Unattainable ‘Great Australian Dream’ to blame for stuck-at-home generation, Corelogic survey finds

first_imgZachary Jamieson has just bought his first house at the age of 21. Pic Darren England.MORE than 60 per cent of Queenslanders living with their parents say they can’t afford to fly the family nest, according to a new survey on housing affordability.Home ownership is increasingly out of reach, but nine out of 10 Queenslanders are still holding on to the great Australian dream, the Galaxy Research survey commissioned by property data firm, Corelogic, reveals.The survey of 2000 Australians aged between 18 and 64 found a growing proportion of younger generations are finding themselves trapped in the family home — increasingly into their 30s — as they try to scrape together a deposit.Nationally, 1 in 5 millenials expect to be locked out of the property market until at least their 30th birthday.But Queenslanders still living at home are the most motivated to move out and buy, with nearly half saving money towards a deposit.The survey found getting the deposit was one of the biggest impediments to buying a home, with a third of Australians admitting they could not manage 10 per cent.It comes as the nation’s biggest mortgage insurer this week raised concerns about industry pressure on borrowers to have larger deposits.Genworth Mortgage Insurance said home buyers were scraping together deposits with forms of “unsecured debt”, such as parental guarantees — something Zachary Jamieson has taken advantage of.HOW MUCH OF A DEPOSIT CAN FIRST HOME BUYERS AFFORD?13% no deposit35% could put down 1-9%27% could put down 10-19%18% could put down over 20%(Source: Corelogic)The 21-year-old saved for a year for a deposit for his first home while living with his father, but ended up asking him to act as a guarantor for a loan.“I only had to pay a small amount of rent while I was living there, so it did make all the difference,” he said.“I definitely wanted to get into the market early because I could see myself getting comfortable and just staying there forever.”He bought a two-bedroom home in Waterford West for $255,000 a month ago and now spends half his weekly wage on mortgage repayments.“It’s just a matter of staying on top of it and making sure you’re budgeting in a smart fashion,” he said.GETTING A DEPOSIT AN IMPEDIMENT TO AFFORDING A HOME48% = Qld47% = WA46% = Tas44% = Vic42% = NSW42% = SA/NT38% = ACT(Source: Corelogic)Ray White Waterford principal Kate Handley said about 30 per cent of her agency’s clients were first home buyers and it was becoming more common for them to seek financial assistance or guarantees from parents to get on the property ladder.She said it was still common for first home buyers to be priced out of the market by investors competing for the same property.“It’s really disappointing for them and we see it happen a lot,” she said.When it comes to housing affordability, the Corelogic survey found 60 per cent of Queenslanders believe it is worse than it was last year and just as many expect it to worsen further next year.CONCERN ABOUT HOUSING AFFORDABILITY71% = ACT68% = NSW66% = Vic63% = Tas60% = Qld56% = SA/NT44% = WA(Source: Corelogic)Corelogic’s director of research Tim Lawless said that was significant given home values had increased substantially more in NSW and Victoria than in Queensland.“Income growth is lower in Queensland, which is probably one of the reasons behind the more pessimistic outlook,” he said.But it’s not just would-be first home buyers who are struggling.The research also reveals 12 per cent of Queensland homeowners are having difficulty paying their mortgage — the second highest number in the country after Tasmania.WHICH STATES ARE STRUGGLING MOST WITH MORTGAGE STRESS?Tas = 13%Qld = 12%WA = 12%SA/NT = 8%Vic = 6%More from newsMould, age, not enough to stop 17 bidders fighting for this home5 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor5 hours agoNSW = 5%ACT = 4%(Source: Corelogic)And this figure would jump to 28 per cent if interest rates increased by up to 1 per cent.The younger generation is the most vulnerable when it comes to mortgage stress.If interest rates rose by up to 1 per cent, 35 per cent of millennials claim they would struggle to keep up with mortgage repayments.“A lot of affordability challenges are embedded with the millennial generation,” Mr Lawless said.He was surprised the survey found 96 per cent of Australian millenials thought owning a home was important.“I thought attitudes among younger generations had changed a little bit and the desire for home ownership had dissipated,” he said.Ahead of the federal budget being handed down on Tuesday, respondents revealed what they believe could be done to improve housing affordability.Three quarters of Queenslanders think removing or reducing stamp duty would help, while a majority also think more jobs should be created in areas that have lower priced housing.STRATEGIES FOR IMPROVING AFFORDABILITY73% — Reduce or remove stamp duty72% — Reduce or remove stamp duty for first home buyers71% — Create government grants or concessions for first home buyers65% — Create more jobs in areas with lower priced housing63% — Appoint a federal housing minister to improve affordability61% — Improve transport options and commuting60% — Release more vacant land57% — Limits on investment buying via regulation57% — Reduce costs paid by developers to build new homes53% — Build apartments close to major work centres51% — Reduce overseas migrants arriving in Australia(Source: Corelogic)“In reality it’s a federal, state and local government issue and involves each of those layers of government working together to manage housing demand and deliver appropriate housing supply, and ensure supply is connected with efficient transport infrastructure,” Lawless said.And he said there were conflicting interests in each layer of government.“When you look at the level of dwelling supply in southeast Queensland, there has been quite a bias towards dense stock which has outnumbered detached dwellings,” he said.“High rise apartments are more skewed towards investor demand, yet you’ll find the vast majority of first home buyers are young families.”The full Corelogic report can be found at www.corelogic.com.au/housingaffordability.last_img read more

Update on the latest sports

first_imgElected to the Naismith Memorial Basketball Hall of Fame on April 3, Sutton was 806-328 in 37 seasons as a Division I head coach — not counting vacated victories or forfeited games — and made it to 25 NCAA Tournaments.,Tampa Bay Lightning advance to face Dallas Stars in Stanley Cup finals, beating New York Islanders 2-1 in OT in Game 6 In other developments related to the coronavirus pandemic:— Canada’s NHL teams have offered season ticket-holders rebate or refund options in acknowledgment that no more 2019-20 regular-season games will be played in front of fans in their respective buildings. The Canadian Press says all seven teams contacted their season ticket bases last week with options and/or deadlines to make a decision.— The Washington Nationals have changed their plans for a virtual World Series ring ceremony after players decided they would rather wait until they could reunite in person to receive their new jewelry. The Nationals previously announced they were going to give out the rings during a show broadcast on television and online. They still plan to unveil the design of the ring Sunday, the anniversary of the date they began their turnaround from a 19-31 record to World Series champs.— The Alaska Baseball League has canceled its summer season, which was scheduled to begin on June 29. The five-team league is made up of college players from mostly the Lower 48 states but also from places as far away as Taiwan. Amid the coronavirus pandemic, travel and housing would have been a logistical challenge during the seven weeks of play.— President Donald Trump played golf Saturday for the first time since declaring the pandemic a national emergency more than two months ago. His return to the course is one more sign that he wants the country back to pre-outbreak times, even as the U.S. death toll from the virus nears 100,000. That’s twice what he once predicted it would be. The outing was Trump’s first to any of the money-making properties he owns since March 8, when he visited his private golf club in West Palm Beach, Florida. Associated Press The former sixth-round pick played in 11 games for the Steelers last season, finishing with 11 tackles and half a sack. Chickillo has played in 65 regular-season games with nine starts while also contributing as a regular on special teams.NFL-LEAF ARRESTRyan Leaf arrested for domestic batterPALM DESERT, Calif. (AP) — Former NFL quarterback Ryan Leaf was arrested in Southern California on Friday.The Riverside County Sheriff’s Department said the second player taken in the 1998 draft was taken into custody on a domestic battery charge in Palm Desert, about 110 miles southeast of Los Angeles. Leaf was being held on $5,000 bail at the Larry D. Smith Correctional Facility. The league is in talks with The Walt Disney Company on a single-site scenario for a resumption of play in Central Florida in late July. It’s the clearest sign yet that the NBA believes the season can continue amid the coronavirus pandemic.The National Basketball Players Association is also part of the talks with Disney.Games would be held at the ESPN Wide World of Sports Complex, a massive campus on the Disney property near Orlando. NBA spokesman Mike Bass said the conversations were still “exploratory,” and that the site would be used for practices and housing as well.ESPN is primarily owned by Disney, one of the NBA’s broadcast partners.Space won’t be an issue, even if Major League Soccer — which is also in talks to resume its season at Disney — is there at the same time as the NBA. The entire Disney complex is roughly 40 square miles, with nearly 24,000 hotel rooms owned or operated by Disney. — Jockeys and stall handlers in Britain will be required to wear masks when horse racing hopes to resume next month. The British Horseracing Authority is hoping to get government approval to return on June 1 for the first time since March.— A Bournemouth soccer club player in England is one of two positive tests for COVID-19 to emerge from the Premier League’s second round of testing. The club says “medical confidentiality means the player’s name will not be disclosed.” The team says the player will self-isolate for seven days before being tested again at a later date. The league tested 996 players and club staff on Tuesday, Thursday, and Friday.NFL-SAINTS-MOVESSaints adding ex-Steelers linebacker Anthony ChickilloUNDATED (AP) — Linebacker Anthony Chickillo has agreed to a contract with the New Orleans Saints after playing his first five seasons with the Pittsburgh Steelers. — Tiger Woods and Phil Mickelson are getting ready for another made-for-TV match, this time with friends from the NFL. Woods and Peyton Manning take on Mickelson and Tom Brady in what’s being billed as “The Match: Champions for Charity.” It will be the second straight Sunday live golf is on TV. The purpose is to raise $10 million for COVID-19 relief efforts and to provide entertainment.— Eleven of China’s professional soccer teams have been disqualified for failing to pay wages and for five teams closing shop on their own terms. The 11 include Chinese Super League side, Tianjin Tianhai. Low attendance and gaudy contracts for overseas signings were already weighing heavily on the industry, even before the outbreak forced it into total shutdown.— Spanish Prime Minister Pedro Sánchez has announced that the soccer league in Spain will be allowed to resume June 8. It’s not clear when the first games will be held. The top tier, La Liga, has said it wants to resume play on June 12. There has been no play in the top tier due to the coronavirus crisis since March 12.— Around 13,000 cardboard cutouts helped fill the stands at a key soccer match in Germany Saturday. Fans took pictures at home and paid for a cardboard cutout to be placed in the stands at the Bundesliga (BOON’-dehsh-lee-guh) game in Dusseldorf, which could help decide Champions League qualification.— The Czech soccer league has restarted under strict conditions. Teplice beat visiting Liberec 2-0 without spectators in the first match in the First League in 73 days. Six rounds of games in the regular season and the playoffs remain in the league, which is scheduled to be completed by July 15.center_img Update on the latest sports Veith’s main triumphs were super-G gold at the 2014 Sochi Olympics and back-to-back overall World Cup titles in 2014 and 2015. She called winning the super-G silver at the 2018 Pyeongchang Olympics “the most emotional day of my career.”OBIT-EDDIE SUTTONEddie Sutton, Hall of Fame basketball coach, dies at 84UNDATED (AP) — Eddie Sutton, the Hall of Fame basketball coach who led three teams to the Final Four and was the first coach to take four schools to the NCAA Tournament, died Saturday. He was 84.Sutton’s family says in a statement that he died of natural causes at home in the Tulsa, Oklahoma, area, surrounded by his three sons and their families. Wife Patsy died in 2013. Leaf finished third in Heisman Trophy voting in 1997 and led Washington State to the Rose Bowl. Drafted by the Chargers, he won just four of 18 games as a starter in three seasons with the team. He was 0-3 with the Dallas Cowboys in 2001 and finished his four-year career with 14 touchdown passes and 36 interceptions.SKI-VEITH RETIRESOlympic ski champion Anna Veith retiresVIENNA (AP) — Olympic ski champion Anna Veith has retired as a racer.Veith twice returned to the top from serious knee injuries but called it a career a year after blowing out her knee for the third time. Veith announced her retirement live on Austrian TV. She says it was not a difficult decision. May 24, 2020 Share This StoryFacebookTwitteremailPrintLinkedinRedditVIRUS OUTBREAK-SPORTSNBA talking with Disney about resuming seasonUNDATED (AP) — The NBA could become a Mickey Mouse operation, although the idea isn’t Goofy.last_img read more