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Selected Elements of Housing Affordability Impacting Otherwise Potentially Sustainable Communities

机译:住房负担能力的某些要素会影响潜在的可持续社区

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It is widely held that strong relationships exist between housing, economic status, and well being. Therefore, recent events emerging from the United States, culminating in widespread housing stock surpluses in that country and others, threaten to destabilise many aspects related to individuals and community. However, despite global impact, the position of housing demand and supply is not consistent. The Australian position provides a strong contrast whereby continued strong housing demand generally remains a critical issue affecting the socio-eeonomic landscape. Underpinned by strong levels of immigration, and further buoyed by sustained historically low interest rates, increasing income levels, and increased government assistance for first home buyers, this strong housing demand ensures elements related to housing affordability continue to gain prominence. A significant, but less visible factor impacting housing affordability particularly new housing development - relates to holding costs. These costs arc in many ways “hidden” and cannot always be easily identified. Although it is only one contributor, the nature and extent of its impact requires elucidation. In its simplest form, it commences with a calculation of the interest or opportunity cost of land holding. However, there is significantly more complexity for major new developments - particularly greenfield development. Analysis suggests that even small shifts in primary factors impacting holding costs can appreciably affect housing affordability. Those factors of greatest significance not only include interest rates and the rate of inflation, but even less apparent factors such as the regulatory assessment period. These are not just theoretical concepts but real, measurable price drivers. Ultimately, the real impact is felt by the one market segment whom can typically least afford it - new home, first home buyers. They can be easily pushed out of affordability. This paper suggests the stability and sustainability of growing, new communities require this problem to be acknowledged and accurately identified if the well being of such communities is to be achieved.
机译:人们普遍认为,住房,经济状况与福祉之间存在密切的关系。因此,美国最近发生的事件最终导致该国和其他国家普遍出现住房过剩,这有可能破坏与个人和社区有关的许多方面的稳定。然而,尽管受到全球影响,住房供求状况并不一致。澳大利亚的立场与之形成强烈反差,因此,持续强劲的住房需求通常仍然是影响社会经济形势的关键问题。强劲的住房需求在强劲的移民水平的支撑下,再加上历史上持续的低利率,不断增长的收入水平以及政府对首次购房者的援助,进一步支撑了住房需求,从而确保了与住房负担能力相关的因素继续得到重视。影响住房负担能力,特别是新住房开发的一个重要因素,但鲜为人知的因素与持有成本有关。这些成本在许多方面都是“隐性”的,无法始终轻松地识别出来。尽管它只是一个贡献者,但其影响的性质和程度需要阐明。最简单的形式是从计算土地持有的利息或机会成本开始。但是,重大的新开发项目(尤其是未开发的项目)的复杂性要大得多。分析表明,即使是影响持有成本的主要因素发生微小变化,也会明显影响住房的承受能力。这些最重要的因素不仅包括利率和通货膨胀率,还包括诸如监管评估期之类的不太明显的因素。这些不仅是理论概念,而且是实际的,可衡量的价格驱动因素。最终,真正的影响是由通常最负担不起的一个细分市场-新房,首次购房者感受到的。可以轻易将它们推开承受能力。本文提出了不断增长的稳定性和可持续性,如果要实现这些社区的福祉,新社区就需要认识到这一问题并对其进行准确识别。

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