‘That Howl of Despair is the Sound of Housing Dreams being Dashed!‘ by Greg Jericho!
What a mess … yet another one …
… Home ownership for those now aged 25 – 34 is down to 40%
By the end of 2021 house prices may have risen by 40%
-wages will be lucky to grow by 2%
Michelle Bullock Assistant Governor RBA noted:
“if rapid price rises ultimately prove to be unsustainable, they could lead to sharp declines in price and turnover in the future”.
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It appears that our young people have been set up by wealthy property investor lobby groups for life-long tenancy either through private rentals of old houses/units or the current move by this lot for Build-to-Rent for alleged luxury apartments with facilities to take even more of their incomes! Please consider sharing so others know!
WHAT CAAN Commentators had to say about this:
-**Reserve Bank governor Philip Lowe says he understands concerns about rapid house price growth, but it’s helping household wealth to grow. ***……😆…😂…🤣, TRUE, but only for those that have homes. …😫. I like the bank governor, but at times he can come out with some doozies,………..but he also said, ***”While it is true that higher interest rates would, all else equal, see lower housing prices***….TRUE too, and that’s what’s been lacking. We have fuelled this housing affordability crisis via ultra-low interest rates. We need higher interest rates, and we need lower house prices. Furthermore, we must always prescribe to the idea that the purchase of a house must always be for the sole purpose of providing for a HOME before it can be entertained as use for WEALTH creation.
-Scotty’s got a ‘Wealth,
War and “Freedom’ election to win..
–Community Action Alliance for NSW Just wondering if the powerful lobby groups for investors hold sway over ‘the Governor’ with so much of their money tied to our banking system? It would seem so! With their members: the tradies, the mums and dad investors, the doctors, the dentists, the bakers, the uber drivers, the fresh fruit salad bar operator, the proctologist, the goodfellas all enjoying considerable tax benefits!
-We have a scandalous system called *negative gearing*, the purpose of which is to subsidise those that have the fortunate means to earn more than the poor mug next door that can’t. If you keep this phenomenon in mind every time this issue of housing affordability comes up,…which by the way, is all too often these days,…coupled with ultra low-interest rates that purposefully target investors you will understand why we are in the mess we are in.
-” Home ownership for those now aged 25–34 is down to 40%.” Will never see this headline from Realestate or Domain amongst all their breathless ”New suburb price record shattered!’ spiels..
Guardian Australia@GuardianAus·That howl of despair is the sound of housing dreams being dashed | Greg JerichoThat howl of despair is the sound of housing dreams being dashed | Greg JerichoAustralian government policies are designed to ensure property owners’ wealth. Affordability be damnedtheguardian.com