Contrary to other developed economies, Australia has experienced a long-term deterioration in housing affordability even between housing price booms. The house price boom that came after the global financial crisis has intensified the stress on Australian housing affordability to yet higher levels, and is likely to continue to be a concern for some time to come. This book reviews a range of available approaches for the measurement of housing affordability, and examines recent empirical evidence on housing affordability in Australia. It begins by explaining the relevance of housing to…mehr
Contrary to other developed economies, Australia has experienced a long-term deterioration in housing affordability even between housing price booms. The house price boom that came after the global financial crisis has intensified the stress on Australian housing affordability to yet higher levels, and is likely to continue to be a concern for some time to come. This book reviews a range of available approaches for the measurement of housing affordability, and examines recent empirical evidence on housing affordability in Australia. It begins by explaining the relevance of housing to governments at different levels, the emergence of the housing affordability problem, and the global importance of housing affordability. It then explores the causes of the recent explosion in the number of institutions offering home loan products, analysing features such as the size, composition and changes in total lending and home lending in Australia. The author goes on to investigate the consequences of the two most recent rounds of financial deregulation, as well as the trends in interest rate and property prices, and recent changes in typical borrower behaviour. The book concludes by reviewing a range of available approaches in the measurement of housing affordability. It assesses whether there is a level of adjustment in housing affordability, and finally analyses which housing market segment represents the better investment opportunity during housing boom periods.
Dr Karamujic obtained his PhD in Finance from La Trobe University, Australia. He has held academic positions as Professor in the School of Economics and Business at the University of Sarajevo and as Senior Lecturer in Property and Finance at the University of Melbourne, Australia. He also has more than 15 years' professional experience in banking, risk management, financial and economic analysis and modeling, financial regulation and governance.
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Acknowledgments List of Tables List of Figures List of Abbreviations PART I: INTRODUCTION 1.1. Background 1.2. Objectives 1.3. Outline PART II: HOUSING: WHY IS IT IMPORTANT? 2.1. Introduction 2.2. Housing Trends 2.3. Governments and Housing 2.3.1. Housings Regulation by State/territory Governments 2.3.2. Housing Taxation 2.3.3. Provision of Public Housing and Development Land 2.3.4. The Housing-Related Functions of Local Government 2.3.5. Housing Assistance 2.4. The Emergence of the Housing Affordability Problem 2.4.1. National Affordability Housing Agreement 2.4.2. National Rental Affordability Scheme 2.4.3. Housing Affordability Fund 2.4.4. First Home Owners Boost 2.4.5. First Home Savers Accounts 2.4.6. Are These New Programs Sufficient to Make a Change? 2.5. Why is Housing Affordability Important? 2.6. Conclusion PART III: MAJOR REASONS FOR AN INCREASEIN THE NUMBER OF INSTITUTIONS OFFERING HOME LOAN PRODUCTS AND IN THE NUMBER OF HOME LOAN PRODUCTS OFFERED IN THE AUSTRALIAN HOME LOAN MARKET 3.1. Introduction 3.2. The Size, Composition and Changes in both Total and Home Lending in Australia 3.3. Consequences of the Two Most Recent Rounds of Financial System Deregulation 3.4. High Level Trends in Interest Rate and Property Prices 3.5. Recent Changes in the Typical Borrower '' ''s Behaviour 3.6. Conclusion PART IV: INTRODUCTION TO CONTEMPORARY RESIDENTIAL MORTGAGE (HOME LOANS) LENDING PRODUCTS 4.1. Introduction 4.2. Home Loan Products by Type of Offering 4.2.1. Financial Packages 4.2.2. Stand - Alone Home Loans 4.3. Home Loan Products by Major Functionality 4.3.1. Standard Variable Rate Home Loan 4.3.2. Basic Home Loan 4.3.3. Introductory (Honeymoon) Home Loan 4.3.4. Offset Home Loan 4.3.5. Line Of Credit Home Loan 4.3.6. Standard Fixed Rate Home Loan 4.3.7. Reverse Home Loan 4.3.8. Islamic Home Loan 4.4. Home Loan Products by Major Purpose Type 4.4.1. Owner-Occupied Home Loans 4.4.2. Investment Home Loans 4.4.3. Construction Home Loans 4.4.4. Refinance Home Loans 4.4.5. Up-grader Home Loans 4.5. Home Loan Products by Distribution Segment 4.5.1. The Direct Channel 4.5.2. The Third Party Channel 4.6. Home Loan Products by Interest Rate Repayment Structure 4.6.1. Interest Only Home Loans 4.6.2. Principal and Interest Home Loans 4.7. Home Loan Products by Conformation Status 4.7.1. Conforming (Prime) Home Loans 4.7.2. Non-Conforming (Sub-Prime) Home Loans 4.8. Conclusion PART V: CONTEMPORARY HOUSING AFFORDABILITY MEASURES 5.1. Introduction 5.2. Home Loan Affordability Measures 5.2.1. The New South Wales Government '' ''s Centre for Affordable Housing, Affordability Index 5.2.2. The Real Estate Institute of Australia,Home Loan Affordability Indicator 5.2.3. The Commonwealth Bank of Australia - Housing Industry Association Housing, Affordability Index 5.2.4. The BIS Shrapnel, Home Loan Affordability Index 5.2.5. The National Affordable Housing Agreement, Housing Affordability Index 5.2.6. The ABS measure of housing affordability 5.3. Housing Price-Based Affordability Measures 5.3.1. Sales by Price Segment Housing Affordability Indicator 5.3.2. Affordability and Available Stock Housing Affordability Indicator 5.3.3. House Price to Household Income Ratios 5.3.4. House Price to Rent Ratios 5.3.5. Accessibility/Deposit Gap Method 5.3.6. Home Ownership Rates 5.3.7. Summary Overview 5.4. Rental Affordability Measures 5.4.1. Traditional Consumption-based Measure 5.4.2. The National Housing Strategy Measure 5.4.3. Net Affordability Measure 5.4.4. Net Equivalent Affordability Measure 5.4.5. Private Rental Affordability for All Households 5.4.6. Private Rental Affordability for Low-Income Households 5.4.7. Rent-to-Mortgage Payment Ratio 5.4.8. Residual Income Measure 5.4.9. The Canadian Model of '' ''core housing need '' '' 5.4.10. Summary Overview 5.5. Conclusion PART VI: THE GEOGRAPHY OF HOUSING AFFORDABILITY AND HOUSING INVESTMENT OPPORTUNITY: A CASE STUDY OF MELBOURNE 6.1. Introduction 6.2. Brief Review of the Literature 6.3. Data and Methodology 6.4. Results and Discussion 6.4.1. The Geography of Melbourne '' ''s Affordability Problem 6.4.2. Which Market Segment Represents a Better Investment Opportunity 6.5. Conclusion PART VII: CONCLUSION
Acknowledgments List of Tables List of Figures List of Abbreviations PART I: INTRODUCTION 1.1. Background 1.2. Objectives 1.3. Outline PART II: HOUSING: WHY IS IT IMPORTANT? 2.1. Introduction 2.2. Housing Trends 2.3. Governments and Housing 2.3.1. Housings Regulation by State/territory Governments 2.3.2. Housing Taxation 2.3.3. Provision of Public Housing and Development Land 2.3.4. The Housing-Related Functions of Local Government 2.3.5. Housing Assistance 2.4. The Emergence of the Housing Affordability Problem 2.4.1. National Affordability Housing Agreement 2.4.2. National Rental Affordability Scheme 2.4.3. Housing Affordability Fund 2.4.4. First Home Owners Boost 2.4.5. First Home Savers Accounts 2.4.6. Are These New Programs Sufficient to Make a Change? 2.5. Why is Housing Affordability Important? 2.6. Conclusion PART III: MAJOR REASONS FOR AN INCREASEIN THE NUMBER OF INSTITUTIONS OFFERING HOME LOAN PRODUCTS AND IN THE NUMBER OF HOME LOAN PRODUCTS OFFERED IN THE AUSTRALIAN HOME LOAN MARKET 3.1. Introduction 3.2. The Size, Composition and Changes in both Total and Home Lending in Australia 3.3. Consequences of the Two Most Recent Rounds of Financial System Deregulation 3.4. High Level Trends in Interest Rate and Property Prices 3.5. Recent Changes in the Typical Borrower '' ''s Behaviour 3.6. Conclusion PART IV: INTRODUCTION TO CONTEMPORARY RESIDENTIAL MORTGAGE (HOME LOANS) LENDING PRODUCTS 4.1. Introduction 4.2. Home Loan Products by Type of Offering 4.2.1. Financial Packages 4.2.2. Stand - Alone Home Loans 4.3. Home Loan Products by Major Functionality 4.3.1. Standard Variable Rate Home Loan 4.3.2. Basic Home Loan 4.3.3. Introductory (Honeymoon) Home Loan 4.3.4. Offset Home Loan 4.3.5. Line Of Credit Home Loan 4.3.6. Standard Fixed Rate Home Loan 4.3.7. Reverse Home Loan 4.3.8. Islamic Home Loan 4.4. Home Loan Products by Major Purpose Type 4.4.1. Owner-Occupied Home Loans 4.4.2. Investment Home Loans 4.4.3. Construction Home Loans 4.4.4. Refinance Home Loans 4.4.5. Up-grader Home Loans 4.5. Home Loan Products by Distribution Segment 4.5.1. The Direct Channel 4.5.2. The Third Party Channel 4.6. Home Loan Products by Interest Rate Repayment Structure 4.6.1. Interest Only Home Loans 4.6.2. Principal and Interest Home Loans 4.7. Home Loan Products by Conformation Status 4.7.1. Conforming (Prime) Home Loans 4.7.2. Non-Conforming (Sub-Prime) Home Loans 4.8. Conclusion PART V: CONTEMPORARY HOUSING AFFORDABILITY MEASURES 5.1. Introduction 5.2. Home Loan Affordability Measures 5.2.1. The New South Wales Government '' ''s Centre for Affordable Housing, Affordability Index 5.2.2. The Real Estate Institute of Australia,Home Loan Affordability Indicator 5.2.3. The Commonwealth Bank of Australia - Housing Industry Association Housing, Affordability Index 5.2.4. The BIS Shrapnel, Home Loan Affordability Index 5.2.5. The National Affordable Housing Agreement, Housing Affordability Index 5.2.6. The ABS measure of housing affordability 5.3. Housing Price-Based Affordability Measures 5.3.1. Sales by Price Segment Housing Affordability Indicator 5.3.2. Affordability and Available Stock Housing Affordability Indicator 5.3.3. House Price to Household Income Ratios 5.3.4. House Price to Rent Ratios 5.3.5. Accessibility/Deposit Gap Method 5.3.6. Home Ownership Rates 5.3.7. Summary Overview 5.4. Rental Affordability Measures 5.4.1. Traditional Consumption-based Measure 5.4.2. The National Housing Strategy Measure 5.4.3. Net Affordability Measure 5.4.4. Net Equivalent Affordability Measure 5.4.5. Private Rental Affordability for All Households 5.4.6. Private Rental Affordability for Low-Income Households 5.4.7. Rent-to-Mortgage Payment Ratio 5.4.8. Residual Income Measure 5.4.9. The Canadian Model of '' ''core housing need '' '' 5.4.10. Summary Overview 5.5. Conclusion PART VI: THE GEOGRAPHY OF HOUSING AFFORDABILITY AND HOUSING INVESTMENT OPPORTUNITY: A CASE STUDY OF MELBOURNE 6.1. Introduction 6.2. Brief Review of the Literature 6.3. Data and Methodology 6.4. Results and Discussion 6.4.1. The Geography of Melbourne '' ''s Affordability Problem 6.4.2. Which Market Segment Represents a Better Investment Opportunity 6.5. Conclusion PART VII: CONCLUSION
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"This book explains why housing and its cost is so important to Australians, and describes the major policy instruments that Federal and State Governments use to address housing issues. ... those wanting to know more about home loan products, and recent innovations that have resulted in significant product differentiation, will find some useful descriptive material." (Gavin Wood, Journal of Housing and the Built Environment, Vol. 32, 2017)
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