Category Archives: Economics

House prices dip

The Age reports on Melbourne’s first dip in house prices “after 17 months of strong gains that increased the typical price for a house from $404,636 to $500,000”. The figures reflect a national downturn revealed in the latest RP Data-Rismark property index. The report also refers to new figures from the Reserve Bank which show that growth in housing credit slowed to 0.4 per cent in June – its slowest growth for any month since July 1984.

Public housing demand

Atherton Gardens, Fitzroy

Atherton Gardens, Fitzroy [Source: Google Maps]

March figures from The Department of Human Services reveal that nearly 40,000 applicants are on the public housing waiting list. The Federal and State Governments will attempt to address demand across Victoria by investing in the following:

  • The Nation Building Social Housing Initiative will build 4,500 new homes for low-income households.
  • The National Rental Affordability Scheme will deliver at least 7,500 new rental homes to be let at 20 per cent below market rents.
  • The State Government is set to acquire more than 3,800 new homes for low-income households in 2010-11 and invest $510 million to deliver 2,350 new public and social housing units.

A related report in The Age focuses on a proposal to provide hundreds of additional homes at three of Melbourne’s largest public housing estates; Atherton Gardens in Fitzroy, Elizabeth Street in Richmond and Malvern Road in Prahran.

Housing Affordability

According to an article in The Age, “In the years after World War II, right up until the 1980s, an average house in a capital city cost about three years of average earnings […]

The Economics of NIMBY

Tim Colebatch, economics editor for The Age, has written an article commenting on various factors impacting housing affordability. He begins with an analysis of median house prices […]

December quarter house prices

The Herald Sun’s Google map of median house prices has been updated to reflect December quarter 2009 data […]

Housing affordability declines

A report by the Housing Industry Association and Commonwealth Bank identifies “soaring house prices, rising interest rates and a winding back of the first homeowners grant” as contributing factors […]

House prices increase in December

The Australian Bureau of Statistics has released house price index data for the December quarter. Among the capital cities Melbourne recorded the largest growth […]

Google map house prices

The Herald Sun produces a Google map indicating median house prices for Melbourne’s suburbs. The data has been sourced from the Real Estate Institute of Victoria (REIV) and is updated each quarter […]