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Daily Mail
2 days ago
- Business
- Daily Mail
ABC host gives Albo's finance boss reality check on housing market
An ABC host put the finance minister on the spot after questioning how Australians could ever have hope of owning a home as prices drastically outpace wages. ABC News Breakfast presenter James Glenday (pictured left) grilled Katy Gallagher (pictured right) on Monday over projections the median price for a house would soon rise by seven per cent. Gallagher said the country had failed to build enough homes for decades. 'That is exactly the discussion that needs to be had around housing, and for us it is around the fact that we haven't built enough houses for decades in this country, and the fact we have to look at how we speed that up and how we offer a range of housing options for people,' she said. 'Whether that be from looking at how we deal with the supported housing sector or affordable housing, all the way to home ownership. We went to the election with policies around that. There is more work we have to do. It takes too long to build a house. That adds to the cost of housing. We have to make sure we are tackling these issues, otherwise these problems will continue.' The issue will be central to Treasurer Jim Chalmers' economic roundtable in Canberra this week, where leaders are considering planning reforms and alternative housing options such as modular homes. Australian Bureau of Statistics (ABS) data showed homes in Sydney would be worth nearly double the national average house price, which has just passed $1million. The figure would equate to a $112,000 price hike, which is more than the average full-time worker's annual salary – $103,000 before tax. Melbourne prices are forecast to increase six per cent to $1.1 million after two years of market downturns. Muval's Family Relocation Report, based on more than 41,000 family moves over six years, showed many are already leaving Sydney in search of affordability and space. 'Greater Sydney has experienced the highest loss of families, with a ratio of just 0.31, meaning that for every family that moved in, more than three have moved out,' the report stated. 'This may reflect the city's soaring cost of living, rising property prices, and a growing desire among families for more space and less congestion.' Melbourne's inner suburbs, the ACT, and Sydney's east, west and Parramatta regions have also seen more families leaving than arriving. 'Meanwhile, affordability pressures are driving major shifts in ownership: nearly 17 per cent of families are going from owner-occupier to renter, while just 6.3 per cent are moving in the opposite direction, a stark reminder of how tough home ownership is becoming for many,' the report stated. Queensland, Western Australia, and Tasmania all experienced positive arrival ratios. Last week, a leaked Treasury document revealed proposals to cut approval delays, including a national artificial intelligence plan to streamline environmental assessments. More than 30,000 housing approvals are currently tied up under the Environment Protection and Biodiversity Conservation Act. The Housing Industry Association has urged the federal government to act quickly. Its submission warned taxes and charges on a standard Sydney house and land package can exceed $500,000. 'Without urgent action to lift home building activity, productivity and investment, Australia's housing crisis will only deepen,' HIA Managing Director, Jocelyn Martin said. 'The Treasurer's roundtable presents a critical opportunity to address the barriers that are holding back new housing supply. You cannot talk about productivity, economic growth or improving living standards without discussing housing. Red tape, regulation and delay are adding enormous costs to the delivery of new homes. If we want to see real reform, we need to boost productivity in our industry, cut the burden of unnecessary building and planning rules, and start making it easier to build homes.'
Daily Mail
2 days ago
- Business
- Daily Mail
Wild moment ABC host gives Albo's finance boss a brutal reality check about the dire state of Australia's housing market
An ABC host put the finance minister on the spot after questioning how Australians could ever have hope of owning a home as prices drastically outpace wages. ABC News Breakfast presenter James Glenday grilled Katy Gallagher on Monday over projections the median price for a house would soon rise by seven per cent. 'By mid-next year, the median house price in Sydney, according to forecasts, is expected to hit $1.8 million,' he said. 'The median full-time worker earns about $90,000. 'How can people under the age of 40 get excited about productivity and making the economy efficient when they can't afford to buy a home?' Gallagher said the country had failed to build enough homes for decades. 'That is exactly the discussion that needs to be had around housing, and for us it is around the fact that we haven't built enough houses for decades in this country, and the fact we have to look at how we speed that up and how we offer a range of housing options for people,' she said. 'Whether that be from looking at how we deal with the supported housing sector or affordable housing, all the way to home ownership. 'We went to the election with policies around that. There is more work we have to do. It takes too long to build a house. That adds to the cost of housing. We have to make sure we are tackling these issues, otherwise these problems will continue.' The issue will be central to Treasurer Jim Chalmers ' economic roundtable in Canberra this week, where leaders are considering planning reforms and alternative housing options such as modular homes. Australian Bureau of Statistics (ABS) data showed homes in Sydney would be worth nearly double the national average house price, which has just passed $1million. The figure would equate to a $112,000 price hike, which is more than the average full-time worker's annual salary – $103,000 before tax. Melbourne prices are forecast to increase six per cent to $1.1 million after two years of market downturns. Muval's Family Relocation Report, based on more than 41,000 family moves over six years, showed many are already leaving Sydney in search of affordability and space. 'Greater Sydney has experienced the highest loss of families, with a ratio of just 0.31, meaning that for every family that moved in, more than three have moved out,' the report stated. 'This may reflect the city's soaring cost of living, rising property prices, and a growing desire among families for more space and less congestion.' It comes as data suggests many Aussies are ditching the most expensive cities for more affordable parts of the nation (above, western Sydney, which families are leaving in droves, according to Muval) Melbourne's inner suburbs, the ACT, and Sydney's east, west and Parramatta regions have also seen more families leaving than arriving. 'Meanwhile, affordability pressures are driving major shifts in ownership: nearly 17 per cent of families are going from owner-occupier to renter, while just 6.3 per cent are moving in the opposite direction, a stark reminder of how tough home ownership is becoming for many,' the report stated. Queensland, Western Australia, and Tasmania all experienced positive arrival ratios. Last week, a leaked Treasury document revealed proposals to cut approval delays, including a national artificial intelligence plan to streamline environmental assessments. More than 30,000 housing approvals are currently tied up under the Environment Protection and Biodiversity Conservation Act. The Housing Industry Association has urged the federal government to act quickly. Its submission warned taxes and charges on a standard Sydney house and land package can exceed $500,000. 'Without urgent action to lift home building activity, productivity and investment, Australia's housing crisis will only deepen,' HIA Managing Director, Jocelyn Martin said. 'The Treasurer's roundtable presents a critical opportunity to address the barriers that are holding back new housing supply. You cannot talk about productivity, economic growth or improving living standards without discussing housing. 'Red tape, regulation and delay are adding enormous costs to the delivery of new homes. If we want to see real reform, we need to boost productivity in our industry, cut the burden of unnecessary building and planning rules, and start making it easier to build homes.'
News.com.au
2 days ago
- Business
- News.com.au
Sydney families flee due to staggering average cost of houses
It's the huge cost of buying a home in Sydney that's sending families fleeing Australia's largest city and as interest rates tumble, it's a problem that's about to become even worse. According to the latest predictions, the median house price in Sydney is forecast to jump by another 7 per cent in 2025-26, to a staggering $1.83 million. That's nearly twice the value of the average home in Australia, which has surpassed $1 million for the first time, according to the Australian Bureau of Statistics. Those figures mean that the typical house price in Sydney will rise by $112,000, which is more than the average full-time worker earns before tax ($103,000). By comparison, the median house price in Melbourne is tipped to rise by 6 per cent, to $1.1 million. However, that's after two years of downturns in the Victorian market. As business leaders, economists and political leaders gather in Canberra for Treasurer Jim Chalmer's economic roundtable, it's a question that is at the heart of the push to overhaul planning approvals to build more houses and even consider new options including modular homes. Finance Minister Katy Gallagher was hit with the big question on Monday morning, conceding it is a huge problem. 'By mid-next year the median house price in Sydney, according to forecasts, is expected to hit $1.8 million,'' ABC host James Glenday said. 'The median full-time worker earns about $90,000. How can people under the age of 40 get excited about productivity and making the economy efficient when they can't afford to buy a home?.' Senator Gallagher said the problem was longstanding. 'That is exactly the discussion that needs to be had around housing and for us it is around the fact that we haven't built enough houses for decades in this country and the fact we have to look at how we speed that up and how we offer a range of housing options for people,'' she said. 'Whether that be from looking at how we deal with the supported housing sector or affordable housing all the way to home ownership. 'We went to the election with policies around that. There is more work we have to do. It takes too long to build a house. That adds to the cost of housing. We have to make sure we are tackling these issues, otherwise these problems will continue.' For many Australians, it's a case of voting with their feet. According to the Muval's Family Relocation Report — based on over 41,000 family moves across Australia over the past six years — there are now more families leaving Sydney than moving there. Despite huge flows of migrants, Sydney City and Inner South with a netâ€'negative family migration of 0.18, followed by Melbourne Inner (0.23), Sydney's Eastern Suburbs (0.32), Parramatta (0.42) and Inner West (0.45). 'Greater Sydney has experienced the highest loss of families, with a ratio of just 0.31, meaning that for every family that moved in, more than three have moved out,' the report revealed. 'This may reflect the city's soaring cost of living, rising property prices, and a growing desire among families for more space and less congestion.' All of the regions where more families are moving out than moving in were in Sydney, Melbourne and the ACT. 'Meanwhile, affordability pressures are driving major shifts in ownership: nearly 17 per cent of families are going from owner-occupier to renter, while just 6.3 per cent are moving in the opposite direction — a stark reminder of how tough homeownership is becoming for many.' Last week, a leaked Treasury document revealed a number of recommended outcomes for the federal government's productivity round table. The pre-written list, prepared for cabinet, revealed advice from the Treasury to pause changes to the National Construction Code. It also recommends measures to speed up housing approvals, including a national artificial intelligence plan to cut environmental red tape. A suite of reforms is designed to clear a backlog of 30,000 housing approvals currently being assessed under the Environment Protection and Biodiversity (EPBC) Act. The Housing Industry Association (HIA) has urged Treasurer Jim Chalmers to take urgent action. The HIA's submission to Treasury highlighted the taxes and charges on a typical house and land package in Sydney can now exceed $500,000 adding huge imposts on family mortgages. 'The Treasurer's roundtable presents a critical opportunity to address the barriers that are holding back new housing supply. You cannot talk about productivity, economic growth or improving living standards without discussing housing,' HIA managing director Jocelyn Martin said. 'Red tape, regulation and delay are adding enormous costs to the delivery of new homes. If we want to see real reform, we need to boost productivity in our industry, cut the burden of unnecessary building and planning rules, and start making it easier to build homes.'
Time Out
17-07-2025
- Lifestyle
- Time Out
The top 10 Australian regions families are flocking to (and fleeing from)
When you've got young kids, you're constantly on the move – but in recent years, Aussie families have been making even bigger moves. Across the country, more and more people are ditching the big smoke and making a beeline for coastal or country regions where they can stretch their legs and their budgets. Interested in where everyone's going. A new Family Relocation Report by Muval has just revealed the most popular regions Australian families have been flocking to – and fleeing from – over the past six years. Out of more than 41,000 family moves across the country, the Sunshine Coast came out on top with the highest inbound-to-outbound ratio at 3.28 – meaning that for every family leaving, 3.28 are moving in. Having spent time in this gorgeous coastal region, I can certainly see the appeal. With its laid-back lifestyle, low crime rate, strong sense of community and sunshine all year round, it's a dream spot to raise a family. And honestly, how cool would it be to grow up with the beach as your backyard? Queensland dominated the list of the most popular regions Australian families are moving to, with Wide Bay, Cairns, Central Queensland and the Gold Coast all making the top ten. Regional Western Australia was also super popular, with the coastal city of Bunbury in second place (ratio of 2.89), Mandurah in third (2.71) and the Wheatbelt region in fifth (2.54). So, where's everyone moving from? Over the past six years, Sydney's City and Inner South saw the lowest inbound‑to‑outbound ratio in the country at just 0.18 – meaning that for every five families leaving, less than one is moving in. While Melbourne's Inner Suburbs came in second with a ratio of 0.23, Sydney has clearly led the exodus, claiming eight of the top ten spots. Alas, it's no surprise that Greater Sydney is the capital city losing families at the highest rate, with only 0.31 families moving in for every one leaving. You can deep dive into the full report here. The top 10 regions Australian families are moving to Sunshine Coast, QLD Bunbury, WA Mandurah, WA Wide Bay, QLD Wheatbelt, WA Cairns, QLD South East, TAS Central Queensland, QLD Gold Coast, QLD West and North West, TAS The top 10 regions Australian families are moving away from Sydney – City and Inner South Melbourne – Inner Suburbs Sydney – Eastern Suburbs Sydney – Parramatta Sydney – Inner West Australian Capital Territory Sydney – North Sydney and Hornsby Sydney – Inner South West Sydney – Ryde Sydney – Northern Beaches Stay in the loop: sign up for our free Time Out Australia newsletter 🏠 The 10 Aussie regional hotspots everyone wants to move to in 2025
