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Collapse Issue 437 - 29 Jan 2018Issue 437 - 29 Jan 2018
Collapse  NEWS NEWS
Holstein moves to revive Rawson Rd level crossing work
Water main break causes extensive traffic delays
Councillor calls for banners in West St
Ryans Rd construction starts after two-month delay
Council approves non-complying development
Caution urged with door-to-door solar salesmen
Peaceful outcome to 'seige'
Man refused bail on animal cruelty charges
Council upgrades Umina Beach viewing area
Hotel applies for $2 million renovations
Bays community group to hold Fair on the Green
Tie dredging to beach renourishment, says Chamber
Rescue helicopter called off
Justice support volunteers sought by disability service
The Entrance dredging at 'a slap in the face' - Tesch
New service 'established' at Killcare
Pelican rescue season 'most traumatic'
Funding campaign for injured dog
Tesch pleased with support for youth festival
Council lodges application with itself for library changes
Traffic lights needed at roundabout, says Chamber
Council meeting rescheduled
Registered club promotes responsible drinking
Bowling club to celebrate 100-year-old ex-serviceman
Sand sculptures to come down
Tesch looks at transport issues
Donated truck already put to use
Women invited to be apply for advisory group positions
Collapse  FORUM FORUM
Would road repairs spoil 'vast eternal plan'?
Peninsula housing affordability problem won't go away
Make the Peninsula accessible to all ages
Everyone is a Woy Woy town centre stakeholder
We should all have the opportunity to participate
A pity if commendable community plan came to nothing
Our beaches are completely unnatural
Fight for our bio-diversity before it is gone forever
Collapse  ARTS ARTS
Theatre groups starts search for playwrights
Filmmaker to speak at Woy Woy library
Patonga artist supports junior portrait prize
New gallery to be established in Ettalong
Choir practice resumes
The lady with the pink hair
Collapse  SPORT SPORT
Killcare hosts Central Coast Nippers carnival
Charity bowls raises $1275
Surf clubs to raise money through container collection
Mixed fours championship held in the heat

Peninsula housing affordability problem won't go away

Housing affordability is a hot topic.

It is a massive problem in Australia, particularly in Sydney which now ranks number two in the world for unaffordability with average house prices 13 times average gross household incomes.

Hong Kong is the most unaffordable, then Sydney and then Los Angeles in the latest report published by global analysts Demograhia and reported by the ABC.

Hong Kong gets a score of 29, Sydney 13 and Los Angeles 9.

New York is down at six.

What this means is that it would take a first time buyer in Sydney almost 10 years to save for a 20 per cent deposit if they spent 40 per cent of their net income on savings alone.

It's unsustainable and the picture with units is not that much better.

So what about the Peninsula?

Is housing more affordable here?

Well it isn't.

The Peninsula's affordability index is just the same as Sydney's.

It's 13 and this is based on reliable data, not hearsay.

It uses the latest Bureau of Statistics data and data from realestate.com.au based on actual purchases.

It's not an opinion poll.

Look at it like this.

The whole Peninsula of Woy Woy, Blackwall, Ettalong, Booker Bay and Umina ranks at the top of the global hot list of unaffordable housing.

Forget the real estate hype. This is a real crisis.

The problem is twofold.

Yes, the rising prices of housing play their part but so too does the very low level income levels on the Peninsula.

How can you afford to buy a $720,000 house if your household income before tax is about $60,000 a year?

How can you pay close on $20,000 or more a year on rent if your household income after tax is less than $50,000 a year?

Interest rate increases are around the corner.

The problem will get worse.

But some talk about rising house prices with pride: "Look at what my place is worth now".

While others, especially younger people, talk about it with despair.

The Peninsula has a massive housing affordability problem and it won't go away.

If we ignore it, it will only get worse.

There are solutions but these require a clear rethink on what we want the Peninsula to be.

It's a fabulous part of Australia but a door, once open, is now shutting for far too many.

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