PropertyBuzz, your daily dose of property news.
The shocking link between renting and accelerated ageing; the trio of factors deciding the RBA’s next rate decision; and will listings skyrocket soon.
Welcome back to Property Buzz. My name is Kyle Robbins. I am your host. Today is Wednesday, the 25th of October.
Our biggest story of the day surrounds the shocking link between renting and accelerated ageing. This is quite grim stuff. A study by the University of Adelaide and the University of Essex found that private renting can be worse for health than smoking or unemployment, causing renters to age more quickly. The study, which sampled 1,400 UK adults and found that housing insecurity and unaffordability were the main factors causing increased biological ageing among renters. The study’s lead researcher, Dr. Amy Clare, said housing policy should consider health impacts and noted that the negative health effects of renting are reversible with policy changes. Dr. Clare suggested that the findings may also apply to countries with similar housing policies to the United Kingdom, such as Australia, where private renters face higher costs and limited security.
In other news, future rate rises in Australia will be influenced by three economic factors – house prices, long bond yields and China’s economy, according to Westpac’s economic spokesperson Lucy Ellis. Despite a rise in interest rates and weak income growth, housing prices have surged due to population growth potentially impacting inflation and domestic demand. Rising long bond yields influenced by global conditions and reactions to inflationary pressures could lead to higher average interest rates if inflation expectations are disrupted. And China’s slower-than-expected recovery from COVID-19 and its economic performance, particularly in relation to Australia’s iron ore exports, are also key factors being monitored by Westpac.
And finally, recent research indicates Australia are interested in re-entering the property market but are hesitant due to economic concerns. The survey by Dye and Durham shows Australians are twice as likely to sell their home this year to buy a new one, with the percentage of respondents intending to do so increasing from 3% to 8%. 90% of respondents said they experienced increased living expenses and nearly two-thirds believed their financial situation will worsen, with only 6% believing their income will rise above inflation. That’s despite proposed solutions like the National Housing Accord and the Housing Australia Future Fund.
Well folks, that’s all for today. See you again tomorrow, the 26th of October, for your daily dose of property buzz.