Josh Greenstein
This image came from a site talking about how it has become relatively simple to secure a home loan in Australia. This has in turn made the dream of ‘buying a home’ as the devil, as it becomes the sole source of people’s financial troubles. This isn’t too dissimilar from a majority of the research I had done, with a lot of it showing how a getting mortgage can be one of the more stressful things one can do. Available at http://www.domain.com.au/news/the-six-culprits-blamed-for-the-housing-affordability-crisis-20160503-gokkt2/
This image can be interpreted in a few ways. From its context in an article about how stressful buying a home can be for young couples, I see this image as a young couple embracing in fear over what they’re about to undergo. Available at http://www.news.com.au/finance/real-estate/buying/housing-affordability-are-foreign-investors-to-blame-for-australias-high-property-prices/news-story/710ba2cff1932f0fb3f81ce83a07946b
Similarly, this image shows a ‘Gen Y’ individual staring longingly at a house they cannot afford. This article claims that Gen Y are, on average, $50,000 short of being able to afford their first home – and this image shows that perfectly. So close yet so far away. This is in line with a lot of the articles I’ve read, showing how unattainable a first property has become. Available at: https://theconversation.com/whats-the-key-to-home-ownership-for-gen-y-60637
This graph shows a problem that is worsening across all of Australia. Showing the dip in home ownership across Australia demonstrates that this is a problem that affects everyone, and is only getting worse over time. This is exactly what a lot of the articles I’ve read have been saying.
This image, taken from an article based on Housing Affordability in the USA shows that this problem is worldwide. What I thought was primarily an Australian problem seems to be a problem everywhere, which is really alarming to me. It seems as though there’s no running from this problem. Available at http://www.themreport.com/news/data/08-26-2016/housing-affordability-receives-a-boost
This image is quite a stretch to decipher but I believe I’ve come up with a solution. With empty nesters simply ‘sitting’ on these large properties, they’re taking away living opportunities from other Australians, and are able to reap the financial benefits of owning their own property. Available at http://www.domain.com.au/news/the-six-culprits-blamed-for-the-housing-affordability-crisis-20160503-gokkt2/
Negative gearing, similar to empty nesters sitting on larger properties, is one of the factors leading to a shortage of supply for Australian homebuyers. This image shows people looking longingly at a house they must’ve just missed out on. Available at: https://theconversation.com/policycheck-negative-gearing-reform-58404
This image of Sydney’s pristine coastal properties illuminates an interesting theory about how sharing ownership of houses may be a solution to the housing affordability crisis. Any of these houses that may have previously been unattainable are now a possibility thanks to ownership sharing.
The issue of housing affordability has gotten so bad that not only is it driving prices up, but it’s driving people out of Sydney and onto the streets. This image of a man shows someone that seems to be defeated by the issue of housing affordability, as he is now living in a hostel in Illawara, because he cannot afford to live in Sydney anymore.
National Rental Affordability Scheme is working, but driving people away from home ownership. This image shows an aspirational view of property in Sydney, as we gaze upwards.
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