Show me the money: financing more affordable housing

Berry, M 2005, 'Show me the money: financing more affordable housing', Just Policy, vol. 36, pp. 13-19.

Document type: Journal Article
Collection: Journal Articles

Title Show me the money: financing more affordable housing
Author(s) Berry, M
Year 2005
Journal name Just Policy
Volume number 36
Start page 13
End page 19
Total pages 6
Publisher Victorian Council of Social Service
Abstract At the recent Notional Summit on Housing Affordability (June 2004) concern was expressed that, over the post decade: - average house prices relative to income have almost doubled - the proportion of first home buyers has fallen by 30 per cent - average monthly payments on new mortgage loans have increased by around 50 per cent the proportion of low-rent dwellings has fallen by 15 per cent - effective opportunities to rent public housing have fallen by about 20 per cent - on any night, around 100,000 Australians are homeless These and other indicators are a clear sign that housing affordability has declined substantially for lower and middle income households in Australia, during a generally buoyant period of economic growth. Clearly, the benefits of a growing economy in an increasingly globalised world are not flowing evenly to all sectors of our society. Deep and persistent failures in the Australian housing market are ensuring that the very mechanisms of growth that are intensifying inequalities in labour markets are being faithfully reflected and reinforced at home. This raises challenges for housing policy makers and advocates. How can this vicious dynamic be halted and reversed? This paper first briefly summarises the housing affordability picture and the forces driving the recent housing boom. The paper then addresses the policy challenge and looks at the way forward. The proposals of the recent summit are noted. Finally, it is stressed that in order to make substantial advances in reducing housing stress related to declining affordability for at-risk groups, the States and Commonwealth must adequately and quickly address and solve the parlous financial condition of the state housing authorities.
Subject Urban Sociology and Community Studies
Copyright notice © 2005 Victorian Council of Social Service
ISSN 1323-2266
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