The turbulence and significant underperformance of the housing market over the past few years has highlighted the need for systemic reform: to reverse the declining levels of home ownership, to insulate renters from the vicissitudes of unpredictable rent increases and insecure tenancies and to provide sufficient social housing for a growing and ageing population. [...] However, one of the most significant trends in Australia’s housing market over the past three decades has been the collapse of the share of investment going to 5 Centre for Equitable Housing: NHHP Submission construction of new dwellings, from an average of 18.7% in 1990-1995 down to 8.8% in the 2018-2023 period. [...] Fixing the housing crisis requires us to grasp the nettle of real reform, and eschew the easy option of tinkering with a demonstrably failing system for fear of upsetting the rapidly dwindling number of winners of the current property game. [...] The Housing Monitor 2023 survey has shown that the decline of public housing investment is an issue of extreme concern among the majority of Australians, and an increase in public housing construction was the most preferred policy option for addressing housing affordability.30 The factors leading to the residualisation of social housing need to be properly incorporated into the NHHA in order to be. [...] Housing Financialisaton and the Decline of Owner Occupancy The ‘financialisation’ of housing refers to the fundamental shift of housing from being viewed as a means of acquiring shelter, to being viewed as a vehicle for investment.
- Pages
- 30
- Published in
- Australia
