn’t improved in Sydney.

Below is a statement released by the group this week:

Housing affordability nose-dived at the end of 2009 due to a combination of higher house prices, increased interest rates, and the winding-down of the first home buyers’ boost according to the latest HIA-CBA First Home Buyer Affordability Report.

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Investment Purchases Fill The First Home Buyer Gap

Below is a statement from the REIA, regarding the latest ABS Housing Finance Figures:

The latest Australian Bureau of Statistics (ABS) Housing Finance figures present no surprises, according to the Real Estate Institute of Australia (REIA).

“As buyers have been responding to the improved affordability brought about by cuts in official interest rates since October last year, we are seeing a slowdown in the rate of growth of finance commitments,” said REIA CEO, Mr Neil Fisher.

Total finance commitments increased by 0.5 per cent in July; the lowest growth since August 2008.

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Public Housing Building Boom Underway in Australia

Tanya PlibersekThe Federal Government yesterday released this statement, related to the development of more national public and community housing:

The Australian Government today announced that it has approved over $5 billion worth of projects under the Nation Building Economic Stimulus Plan Social Housing Initiative.

The $4.546 billion allocated as Stage Two follows $692 million of projects approved under Stage One in April.

These projects are the biggest ever investment in social housing in Australia.

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Housing Affordability Nosedives in Melbourne

Housing affordability nose-dived at the end of 2009 due to the fatal storm of higher house prices, increased interest rates, and the winding-down of the first home buyers’ boost according to the latest HIA-CBA First Home Buyer Affordability Report.

Melbourne’s housing affordability tanked in the December 2009 quarter dropping by 18.4 per cent, to be 23 per cent lower than a year ago.

Regional Victoria fared only slightly better, dropping 13.9 per cent over the quarter and 19.2 per cent over the year. 

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Ex Stockland and Mirvac Exec Announces West Footscray Townhouse Project

THE man who bought high rise living to South Yarra ten years ago, and helped develop Beacon Cove in Port Melbourne, has turned his hand to another development, on West Footscray’s Stony Creek.
 
Former Mirvac and Stockland executive Cameron Alderson’s latest development proposal, Canopi, aims to solve housing affordability issues by offering efficiently designed townhouses on small “inner-city” size blocks of around 175 square metres.
 
Canopi, at the end of Lae Street, will include 43 townhouses each including three bedrooms, two bathrooms, two car spots and a rear courtyard. Kingsford Property is marketing the townhouses, which range in price from $479,000 to $550,000.

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