The Australian Labor government’s high-profile affordable housing fund has failed to pass the Parliament’s upper house. On May 10, Labor attempted to bring a vote in the Senate for the Housing Australia Future Fund; however, the motion was shot down by the Greens and Liberal-National Coalition. As a result, debate on the housing fund will…
Greens, Coalition Team up to Block Labor’s Affordable Housing Fund
May 11, 2023
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AustraliaBusiness & Marketseconomic policiesGlobal Real Estatehousing fundJacqui Lambiemax-chandler matherreal estateWorld
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Housing Supply Not Keeping Up With Immigration, Rents Soar
May 3, 2023
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Business & MarketsCanadaCMHCeconomic policiesGlobal Real Estatehousing supplyimmigrationreal estateWorld
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News Analysis Housing supply is not keeping up with a rapidly growing population and the problem is worsening in 2023, with a downturn in home building underway due largely to higher interest rates. The government’s higher immigration targets and record-breaking year for processing immigration applications are putting greater strains primarily on the rental market. Canada’s…
IMF Predicts Potential ‘Disorderly’ Price Corrections in European Housing Market
Home prices in Europe, which are overvalued in many places, could see major price corrections as the region confronts elevated inflation and tight financial conditions, the International Monetary Fund (IMF) said in a recent report. Europe is facing multiple economic challenges, with inflation remaining high and financial sector risks materializing. At the same time, real…
Australia’s Rental Crisis Intensifies in the March Quarter
Australia’s rental crisis has worsened in the first quarter of 2023 with rising prices and falling vacancies, adding more pressure on renters across the country. In its latest quarterly rental review, real estate data provider CoreLogic pointed out that national rental prices rose by 2.5 percent in the March quarter, up from two percent in…
Australian House Prices Grow Again After Dropping for 10 Straight Months
Australian house prices have regained their growth momentum in March after falling for ten consecutive months due to the impact of interest rate hikes. According to real estate data provider CoreLogic, national home values climbed by 0.6 percent in March. This is the first positive result following the 8.5 percent drop in house prices since…
Queensland to Cap Rent Increases to Once a Year
March 27, 2023
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Annastacia PalaszczukAustraliaBusiness & Marketseconomic policiesGlobal Real Estatehousing affordabilityQueenslandreal estateWorld
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Landlords will only be allowed to increase rents once a year under a proposal by the Queensland Labor government. Premier Annastacia Palaszczuk made the announcement prior to the second Housing Summit on March 28, which brings the state in line with Victoria and South Australia. “Today we’re taking action to give people who are renting…
Walls Closing in on Labor’s $10 Billion Social Housing Fund
The federal government is pleading for crossbench support for its social housing fund, arguing rising homelessness levels require urgent action. Opposition is mounting to the $10 billion Housing Australia Future Fund, which risks defeat in the Senate unless its ambitions are ratcheted up in line with crossbencher demands. The Greens and independent senators David Pocock…
Australian Capital Territory Bans ‘No-Cause’ Evictions
March 21, 2023
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AustraliaAustralian Capital TerritoryBusiness & MarketsCANBERRAeconomic policiesGlobal Real Estateno-cause evictionreal estaterental marketShane RattenburyWorld
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Landlords in the nation’s capital will be allowed to evict tenants only for government-approved reasons after Labor and the Greens passed its no-cause eviction laws. Attorney-General Shane Rattenbury said the move was designed to deal with the challenging rental market in the Australian Capital Territory (ACT). “We have heard from the community that no-cause evictions…
Labor’s Housing Bill at Risk of Defeat as Crossbench Demand More Social Housing Funds
March 21, 2023
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Affordable HousingAustraliaBusiness & Marketseconomic policiesGlobal Real Estatehousing fundInternationalreal estatesocial housingWorld
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As the federal government tries to push through a swathe of new laws this fortnight, its $10 billion (US$6.7 billion) Housing Australia Future Fund is at risk of being shot down by the crossbench. Under Labor’s proposed law, a cap of $500 million a year will be applied to funding for building new social and…
Queensland Toys With Rent Controls as Homelessness Rises 22 Percent
March 20, 2023
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AustraliaBusiness & Marketseconomic policiesGlobal Real Estatehousing affordabilityInternationalQueenslandreal estateWorld
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Landlords in Queensland could be forced to keep rents artificially low as the state government considers ways to deal with its housing crisis. Over 150,000 families were dealing with housing stress in the state, with 100,000 of those eligible for social housing—the current waitlist is 27,000—according to a new report by the Queensland Council of…
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