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MAKING NEWS
Sun, 25 May 2008
Homes remain out of reach for many
Would-Be home owners are still being squeezed by rising inflation and interest rates, with a key affordability index touching another record low.
Sydney and Hobart were the only major cities to record an easing of conditions in the first quarter of the year, with Brisbane and Canberra the worst places for affordable housing.
"A surge in interest rates in the first quarter of 2008, combined with complex planning laws and exorbitant property charges and taxes, have contributed to yet another record low for housing affordability," said Housing Industry Association chief executive Chris Lamont yesterday.
He said the Government needed to add affordable housing to its infrastructure policy agenda. "This should be the number one priority for Infrastructure Australia," Mr Lamont said.
"The cost of planning and development charges is worthy of urgent attention, as are chronic skills shortages, which are adding to price and supply pressures."
Interest rate rises in the first quarter of the year have raised the average home loan payment to $2799 a month, up 4.4% on the previous survey.
The HIA-Commonwealth Bank First Home Buyer Affordability Index went down 3.5% in the quarter, 10% lower than a year ago.
Mr Lamont said the conventional strategy for first home owners of renting while saving for a deposit was becoming more difficult, with rising prices making significant inroads into family budgets.
SOURCE: Katharine Murphy - The Age
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