{"id":11926,"date":"2022-03-20T20:34:16","date_gmt":"2022-03-20T20:34:16","guid":{"rendered":"https:\/\/tahrir2day.com\/news\/2022\/03\/20\/chinks-of-light-after-heady-increase-in-house-prices\/"},"modified":"2022-03-20T20:34:16","modified_gmt":"2022-03-20T20:34:16","slug":"chinks-of-light-after-heady-increase-in-house-prices","status":"publish","type":"post","link":"https:\/\/tahrir2day.com\/news\/2022\/03\/20\/chinks-of-light-after-heady-increase-in-house-prices\/","title":{"rendered":"Chinks of light after heady increase in house prices"},"content":{"rendered":"
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The rise in house prices over the last year has caused a great deal of pain for young people who have seen the dream of home ownership slip away. But the report of an inquiry by the Chamber’s Economic Affairs Committee, published last week, only confirms that there are no easy solutions.<\/p>\n

The Morrison government set up the investigation last year during a home buying frenzy that raised the average price of a capital home by 24 percent in 2021. While the report from the coalition-dominated survey contains interesting recommendations, it is unlikely to make much difference in the short term.<\/p>\n

Load<\/span><\/span><\/p>\n

The main policy recommendation calls for reforms of planning laws to make it less expensive and easier to build enough houses and large cities to meet demand. It says higher density towers should be built close to the public transport hub. Committee chairman Jason Falinski said he wanted to “cut Gordian Knot off from oppressive regulation”.<\/p>\n

But, as the report acknowledges, decisions about zoning and sealing rules and the provision of infrastructure are the responsibility of state and local governments. The request found that the federal government could still play an indirect role by offering states cash to encourage them to streamline planning permits in appropriate places. The payments would be modeled on the national competition payments used to stimulate economic reform in the 1990s.<\/p>\n<\/div>\n

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The report says the federal government could also fund infrastructure such as public transport and schools, which are needed to serve higher-density life.<\/p>\n

While higher-density housing around transportation hubs offers an inexpensive and efficient way to accommodate growing populations in our large cities, this is a quiet area that federal politicians are putting at risk. They must not undermine the basic zoning rules so that new development is carefully planned and offers the residents a good lifestyle. Still, in cases where good developments are blocked by irrational NIMBY opposition, Federal Cash can help.<\/p>\n

There are other positive ideas in the report. It encourages the states of the timber tax to switch to a broad-based land tax.<\/p>\n

A controversial recommendation would allow people to use their superannuation accounts as collateral when taking out a loan to buy their first home. While this may be superficially attractive, its potentially direct effect could just be to raise house prices even higher by injecting more money into the market. The use of superannuation to buy a home also detracts from its main purpose as a source of income in retirement. In the rare cases where someone is on a loan default, they may even lose their super.<\/p>\n

The ALP did not support the report, which he said was hated for political reasons. The opposition’s main housing policy is to set up a $ 10 billion fund to build about 20,000 social housing units over the next five years. It is a valuable plan but it will only make a small difference in a housing market now worth $ 10 trillion.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

The rise in house prices over the last year has caused a great deal of pain for young people who have seen the dream of home ownership slip away. But the report of an inquiry by the Chamber’s Economic Affairs Committee, published last week, only confirms that there are no easy solutions. The Morrison government […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"footnotes":""},"categories":[54],"tags":[],"class_list":["post-11926","post","type-post","status-publish","format-standard","hentry","category-sport"],"yoast_head":"\nChinks of light after heady increase in house prices - Tahrir News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/tahrir2day.com\/news\/2022\/03\/20\/chinks-of-light-after-heady-increase-in-house-prices\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chinks of light after heady increase in house prices\" \/>\n<meta property=\"og:description\" content=\"The rise in house prices over the last year has caused a great deal of pain for young people who have seen the dream of home ownership slip away. 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