Angus Moore

Economist with PropTrack (part of REA Group). Housing, economics, data. Views own, etc

[Angus Moore @AngusMoore4]

@pryno You can read more, including state-by-state analysis, on @PropTrack insights at: https://t.co/CYpocmW7Cx

[Angus Moore @AngusMoore4]

Rental affordability has hit its worst level on our records according to our new PropTrack Rental Affordability Index. You can read the full report, from my colleague @pryno and me here: https://t.co/CYpocmW7Cx (1/4)

[Angus Moore @AngusMoore4]

@pryno It shows that renters of all incomes have never been able to afford so few rentals since 2008, when our data begin. For a median-income household, just 39% of rentals are affordable, and for a lower-income household, effectively none.

[Angus Moore @AngusMoore4]

Given these negative effects, there are real benefits from replacing stamp duty. But that will be a challenge – states are very reliant on the revenue. I discuss some of the models for reform, drawing on the Henry Tax Review, in the report: https://t.co/oIRlXCJZhp (5/5)

[Angus Moore @AngusMoore4]

We’ve released a new PropTrack report on stamp duty: documenting the burden for buyers, how that’s changed, quantifying its impact, and how we could reform it. It draws on joint research with e61, published earlier this week (see below). See: https://t.co/oIRlXCJrrR (1/5)

[Angus Moore @AngusMoore4]

This increase has wide-ranging implications. Joint research with the e61 Institute finds that a 1 percentage point increase in stamp duty reduces the number of home purchases by 7.2%. You can read the research in detail here: https://t.co/kSpm06Vg7R (4/5)

[e61 Institute @E61Institute]

We recently showed that stamp duty costs buyers 5 times that of a generation ago (see https://t.co/qYBE18M05p). In new work by e61 and PropTrack, we explore how this conspicuous feature of Australia’s tax system affects the number of people buying and moving homes. 1/7

[Angus Moore @AngusMoore4]

You can read more about the analysis in the e61 micronote (https://t.co/KcPGNMZo5H), or my colleague Benn’s write up (https://t.co/iBJQUqUduT). We also have forthcoming research that will quantify stamp duty's effects.

[Angus Moore @AngusMoore4]

Excited to share new joint research from e61 Institute and PropTrack showing the enormous increase in stamp duty over the past few decades. Buyers today pay as much as 6 times more stamp duty, relative to incomes, as a buyer in the early 1980s.

[Angus Moore @AngusMoore4]

This means stamp duty is a huge cost – as much a six months of average full-time take home pay for a median-priced home in Sydney and Melbourne. Even in lower-taxing states stamp duty is still more than three months of income.

[Paul Ryan @pryno]

This comprehensive view of housing affordability is important because affordability is such an important issues for so many Australians - this new index allows us to assess how it has changed for Australians across the income distribution and in different parts of the country

[Paul Ryan @pryno]

This index is comparable across different regions as well as over time, NSW has the worst housing affordability, but Tasmania has deteriorated rapidly from one of the most affordable states to one of the least

[Paul Ryan @pryno]

Existing measures of housing affordability (of which mortgage repayments as a share of income is probably my favourite), only use a representative household (with median or average income) buying a typical home

[Paul Ryan @pryno]

These results are summarised in the PropTrack Housing Affordability Index, which has recorded its lowest level in the past 30 years

[Paul Ryan @pryno]

We can then track what proportion of homes households at different points in the distribution could buy over time to give a more comprehensive idea of how affordability is affecting different Australians

[Angus Moore @AngusMoore4]

@pryno You can read the full report here: https://t.co/Yr4dP2b8zl

[Angus Moore @AngusMoore4]

We've launched our new PropTrack Housing Affordability Index today, a new and more comprehensive way to better understand affordability. @pryno summarises our new approach, and how it shows affordability has hits its worst level in at least three decades.

[Paul Ryan @pryno]

Better understanding of housing affordability was a key reason I moved into the property space… so I’m really excited to launch the new PropTrack Housing Affordability Index and report today:

https://t.co/p3f66KLPP8