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South Coast Property Specialists (Carlene Franzen) Tips #1088: Is Housing Affordability an Election Issue? With a federal election due in the next 3 months, both the Real Estate Institute of Australia (REIA) and Housing Industry Association (HIA) have put out media releases highlighting the increasing issue of housing affordability in Australia. The REIA’s most recent Housing Affordability report identified that housing affordability again declined over the December (2021) quarter. The proportion of income required to meet loan repayments has increased to 37% which was a quarterly increase of 0.7% and an annual increase of 3.9%. Other important statistics for the last 12 months were:

The number of first home buyers decreased by 18.3%, and

The average loan size increased to $590,482, an increase of 17.7% It appears very much that the first home buyers have been squeezed out of the market by the massive increase in property values that we have reported on in our previous “tips”. The increase in loan repayments, combined with the huge increase we are currently seeing for fuel (which will soon flow through to the prices of goods and services) will put additional pressure on the cost of living. This will give the Reserve Bank of Australia a dilemma about when to increase interest rates, particularly if we don’t see a significant increase in wages. Meanwhile the HIA has undertaken research that suggests that 75% of Australians believe everyday Australians should be able to own their own home. The vast majority of those who don’t currently own their own home aspire to do so, but only 42% of these households feel they will ever achieve this. HIA managing director Graham Wolfe says, “We know that a person who owns a home has a sense of stability and security in their life and that translates to a more stable and productive society.” As a result, the HIA has been advocating to have a minister for housing elevated into cabinet, which it argues would give the issue of housing the prominence it deserves. The have also come up with nine imperatives that they want to see the major parties embrace coming into the election period:

Make housing supply a priority

Unlock land supply to support new housing (ed. hopefully not in flood zones)

Support home ownership

Increase access to rental housing

Grow the supply of social and community housing

Form a population strategy to build Australia’s future

Maintain a stable industry workforce

Maintain the rights of independent contractors

Reduce the burden on new housing Realistically, Housing Affordability in itself probably won’t be a front runner in the minds of the voting public, but its input into the cost of living equation, may just elevate this issue in this election more so than previous elections.

Mar 18th - the Cody Munro Moore Homecoming Tour at Narooma Kinema Mar 18th - GEDUPNDANS 7:30PM at the Batemans Bay Soldiers Club Mar 19th - Chris McGrath at Club Catalina Mar 19th - GEDUPNDANS 7:30PM at the Batemans Bay Soldiers Club Mar 19th - Rob Simpson – Tuross Head Country Club Mar 19th - Love and Able at Tomakin Social club Mar 19th - Great Southern Nights, Tilba Valley Winery and Alehouse, Village Sounds presents All Our Exes Live In Texas, Penny Harterlink, Ricky Bloomfield, Baedon, Melanie Horsnell, Ryan Luckhurst

Mar 20th - Drive Time – Club Narooma (3pm) Mar 20th - Eurobodalla Live Music at Moruya Golf Club 12:30pm to 3:30pm

Bermagui Seasiders Inc, producers of the Bermagui Seaside Fair are very excited to finally announce our Revive Fes val will take place on March 26th OUTDOORS at the Murrah Hall, Murrah. Reggae favourites The Strides will once again be gracing us with their presence and will be joined with a host of local South Coast ar sts including (alphabe cally) Bodhi Turner, Calum James, Felicity Dowd, Kunda, Lillian McVeity, Nikea & Dre, Prodikal1, The Scaramouche, The Spindri Saga and Warren Foster Snr.

Tickets are just $30 presale or $40 on the gate (if available). Secure your cket here h ps://www.southcoas ckets.com.au/events/ revive/ Gates will open at 3pm with Uncle Warren Foster Snr to deliver the Welcome to Country at 3:30pm. Our friends at Headspace Bega will also be on hand to provide informa on about the amazing services they offer.

Day In The Valley March 19th Great Southern Nights in associa on with Tilba Valley Winery and Alehouse and Village Sounds present "Day In The Valley" an open air music fes val in the most picturesque of loca ons! Saturday, 19 March 2022 9:30 am Adult 16+ Tickets $23.50 Mark this one down in the calendar folks and grab yourself a cket to what will be an amazing day of entertainment including local and touring acts Great Southern Nights is a celebra on of live music that takes place right across New South Wales. he dynamic event features hundreds of COVID-safe performances at live music venues across Greater Sydney and regional NSW in March and April 2022 Great Southern Nights is a NSW Government ini a ve, delivered by Des na on NSW in partnership with the Australian Recording Industry Associa on (ARIA, to s mulate the revival or the State's live music, entertainment and hospitality sectors, and in turn the NSW visitor economy in response to challenges presented by the COVID-I9 pandemic. For more informa on, please visit greatsouthernnights.com.au.

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