Latest news with #housing affordability
Daily Telegraph
11-08-2025
- Business
- Daily Telegraph
Housing crisis: Aussies fear they'll never own a home
A growing number of Australians believe they'll never own their own home, prompting calls for drastic government action to boost housing affordability. A Finder RBA cash rate survey of 34 experts and economists revealed a grim outlook, with more than one in three (35 per cent) Aussies convinced home ownership is out of reach. High prices, rising borrowing costs, and the struggle to save a deposit are to blame, according to Finder's head of consumer research, Graham Cooke. 'Record prices, steep borrowing costs, and saving for a deposit are locking people out,' Cooke said. 'In many suburbs, even a six-figure salary won't comfortably cover a mortgage.' Experts surveyed were asked what the most effective government action would be to make housing more affordable. The overwhelming consensus? Increase housing supply. 'Build, baby, build,' declared Kyle Rodda from Echoing this sentiment, Stephen Miller from GSFM simply stated, 'Supply! Supply! Supply! Through easing restrictions on building.' MORE NEWS Aus' shocking list of untouchable suburbs How my dogs helped me build wealth 'Put it down': Aussie expert's grim home warning Mala Raghavan from the University of Tasmania emphasised the need for government to 'play an enabling role' by streamlining planning and zoning regulations, investing in infrastructure, and offering incentives for affordable housing projects. While some experts suggested limiting immigration to reduce demand, the primary focus remained on addressing the chronic undersupply of housing. Noel Whittaker from QUT acknowledged the difficulty, noting the 'huge bottleneck' and bureaucratic hurdles hindering development. The survey also highlighted concerns about job security, with 12 per cent of Aussie workers feeling insecure in their current roles. Almost half (49 per cent) of Australians are living paycheque to paycheque. A majority of experts (80 per cent) expect unemployment to rise in the next 12 months. Stella Huangfu from the University of Sydney anticipates a gradual rise in unemployment, potentially reaching the mid-4 per cent range. Stephen Miller from GSFM suggested that the private sector is not strong enough to compensate for fading non-market sector employment. Despite these concerns, Noel Whittaker from QUT believes the unemployment rate will stabilise, citing a 'massive demand for labour' and numerous planned projects.
Bloomberg
08-08-2025
- Business
- Bloomberg
Eleni Kounalakis Drops Out of California Governor's Race
California Lieutenant Governor Eleni Kounalakis has dropped her campaign for governor and will instead run for state treasurer next year. Kounalakis, a Democrat, said in a statement on social media that she thinks she can 'make the greatest impact' by focusing on California's finances, with an agenda that includes boosting housing affordability.
Yahoo
17-07-2025
- Business
- Yahoo
Bitcoin mortgages hit Aus after court win
Crypto investors will no longer have to choose between owning Bitcoin or buying a home, with the first Bitcoin-backed home loan launching in Australia. Block Earner said it would become Australia's first Bitcoin-backed home loan provider after winning a lengthy court case with ASIC, successfully arguing it did not require a financial services licence to offer its products. In a statement, Block Earner said it would continue to work collaboratively with the regulators to bring clear benefit to Australian consumers. 'Block Earner continues to operate business-as-usual and remains fully committed to compliance, innovation, and building products that benefit Australian consumers,' it said. With the court proceedings out of the way, Block Earner is set to launch Australia's first Bitcoin-backed loan, which it says by recognising Bitcoin as a legitimate asset class will help with Australia's housing affordability woes. 'Traditional, affordability metrics, based on wage growth and Australian dollar figures, suggest a worsening housing crisis,' Block Earner said. 'But when homes are priced in inflation-resistant assets such as Bitcoin and gold, the picture shifts, and long-term holders of these assets may find their relative purchasing power has increased. 'In 2016, the average Australian home cost 627 BTC (bitcoin) or approximately 350 ounces of gold. By 2024, that had dropped to just 4.3 BTC or approximately 170 ounces of gold.' Block Earner said its Bitcoin-backed home loan product provided an inclusive, asset-backed path from Bitcoin holder to homeowner, allowing people to enter the property market without having to sell their Bitcoin. Block Earner chief executive and co-founder Charlie Karaboga said the launch of crypto-backed home loans was a turning point for property finance and digital assets. 'Crypto holders shouldn't have to choose between holding Bitcoin and buying a home,' he said. 'We're giving them a smarter option, a way to put their crypto to work without giving it up. 'This product isn't just innovative, it's inevitable.' Customers can pay interest-only for up to four years with either crypto or Australian dollars. Block Earner said it would approve loans within 24 hours with no lock-in or early repayment fees. Interest rates will start at 9.50 per cent per annum with a 40 per cent loan-to-value ratio (LVR) and comparison rates of 11.93 per cent per annum with an 80 per cent LVR. The fixed rate is 11.50 per cent per annum for 12 months with 50 per cent LVR, while the comparison fixed rate is 12.17 per cent with 80 per cent LVR. Block Earner said its initial soft launch had accumulated more than $110m in mortgage demand. Error in retrieving data Sign in to access your portfolio Error in retrieving data
