The Australian state of Victoria has added a slither of new social housing stock over the past four years, despite introducing a multi-billion-dollar program to boost social housing. The latest annual report by the Victorian Department of Families, Fairness and Housing revealed that the state had a total social housing stock of 86,887 dwellings by…
Victoria Adds Just 74 New Public Dwellings Despite Multi-Billion-Dollar Program
March 17, 2023
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Australian House Prices Stabilised in February but Experts Warn Downturn Not Over
The pace of falling house values saw signs of slowing in February, underpinned by low levels of advertised stock, but experts say it is still too early to declare the downturn over. Property researcher CoreLogic reported that its home value index saw the smallest monthly fall in February since rates began rising in May 2022….
Americans Work Remotely as Employees in Europe and Asia Return to the Office
March 1, 2023
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A great divergence has become noticeable in return-to-office habits, as half of American workers still work remotely compared to their counterparts in Asia and Europe who have largely returned to the office. Offices in the United States are still at about half capacity three years after the onset of the pandemic, with occupancy rates at 40–60…
New Zealand Raises Interest Rate to 4.75 Percent, Eating Into Housing Affordability
February 22, 2023
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New Zealand’s central bank has raised the official cash rate (OCR) by another 50 basis points to 4.75 percent after Cyclone Gabrielle destroyed the livelihood of many Kiwis. “It is too early to accurately assess the monetary policy implications of these weather events, given that the scale of destruction and economic disruption are only now…
New Portuguese Law Will Force Owners of Vacant Homes to Get Tenants
February 21, 2023
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The Portuguese government announced new measures last week to handle the country’s housing crisis, including ending the so-called “golden visa” program, and would put a ban on short-term holiday rental licenses, like for Airbnbs. Lisbon wants to force owners of vacant properties across Portugal to open them up to long-term renters because of soaring home and…
Australian Government Introduces $10 Billion Fund to Tackle Social Housing Issues
The Australian government has introduced a $10 billion (US$6.95 billion) package to address the lack of social and affordable housing across the country, touting it as a “turning point” for Australian home ownership. On Feb. 9, the Australian government announced that it would table new legislation to the parliament to establish the Housing Australia Future…
UK House Prices Stabilised in January, Halifax Figures Show
February 7, 2023
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House prices in the UK stabilised in January following a series of monthly falls last year, according to new figures from the Halifax bank. Halifax said the typical property value remained largely unchanged in January 2023 at £281,684, compared with December 2022. The bank’s House Price Index (pdf) recorded 0.0 percent house price growth in…
Australians Return to Capital Cities After Lockdowns, Driving Rental Competition
January 20, 2023
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Australians and overseas visitors are returning to the cities after lockdowns, with a new report showing enquiries for rental listings up 31 percent in capital cities and down 30 percent in regional areas. However, people looking to rent are in for a challenging market, facing strong demand and low supply across the country. The latest…
Coalition ‘Thinks Big’ in New South Wales Land Tax Reform
January 15, 2023
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The premier of Australia’s most populated state New South Wales (NSW), says he is focused on creating “policies for the next generation” as he launches a major overhaul of tax settings for first-home buyers in the state. “We need to think big, do things differently and deliver new policies to drive NSW forward,” Dominic Perrottet…
New South Wales Labor to Address Affordability Crisis With $30 Million Build-to-Rent Scheme
January 11, 2023
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New South Wales (NSW) Labor has promised to deliver a $30 million (US$21 million) build-to-rent pilot scheme to increase the supply of rental homes to tackle the growing affordability crisis ahead of the next state election. “Teachers, doctors, and tradies are forced to live in cars in the regions because they can’t find rentals,” NSW…
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