‘Yes, we need a top-level Inquiry into Uncontrolled House Prices‘
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‘Under the Cover of Covid 15,000 Wealthy Foreigners given Australian Visas!‘
‘GEN X bears the Debt Burden … the Cost of Buying a Home has increased by 130%‘
MEANWHILE … many GEN Y and Z are locked out of home ownership … and this explains why!
‘How have Sydney House Prices been cooked?‘
Is Everybody happy?
How did the house price rise rot set in?
Clearly we were set up not only by the big boys in Real Estate but the RBA! FFS!
‘ …Centre for Independent Studies chief economist Peter Tulip said it was “well within possibility” that Sydney house prices would rise by 30 per cent by the end of the year.
“Almost all of that has just occurred within the past six months, as I understand, so we are on track for a very large increase in 2021.”
In 2019, he modelled for the Reserve Bank of Australia that a permanent one percentage point cut in the cash rate would result in an increase in house prices of 30 per cent after three years.’
WHAT role have the realtors played in this price hike? They do set the price …
The pattern from the end 2020 was for agents to advertise a home $100,000 below the guide said to attract more buyers.
But then in January 2021 prices were advertised $200,000 above that gained just weeks earlier! For like homes … however some did not even have a lick of paint!
‘ … the massive daily house price growth has locked many people out of the market, including first-home buyer Pankaj Kumar, who has been looking to purchase a house in the Ryde area for more than three years.
He started with a $900,000 budget in 2019. But even with an increased amount of $1.65 million today, he is still priced out of the area.
“There was a time when properties were selling $30,000 or $40,000 above [the price guide], but when they go $300,000 above, you can’t budget for that,” Mr Kumar said. “It has become impossible.”
‘The Ryde region recorded one of the highest house price rises in Sydney, jumping 11.7 per cent – or $219,500 – in the second quarter to a median of $2.1 million.
It rose 26.9 per cent – or $445,000 – in the year to June.‘
‘Sydney house prices reach record median $1,410,133 – rising almost $1200 a day in just three months’
OBVIOUSLY we do need a ‘top level Inquiry into Uncontrolled House Prices‘ because this not only locks out many Australians but may well negatively impact wealthy Boomers who have gone guarantor for their families to buy a home!
WHEN will the Scummo Government do what it should?