Now here’s a way of turning bad news into good. “As young Australians delay buying homes, property undersupply is shrinking, new research shows.”
The ANZ’s newest Economic Insight – Australia report claims unaffordable housing is causing young Australians to buy homes later in life. So demand is reduced.
“Simples” as our friends at Compare The Market say.
Apparently, as a result, Australians aged 20-34 are “forming households” later in life.
That means the housing shortage is affecting when they marry and settle down.
“This trend means that the overall demand for housing fell to 21,000 dwellings this year, eliminating the 117,000 home shortages that would exist if households formed earlier”, says a report on Finder.com.au.
They quote an ANZ report as saying “the trend towards delaying property purchases has cut the housing shortage in NSW from 40,000 to 7,000, and has cut undersupply in Victoria from 48,000 to 10,000 dwellings”.
Good news? We don’t think so.
Most worried people in Australia
More absurd research this week shows a divorced single father aged 30-49 living alone in Adelaide or Darwin with a part-time labouring job earning less than $35,000 with vocational training is the most anxious person in Australia when it comes to financial outlook.
The NAB are responsible for this piece of financial tosh. But there is a glimmer of hope. Apparently, Australians, in general are currently experiencing anxiety levels well below historic levels.
Despite rising 0.2 points to 56.1 in the June quarter, the NAB’s Consumer Anxiety Index is well below the 60.8 average seen over the past four years.
Not surprisingly, the high cost of living is worrying consumers most. More than 1 in 5 reported “high” levels of concern over the cost of living.Job security caused the least stress, which likely reflected strong employment growth in the first half of the year and improved labour market conditions also seen in NAB’s Business Survey for some time.
Cyclists, netballers the most financially savvy
The research just kept coming. AMP announced a new study, which found Aussies who play sports regularly are 64 per cent more likely to achieve the majority of their financial goals.
The study found:
● Cyclists and netballers (64 per cent) came out on top as the most financially savvy thinkers
● Golfers (57 per cent) followed by cricketers (51 per cent) are most likely to seek financial advice
● Golfers are the savviest savers, with one in three (29 per cent) holding more than $50,000 in savings
● Australians who play team sports are four times more likely to look to peers for financial advice than the average Aussie (8 per cent). For example, 32 per cent of AFL players and 33 per cent of basketball players.
Finally, a word of caution on those ATM fees
Yes, we know. It looked like, at last, the banks decided to be the Australian consumers’ best friend.
When Australia’s big banks rushed to follow each other in announcing the axing of ATM fees charged to customers, it did save Australians up to half a billion dollars a year.
Consumer group Choice welcomed the flurry of announcements from the big four after ‘‘ years of inaction’’ .
‘‘With many of us struggling with the cost of living, no longer forking out $500 million to the banks each year to access our own money will be a welcome relief,’’ spokesman Tom Godfrey said.
But he added: ‘‘ It’s clear the major banks are desperate to convey a sense of competition while the Productivity Commission has the spotlight on them. While they’re all in the mood to stop ripping off their customers, let’s see them lower credit card interest rates and abolish excessive late-payment fees.’’