Housing Affordability in NSW [infographic]

Monday, January 30, 2017

We’ve all heard about the difficulty of buying into the housing market in recent times and the subsequent decreases in home ownership rates (in NSW, from 68% in 2004 to 63% in 2014). With less people able to afford a home in the current market, there have been increases in the numbers of people looking to rent in New South Wales, and particularly Sydney.

We were delighted to be commissioned by Churches Housing and Shelter NSW to uncover the story of rental unaffordability in New South Wales. Through this research, we discovered that finding an available, affordable rental property is becoming increasingly difficult, particularly for those in the bottom 20% of income earners.

The decrease in the availability of rental properties over the last decade or so, has been influenced by a number of factors. Rental prices have increased due to the increased numbers of people looking to rent, and in past decades, rental prices have grown faster than income.

The infographic particularly highlights the difficulties for the bottom 40% of income earners in looking for appropriate rental properties. The term ‘rental stress’ is used to describe those in the bottom 40% who are spending over 30% of their income in housing costs. In 2013-14 NSW had the highest proportion of low income households experiencing rental stress, at 76% (compared to 68% nationally). For these households, rental stress can impact on other areas of life, including health care, schooling, diet and in the worst case can sometimes lead to homelessness. 


A Snapshot of the Changes Transforming Real Estate

Tuesday, September 06, 2016

Change. It’s happening all around us, and it’s easy to be intimidated by the scope and scale of it, but if we can observe the trends and the shifts, then we don’t have to become victims of change but rather we can proactively respond. That’s what’s key. Having the confidence to move forward strategically and proactively, to embrace the trends rather than hide from them.

Earlier this year Mark McCrindle presented Understanding the Times, Shaping the Trends: A Snapshot of the Changes Transforming Real Estate at the Real Estate Institute of Victoria National 2016 Conference. Here are some of his thoughts on trends shaping the Real Estate Industry.



How are generational differences impacting the REAL Estate industry?

Generationally, it is more important than ever to understand the six generations that we have in Australia. While the younger generations might not be active clients in terms of real estate vendors, they do influence parental purchasing and decisions a lot.

We can sometimes pre-qualify people based on our perception of where they’re at in their life stage, but actually there are a lot of people in their late 70’s who are still active in property, perhaps downsizing to buy their next place. Then you’ve got someone in their early 20’s who’s maybe not buying their own place, but perhaps looking at an expensive home because they will be living in that home with their parents. We have to understand the diversity of the generations and all of them may well be active influencers in the buying decision.

Do you have any recommendations on how the Real Estate industry can engage their community?

Sometimes the best connections are actual connections, not just personal ones. The events, the openings, the events where we invite the community along and talk about the area and what’s happening. That brand experience, where people can come to meet and greet with free pizza or cocktails, that sort of thing is what works well, people are looking for that social interaction.

Any tips for those working in real estate?

Well I’d sum it up with the 4 R’s of Real Estate in the 21st Century:

REAL

Keep it real and authentic

RELEVANT

To adjust and adapt

RELATIONAL

Keep it relational in terms of how we connect

RESPONSIVE

We can’t just rely on yesterday’s wins, we have to adjust and adapt to remain responsive to the needs of today


ABOUT MARK MCCRINDLE

Mark is an award-winning social researcher, best-selling author, TedX speaker and influential thought leader, and is regularly commissioned to deliver strategy and advice to the boards and executive committees of some of Australia’s leading organisations.

Mark’s understanding of the key social trends as well as his engaging communication style places him in high demand in the press, on radio and on television shows, such as Sunrise, Today, The Morning Show, ABC News 24 and A Current Affair.

His research firm counts amongst its clients more than 100 of Australia’s largest companies and his highly valued reports and infographics have developed his regard as a data scientist, demographer, futurist and social commentator.


DOWNLOAD MARK'S SPEAKING PACK HERE

What Makes a City the Most Liveable?

Wednesday, July 20, 2016

What makes a state or city liveable? Is it the low crime rate, affordability, ease of travel or is it simply the weather? We have compared some of the major factors and revealed what Aussies really think.

Affordability

If you take the average weekly earnings, subtract the average weekly mortgage repayments based on house costs, you find that NSW doesn’t do too well, it is earning 20% above the average, but the houses are 64% above the average, so NSW works out to be the worst in terms of income after housing. But WA is on top of the charts, with the ACT doing pretty well also.


Ease of travel

We took the centre of population of each of our capital cities, the mid-point of the population sprawl where as many people live north, as south of this point, and as many east, as west. From this centre of living we measured the average, non-peak hour driving time to the centre of the CBD marked by the GPO of each capital. We found that as we would probably expect, Sydney was the longest drive, about 33 minutes to get from the centre of population to the centre of the city, but the quickest trip of all was Brisbane with just 8 minutes.


Crime rates

This is the number of offenders per annum, per 100 people and the Territories book end the data here, with the ACT with the lowest crime rate nationally and the Northern Territory as the highest crime rate and the other states right in the middle. As measured by crime rates, the ACT is Australia’s safest place to live.


Weather

We measured this by looking at the average number of sunny days - totally clear days in a year. Tasmania not doing too well with a lot of cloudy, overcast days, but WA takes the crown with the most number of sunny days in any given year.



Watch Mark McCrindle's full interview on The Daily Edition here


Homes of the Future: Mark McCrindle discusses housing trends

Thursday, June 16, 2016

What is shaping our built environment?

The first is population growth. Australia has just reached 24 million which means we have added an extra million people in less than 3 years, and most of this growth is in our larger capital cities. This is creating a shift from suburban to urban living; from the traditional horizontal communities to the new vertical ones. In our largest capital cities, two-thirds of all new housing approvals are high or medium density rather than detached homes. This densification is creating walkable communities, multi-use areas where people live, work and play in a more localised space, and of course increased access to transit and transport hubs. The other factor shaping developments is affordability. With rising house prices, Australians are looking for financially sustainable options which meet the needs of both lifestyle and affordability, and create the flexibility for our homes to change in tune with our needs and lifestyles.

What are the current trends and will they last?

While design trends come and go with the changing fashions, there are some broader development trends that are here to stay. The increased access to open spaces, in-door out-door areas, balconies, natural light and bringing vegetation into urban environments are all timeless trends that resonates with our temperate climate and needs. Similarly, with food central to our social environment, open-plan kitchens and meal areas in homes and open social spaces in offices are trends we will see continue.

How is technology affecting it?

Today’s technology is seamlessly integrated into our lives, and we are seeing the same seamless integration into our homes. The internet of things means that lighting, sound, temperature, entertainment and security in our domestic environments are all manageable through our personal devices. The decade ahead will see our pantries and fridges talk to our devices to update shopping lists, our home entertainment experience continue playing seamlessly on our portable devices and our hydrogen cars help power our homes.

Image source: The Clipsal Smart Home range (courtesy of www.clipsal.com)

What are the demographic trends?

Homes of the future will have the flexibility to accommodate multiple generations living under the one roof. They will meet the changing needs of a more culturally diverse community and have clever innovations to facilitate support to Australians living independently in their homes to a much older age than we currently see.

What does the future hold?

While Generation Z, who are just starting their careers, will have to pay more for their homes in the future, these buildings and the built environment in which they sit will far exceed what their parents experienced in their first homes. Not only will the technologies and fittings in the home be exciting but the community spaces, café culture and neighbourhood amenities will continue to adjust and adapt to meet the lifestyle expectations of the 21st Century generations.

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