Aussies Being Made Homeless: Blame Albo’s Runaway Migration Great Replacement By James Reed

Here is more depressing information on the housing/rental crisis in Australia. First, the latest Finder research has indicated that for Australians to buy a home they will need double the average full-time salary. The minimum household income required to front the mortgage for the average Australian house is $182,000, and those owning units need about $130,000. However, the average full-time salary is around $96,000 and not all of that can be spent on a mortgage, and there is a massive cost of living problem tossed in.

Second, there is the interest rate rise, so for example, borrowers with a $590,000 mortgage will be paying an extra $1345 a month compared to last year. This alone is crushing many families.

 

Third, with the tidal wave of immigrants flooding Australia, with no organised resistance to this Great Replacement of both the people and place, according to data from National Shelter, homelessness in Australia increased by 50 percent between 2020 and 2022.  There was a doubling of people living in “improvised homes, tents and rough sleeping.”

 

As is being seen in America, Australia will soon be having its own tent cities while rich overseas overlords gobble up the available housing. Don’t let Australia end this way.

 

https://www.news.com.au/finance/economy/interest-rates/finder-research-reveals-average-aussie-salaries-unsuitable-to-keep-paying-mortgage-repayments/news-story/5d2e42e33a4e98bdb4016277063ae92c

“Aussie home buyers are needing nearly double the average full time salary to be able to afford a home, with the pain only increasing after the national reserve bank hiked the cash rate again.

The latest Finder research revealed the minimum household income required to afford the mortgage average Australian house is $182,000, while those owning units need about $130,000.

The average full time salary of almost $96,000, according to ABS data, leaving homeowners digging deep into their pockets to be able to afford their mortgage.

Finder’s head of consumer research, Graham Cooke, said the prospect of owning a home is dwindling for new buyers trying to get into the market.

“People are looking at stretching themselves financially in order to purchase a property.

“Whilst not impossible, there are a lot of things to consider for those aspiring to own a home.”

The Reserve Bank of Australia lifted the official cash rate by 25 basis points to 4.35 per cent on Tuesday.

The latest rate rise means having a $182,000 annual salary is now the minimum income to afford the average home in the county.

The Finder data revealed those looking to buy in a house in Sydney will need an average household income of $261,773 to comfortably afford their mortgage, while in Melbourne they would need a yearly salary of $171,235.

https://www.9news.com.au/finance/interest-rates-australia-minimum-income-afford-average-home/48c76712-2c5a-4308-9cbf-8e23e66dcec8?fbclid=IwAR2GSrJJO7Z6p-8RQ-aQP7LBww8pVfzSgQEoKvYFJPGuEAb74MYyMmSNwtA

“Home ownership is falling further out of reach for Australians after today's interest rates increase, with a new survey finding the income required to buy the average house is far more than most workers earn.

According to Finder, the minimum wage required to comfortably afford a mortgage for the average house – which costs $926,899 – with the cash rate now at 4.35 per cent is $182,000.

That's almost three times the median income which, according to the Australian Bureau of Statistics, was $65,000 last year.

The required salary falls to just under $130,000 to buy the average $659,130 apartment, still well out of reach for a single-income household.

Today's rate rise means borrowers with a $590,000 mortgage will be paying an extra $1345 a month compared to April last year.

"That's a huge amount of extra money to be spending on your mortgage, especially when the cost of almost everything else is also going up," Graham Cooke, Finder's head of consumer research, said, adding mortgage holders were "already on the ropes".

 

https://www.macrobusiness.com.au/2023/11/australias-next-boom-tent-cities/?fbclid=IwAR0Jaa1b-x9DYYbMeCeO-QW6geKSzQpIraVE9AZV_HIjt1TuFRtwM7JL8RY

Australia’s rental crisis is worsening by the day amid the tidal wave of migrants flooding into Australia.

Around 500,000 net overseas migrants landed in Australia in 2022-23, with monthly visa data pointing to further strengthening over the September quarter:

The impact on Australia’s rental market has been devastating, with the number of homes listed for rent collapsing to around half normal levels:

In turn, the combined capital city vacancy rate has tumbled to a record low 0.9%.

The rental market deterioration was attributed by PropTrack to the unprecedented resurgence in net overseas migration. PropTrack also cautioned that tenants’ plight will worsen amid record high immigration levels:

“The volume of stock available for rent remains at historic lows, as do rental vacancy rates. Properties are leasing quickly and demand for rental accommodation remains elevated after rising over the past year”.

“The rapid rate of migration to Australia is exacerbating competition for rentals, with the majority of arrivals not owning property”.

“From here, we expect rents will continue to climb in the major capital cities due to persistent low supply and strong demand which is being exacerbated by the rapid rate of population growth”.

Recent analysis from National Shelter showed that homelessness across Australia increased by 50% between 2020 and 2022, whereas there was a doubling of people living in “improvised homes, tents and rough sleeping”:

The figures will have worsened further in 2023 given the severe tightening in the nation’s rental markets.

Not surprisingly, then, Australia is witnessing the emergence of ‘tent cities’ across Australia:

“Wentworth Park is just one of many Sydney sites rough sleepers call home…

“Earlier this year the City of Sydney reported a 23 per cent increase in the number of individuals sleeping rough on inner-city streets”…

“Crisis and temporary accommodation facilities are almost at full capacity, with 93 per cent occupancy, signalling a shortage of available beds”…

“It’s estimated that statewide, 120,000 people sleep rough, while 57,550 applicants eagerly await social housing as of September 2023″…

“While some form a small fraction of the some-58,000 applicants currently waiting for social housing in New South Wales, Ms Morris said there is a section of the campers who are not Australian citizens – and are there due to their ineligibility”.

“She estimates roughly half of the current population are immigrants”…

The rental crisis is being fueled by the Albanese government’s unprecedented immigration program and shows no signs of abating.

The first best solution is to reduce net overseas migration to a level that is below the country’s capacity to construct additional housing and infrastructure.

Otherwise, the housing crisis will continue to deteriorate, forcing more people into rough sleeping and homelessness.”

 

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Monday, 04 March 2024

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