over9k
So I didn't tell my wife, but I...
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Bingo. The demand is completely artificial.
Bingo. The demand is completely artificial.I think there are different factors at work at the moment. Regarding migration generally, I don't think you can bring more than 3 million new working age people into the country in 15 years without that having a significant impact on demand for residential property, especially in cities. That increased demand is likely to have a significant upward pressure on real estate prices.
What's happening at the moment is a rush to hard assets - of which property has always been king - in a time of very limited supply. There simply isn't much stock around at the moment and that lack of property for sale is pushing up prices more than usual.
Do me a favour manUse the block button humid. I'm about to.
(for the reason you posted)
Only a sample of one but I know someone who lives in London.try buying in or around London, NY, any major city in the world.
DeflectPlease folks, use the ignore feature rather than use insults or obscenities. Let's not go there.
But again, the question is why?Only a sample of one but I know someone who lives in London.
A look online at what appear to be virtually identical terrace houses in the same block sold within the recent past and converting prices to AUD finds it's worth $1.6 million.
3 bedrooms, 2 storey but it's small by Australian standards, measuring from Google maps it would be about 75m2 per floor and the outside land area is literally zero, the building goes right to the property boundary both front and back. Garden is in pots up on the roof which is flat and intended to be walked on with a greenhouse sort of thing up there as well.
Only been there once, since I've only been to London once, but I'd describe the building as old but solid. Internal walls are brick, painted in the bedrooms and bathroom but unpainted in the open plan kitchen / dining / lounge area. No laundry, the washing machine and dryer are in the kitchen under the benches. No air-conditioning but there's hydronic radiators in every room.
Big cities aren't cheap generally.
The simple fact of the matter is housing is not affordable. Housing in some very poor quality areas is affordable to those on a high income. That is not that same as saying housing is affordable in general.Exactly. Interest rates dictate P/E. That's literally what they do.
But prices and affordability are not the same thing.
Not sure if this was sarcasm but labor's policies won't do a damn thing to improve housing whilst the immigration floodgates remain open. Hell, rudd upped the level to even higher than the libs were running it.
The problem is only a major issue in Sydney/Melbourne, most other State capitals don't have the runaway prices Sydney/Melbourne do.The simple fact of the matter is housing is not affordable. Housing in some very poor quality areas is affordable to those on a high income. That is not that same as saying housing is affordable in general.
Only a sample of one but I know someone who lives in London.
A look online at what appear to be virtually identical terrace houses in the same block sold within the recent past and converting prices to AUD finds it's worth $1.6 million.
3 bedrooms, 2 storey but it's small by Australian standards, measuring from Google maps it would be about 75m2 per floor and the outside land area is literally zero, the building goes right to the property boundary both front and back. Garden is in pots up on the roof which is flat and intended to be walked on with a greenhouse sort of thing up there as well.
Only been there once, since I've only been to London once, but I'd describe the building as old but solid. Internal walls are brick, painted in the bedrooms and bathroom but unpainted in the open plan kitchen / dining / lounge area. No laundry, the washing machine and dryer are in the kitchen under the benches. No air-conditioning but there's hydronic radiators in every room.
Big cities aren't cheap generally.
The problem is only a major issue in Sydney/Melbourne, most other State capitals don't have the runaway prices Sydney/Melbourne do.
To make a blanket statement that housing is unaffordable is misleading, when 95% of the country isn't unaffordable.
I truly do feel sorry for people trying to buy in Sydney/Melbourne, but there is the option to relocate to another area, that is affordable.
What other option is there? If prices aren't coming down there is only so many things a person can do, going on endlessly about it may make someone feel better, but I don't think it will affect Sydney/Melbourne prices.
Point is simply that a house that's seen as "quite small" in Australia isn't quite small at all and just about anywhere else that same house would be seen as average or large.I really don't get this "by Australian standards" thing. Unless you are wealthy, the housing options are quite small.
I thought i was the only weirdo thinking the best thing which could happen to the current world is a real crisis, where priorities would be reset: food shelter, ..not FN and money meaning something, taking value not meme as selection criteriaComparing now with the 1980's or 90's a lot of things make no sense at all.
1. Governments, individuals and even business spend money as though it were unlimited and just fell from the sky. Pretty much everyone lives like a king.
Despite the above there's apparently no money to spend on health care, the environment, wages or paying decent interest on deposits.
2. Perfectly good appliances, furniture, cars and even houses are scrapped for no particular reason.
Despite the above many can't afford a house to live in and there's a constant stream of professed concern for the natural environment and use of resources.
3. Pretty much every large business extolls the virtues of their employment policies and in particular that they embrace diversity.
Despite the above the standard HR approach to hiring is to only hire people much the same as those who already work there. Monocultures and conformity, not diversity, are all but forced in practice.
And so on. There's an awful lot of contradictions in society these days, situations where there's too much but at the same time not enough or where something's actively promoted but you'd be marched out of the building if you did it. And so on, there's a lot of stuff like that in the modern world.
My explanation is that it all comes down to not having had a proper recession for 30 years now. All sorts of economic and societal imbalances have built up and grown to extremes. Without anything to cull the weeds, they've built up to the point of stifling growth of the flowers to such an extent that those of a younger age don't recognise the weeds as what they are.
The only real solution that comes to mind is an actual, proper recession that clears out the dead wood. In the absence of that, it'll need some other major trigger to bring change both to the economic extremes such as house prices and to the strange way of thinking which seems to be present today.
But there isn't trawler, there isn't any work anywhere else. I've been saying this for several pages now.The problem is only a major issue in Sydney/Melbourne, most other State capitals don't have the runaway prices Sydney/Melbourne do.
To make a blanket statement that housing is unaffordable is misleading, when 95% of the country isn't unaffordable.
I truly do feel sorry for people trying to buy in Sydney/Melbourne, but there is the option to relocate to another area, that is affordable.
What other option is there? If prices aren't coming down there is only so many things a person can do, going on endlessly about it may make someone feel better, but I don't think it will affect Sydney/Melbourne prices.
This would obviously depend on what industry someone's in but agreed it's a problem for any industry which exists only or primarily in the big two cities.there isn't any work anywhere else
Didn't you move out of Victoria?I didn't want to move, but I had to to get work.
I don't agree with the Big Australia approach either--not because I'm against immigration but because as a country we are simply not geared up for it nor are we taking proper steps to support it (you don't have to look to far to see Australia is already stretched to support the current population). Successive government are not prepared to invest in the long term change that is required. Anyway, the point I want to make here is that supporting older generations' pension was not a major driver in Big Australia. Conventional wisdom states that to keep an economy growing (and apparently all the economy experts keep telling us we need the economy to grow) you need a certain underlying rate of growth in the population to get there and the fastest and cheapest way to get there is through immigration. We need a growing economy to support a huge range of things not just pensions.As for boomers, any generation would have taken advantage of that era. Let's make no mistake about that. I don't agree with the "Big Australia" immigration policy and it was tied directly to supporting the older generations pension. Labor was letting everyone in regardless during their short time.
It was a factor as the boomer population was too large to support without the growth. Personally I think its lazy politics to add to the taxable base. I think the demographic has shifted in favour of gen y now but can't really remember off the top of my head. Japan suffers similar with the older population realistically they are shrinking and have been zombie for a while.. Anyway, the point I want to make here is that supporting older generations' pension was not a major driver in Big Australia. Conventional wisdom states that to keep an economy growing (and apparently all the economy experts keep telling us we need the economy to grow) you need a certain underlying rate of growth in the population to get there and the fastest and cheapest way to get there is through immigration. We need a growing economy to support a huge range of things not just pensions.
Agree it was a factor. Was just trying to highlight there are other more pressing economic reasons for Big Oz.It was a factor as the boomer population was too large to support without the growth. Personally I think its lazy politics to add to the taxable base. I think the demographic has shifted in favour of gen y now but can't really remember off the top of my head. Japan suffers similar with the older population realistically they are shrinking and have been zombie for a while.
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