When Will There Be Affordable Housing?

Ldatscheap on 13/08/2024 - 12:51
Last edited 14/08/2024 - 07:33

Background - I outright own my own home, and have kids approaching adulthood. Have previously been a landlord but now only own ppor.

Pre Covid there was always a opportunity to buy a cheap family home. Cheap meant a long drive to work/school and the house was tired. And you may not be able to live in a major city.

I guess the point I'm trying to make is: when/if will low end housing get affordable? And what will make it better?

Is it greedy landlords owning multiple properties causing this? Lack of public housing? No sting of 10%(the 90's) interest rates to trigger a sell off? Too much/too little immigration? Elevated labour costs to build new? Other factors?

As a gen x, it feels like when my boomer parents pass away all the inheritance will go to house deposits for the grandchildren - which will make the situation worse in the long run as people without family money will rent forever. Another options is to buy investment properties now and pass them to the kids later, but again thats just making the overall problem worse.

It seems kinda grim. Any thoughts?

Ed: I removed my realestate search as my-bad, sorry, my search included a filter that limited results.

Poll Options

  • 12
    Dollar is being devalued
  • 170
    Greedy landlords owning multiple properties
  • 13
    Lack of public housing
  • 2
    Soft interest rates
  • 364
    Too much immigration
  • 5
    Too little immigration
  • 21
    Elevated labour costs to build new
  • 230
    Not enough houses being built to meet the growing population
  • 21
    There are loads of Cheap/affordable regional areas
Home & Garden

Comments

  • techno2000 on 17/08/2024 - 17:39
    +4

    Aussies should be swimming in money instead of struggling. Just 26 million people and the resources of an entire continent. Pollies and Billionaires are looting us all.
    https://www.macrobusiness.com.au/2024/08/australia-should-be…

    • mrdean on 17/08/2024 - 17:52

      Maaaaaaaaaate.

    • OzzyOzbourne on 17/08/2024 - 19:27
      +4

      If mining companies paid for what they took like they do in other countries, we'd have the best infrastructure, roads, free healthcare and education and zero tax.
      Unfortunately the pollies need a high paying job after they leave politics so….

  • dontboopthesnoot on 17/08/2024 - 19:28

    when unemployment rate goes up or next recession there may be some cheaper houses

  • Ryk on 17/08/2024 - 20:19

    all of the above

  • ofey on 17/08/2024 - 20:44

    NEVER.
    Not until we can stop viewing property as financial pawns.

  • AS2035 on 17/08/2024 - 21:03

    With foreign investors pushing the prices up… NEVER

    Unless the floor drops like it did in Qld in 1991

  • donnytuco on 17/08/2024 - 21:50

    Large scale immigration and foreign investment coupled with low stock = sad times

  • duluxe2000 on 17/08/2024 - 22:00

    Not sure about OP's problem: he and his parents paid off their homes. If he has 2 kids, each will inherit 50% of their grandparents' house, coupled with their partners who also inherits 50% of their grandparents' house so they will own a house alright. Not sure what the problem is ?

    If "affordability" means that next generation can buy property as easy as previous gens, the answer is NEVER. Sydney/Melbourne/etc.. are more desirable locations than they were 20 years ago, how could they as "affordable" as they were before ?

  • TheBean on 18/08/2024 - 10:41

    I think it's also because everyone wants or intends to keep their 4x2 and backyard. Therefore not enough high rises to accommodate the increasing population and people wanting to live closer to city centres?

    • Darude Sandstorm on 18/08/2024 - 12:22

      What?
      How many 4x2's with backyards do you see in the city centres? It's mostly high-rise apartments.
      If people want to live closer to city centres high rises are the way to go.
      You can't have both, they barely exist.

  • Eeples on 18/08/2024 - 19:05

    With 25% of households having 1 person in them and nearly 60% having 1 or 2 persons what you gunna do?

  • oblueknighto on 18/08/2024 - 20:03
    +1

    Not enough houses being built to meet the growing population

  • pogichinoy on 20/08/2024 - 23:23

    DINKs have been the standard for some time, govt policy favours investment than owner occupied/renters, and the mean income is increasing.

    It’s business as usual as far as the country is concerned.

  • ozbaragan on 27/08/2024 - 09:45
    +1

    There is not a single politician who actually cares about housing affordability. Passing the blame to the other party back and forth, all talk and no real SIGNIFICANT action.

  • icejester on 28/08/2024 - 08:38

    It's because of devaluation………

    Look at housing prices in the US
    We all have to use USD
    They print 4Trillion extra USD every year and the money goes to the corporations who make more money by cutting wages and costs
    With the profits they can buy anything and housing is a stable assest/investment.
    Printing money = higher house prices

  • Tiredman on 31/08/2024 - 12:58

    I couldn't care less. Just work hard, work smart and buy more. That's how the world is. No time to complain.

  • AS2035 on 02/09/2024 - 21:47

    Housing will never be affordable again as it was for your parents or even for you.

    you want affordable?

    Move to Italy, a small village, a few hundred people. The house will be run down but they will contribute a bit to renovate it.

  • Benny1245 on 05/09/2024 - 16:53

    I don't see housing in Australia becoming affordable anytime soon…

  • Snax85 on 20/12/2024 - 22:32

    Affordable housing is primarily about supply and demand. While other factors like elevated labour costs and immigration play a role, the crux of the issue lies in the lack of housing supply to meet population growth. Addressing zoning restrictions, streamlining approvals, and incentivizing construction of affordable housing could help alleviate the pressure.

  • Chewy2221 on 21/12/2024 - 17:09

    2 of my relatives have gone into nursing homes during the past 10 years. The house that they vacated just sat empty until the person died. The relatives could not agree on what should happen to the house. In one case, the person lingered on for nearly 10 years. There must be thousands of properties across the country in this limbo. Surely government could provide requirements that the house should be sold or rented out within (say) 3 months of a person entering a nursing home. This will immediately add to the available rentals or home sales.

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