Market Essentials – October 2023
/This Month in Review
In this months report, the $10bn Housing Australia Future Fund (HAFF) has finally passed the Senate after the Labor Government struck a deal with the Greens to add another $1bn for public and community housing. The HAFF plans to build 30,000 social and affordable homes in the next five years; though, national spokesperson for Everybody’s Home, Maiy Azize says it won’t solve the existing “shortfall of 640,000 homes”.
The RBA has also welcomed in its new governor, Michelle Bullock. However, the introduction of new changes will undermine her authority, says former governor, Ian Macfarlane. The new model proposes a “central bank of Australia which is unlike any other central bank in the world”, he said, and gives “part-time members of the board majority votes in monetary policy decisions”. These members will be academics without any on-thejob experience, which Macfarlane claims is risky and radical.
According to a recent Knight Frank report, it’s the first time global investors are prioritising the residential sector above all others, focusing on the Asia-Pacific region, with a particular preference for Sydney and Melbourne.
In the face of the housing crisis, many local governments have begun changing planning rules for tiny homes, giving them a permanent primary residence status in a stand-alone classification, instead of being bundled up with the caravan category.
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The Market Essentials Report is compiled by Buyside on behalf of Loanscape. Founded by Josh Masters, Buyside are registered buyer's agents with on the ground expertise in the Sydney and Brisbane property markets.
