The ANZ CoreLogic Housing Affordability Report 2022 outlines housing challenges

A housing report from a major bank has laid bare the hurdles faced by Hobart renters and first-time buyers. FULL REPORT >>

ANOTHER economic report has underscored Hobart’s housing crisis, showing Tasmania’s capital is one of the nation’s least affordable places to rent.

The ANZ CoreLogic Housing Affordability Report 2022 also shows Hobart has experienced the sharpest increase in the time is takes to save for a deposit for an average home.

The report says overall Australian home values have undergone an “extraordinary upswing” since 2020.

“During this period, the national CoreLogic Home Value Index increased 27.8 per cent,” the report said.

The report examines four aspects of housing costs to assess affordability: The ratio of dwelling values to household income, the number of years taken to save a 20 per cent deposit, the portion of income required to service a new mortgage and the portion of household income required to service rent.

Sandy Bay, picture of upper sandy bay from battery point,

Key Tasmanian findings in the report include:

• The portion of income required to service rent in Hobart has hit a record high of 34.4 per cent
• The ratio of housing values to household income for Hobart is at a record high of 9.1 per cent
• Hobart experienced the sharpest increase in the time it takes to save a 20 per cent deposit for a median-priced house. This measure rose from 7 years in March 2020 to 9.7 years in March 2022
• Burnie the Central Highlands and the West Coast are the three Tasmanian regions where it remains cheaper to buy than rent.

Labor housing spokeswoman Ella Haddad said the report again showed Hobart had the least affordable rents in the country, with regional Tasmania not far behind.

Ms Haddad called on the state government to do more to address the housing crisis.

University of Tasmania building and signage, Hobart CBD. Picture: Richard Jupe

“As private sale and rent prices blow through the roof and are out of reach for most Tasmanians, more and more are being pushed into homelessness and more families risk losing the roof over their heads. The March housing dashboard shows there are still nearly 4,500 people on the waiting list and that the average wait time for priority applicants has increased to a massive 64 weeks, up from 62.6 weeks in February,” she said.

Federal Clark MP Andrew Wilkie has called on the federal government to implement a national housing strategy, in addition to increasing rent assistance, boosting social housing, tax reform and limiting short-stay accommodation.