Why Australians Are Losing Roofs Over Their Head?
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I was On my way back from my Son’s Birthday bash in Parramatta. Sydney’s second metro city painted a very sad state of the housing crisis of the city perhaps the crisis of the entire nation. A young couple with a young child unwinding a foam mattress on the footpath in front of a closed-door shopfront with a shade over their head. The young father begged for money from people passing by and he is not even bothered by the regular refusal. Housing Crisis in Australia is hitting hard among Australians from all walks of life.
It’s obvious that you would get into a whispering conversation with the people you are walking with as it’s pretty hard to ignore things you can see around you. When a kid should be in a safe bed, she is planning to spend the night among family members on a footpath. The city of Parramatta or even more Church street is getting taken over by homeless people. We were waiting for the next street signal to turn green. What we could see is people in almost every knock and cranny rolling down their makeshift beds. Years ago on Ultimo, George street, Sydney there were cozy corners. Homeless families were everywhere around that area. It was never noticeable in Parramatta in such a number.
The housing crisis in Australia has become an issue for an upcoming election. This crisis is bigger in metropolitan cities around Australia. Housing Affordability in Australia is the next epidemic in the country. A record-high price of the property is only making things worse. Nearly every day media is reporting on this issue. Young families are spending their sleepless nights with the announcement of the Interest Rate Rise from the Reserve Bank of Australia. A growing number of Australians started spending nights in cars, caravans, boats or even on the streets and there is no real solution yet to come.
A single woman reported having her mortgage approved during the pandemic. She said during this time the criteria for mortgage approval became more lenient. . Bank approved her a housing loan that is six times more than her income. Now, with the news of the interest rate rise, she is in fear of losing her home with a single income and 4 kids. She is not alone and there are many more in the same boat and spending their sleepless nights.
No one would argue that Australia needs a strong banking sector in the country. Australians would not like to see that banks are making tons of money while people are losing roofs over their heads. This Housing Crisis in Australia is never seen before. The political parties have not demonstrated how they can change this affordability crisis. There is no political party that has come up with any plans to show Australia how the property prices can become affordable for all Australians.
Australian Labor Party has unveiled their plan yesterday. ALP wants to assist low-income Australians to own houses with up to 40 per cent equity owned by the Federal Government. This methodology was tested for some years in Victoria, Western Australia and to some extent within South Australia. This can be dubbed as an ALP response to the crisis that Australia faces today however this does not seem to put a cap on the house prices in A
