A stable and secure housing is important to all Australians, according to a study, titled “Housing Assistance in Australia 2013,”conducted by the Australian Institute of Health and Welfare. It notes that this contributes to the essential benefits, such as health, wellbeing, stable employment and financial security for homeowners and occupants .With high costs of housing, a number of Australian households, however, lack access to stable and secure housing, and are experiencing housing stress.

National house prices had a 147% increase between 2001 and 2011. Housing costs had total led from $169,000 to $417,500, raising a concern in the Australian housing bubble. The housing affordability problem, however, occurs in “every major city in the world that has desirable job opportunities,” according to the governor of the Reserve Bank of Australia, Ian Macfarlane, from 1996 to 2006.

Importance of Housing

Financial Aspect

Housing

The aforementioned study reveals consistent findings with previous observations—“home ownership remains a major source of wealth, as well as a major source of debt.”

1. Home ownership is viewed as a basic right.

Banking on the Senate Select Committee on Housing Affordability in Australia 2008, housing is “a dominant feature of the economic and social landscape” in the country. It provides security and privacy while supporting health concerns.

2. Secure and stable housing contributes to the well being of an individual.

The well being of a person is affected by the lack of secure and stable housing. With this, the employment opportunities based on the well being of an individual may also be affected.

The Reserve Bank of Australia released housing records with a 33% total housing debt—larger than the annual national household disposable income, as of September 2012.

The Hunt Club, a leading house and lot package provider across the country, offers a home buyer information session, discussing types of loans available and the costs involved. They familiarise prospective home buyers with the amount of deposit needed, and how a construction loan would work for them.

National Affordable Housing Agreement (NAHA)

Sources:

The National Affordable Housing Agreement is the housing support provided by all Australian governments. The agreement “aims to ensure that all Australians have access to affordable, safe and sustainable housing that contributes to social and economic participation.”They provide $6.2 billion fund for housing assistance to middle and low income earners in Australia—extending up to five years after commencement in 2009.

http://www.huntclub.com.au/

http://www.aihw.gov.au/WorkArea/DownloadAsset.aspx?id=60129545051

http://www.propertyobserver.com.au/forward-planning/investment-strategy/property-news-and-insights/31848-no-australian-housing-bubble-but-negative-gearing-induced-affordability-issues-former-rba-governor-ian-macfarlane.html

http://www.dss.gov.au/our-responsibilities/housing-support/programs-services/housing-affordability/national-affordable-housing-agreement