A Perfect Storm Brewing In Tassie Is Feeding The Housing Crisis

Stressed-out


Article heading image for A Perfect Storm Brewing In Tassie Is Feeding The Housing Crisis

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Across Tasmania, one in every two households are struggling to pay their mortgage or rent.

Digital Finance Analytics have released their latest stats revealing 56.8% of Tassie households were in mortgage stress during May.

Director of DFA, Martin North said a "perfect storm" with rising property prices, low wage growth and interstate buyers all exacerbating the problem. 

"This is not just a COVID-created issue. This is going to continue because there's no prospect of income growth that I see on the horizon, other than maybe matching inflation but it's not going to be sufficient to cover any of the real issues that we've got here. So, unfortunately, [there's] no simple way out of this."

- Martin North

Post

However, there may be some relief in sight for Hobart renters with 26 new homes almost ready for tenants in Rosetta. A part of Canberra's $30 million promise to build 100 new homes in Hobart by mid next year, Kim Bomford from Housing Choices Tasmania says it's not enough.

"There is a pressure point which is at the moment quite tricky and supply is not a quick fix"

- Kim Bomford

The Tasmania Briefing

The State Government meanwhile stand firm on their approach to improving the current housing crisis, which includes the $30,000 First Home Owners Grant and stamp duty concessions, the delivery of 3500 new social and affordable homes by 2027 and an additional $10 million investment into the HomeShare program.

But, Mr North has deemed the state government needs to adjust policy settings to remedy the issue.

Join Tom Tilley with regular rotating co-hosts Jan Fran, Annika Smethurst and Jamila Rizvi on The Briefing, Monday - Saturday, for the day's headlines and breaking news as well as hot topics and interviews. Available on Listnr.

10 June 2021




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