It’s rigged, isn’t it? A Sellers Market, and set to benefit Investors, Foreign Buyers, Money Launderers and especially apartment deve-lopers …
With house prices in Sydney, Canberra, Hobart and some regional areas shooting up by more than 30% in 2021 … let that sink in …
A recent study by the McKell Institute found:
‘The average Australian worker would be earning $254 more a week if wages growth had continued at the rate achieved under the last Labor government, according to a new analysis.’
Since the Liberal Coalition Government gained power in 2013 wages have grown 2.5% compared to 4.6% in 2007 to 2013 with the Labor Government.
Average weekly earnings for men would be $310 higher if the average rate of wage growth from 2007 to 2013 had been sustained since 2014 to 2020!
And women would be earning $152.23 more a week! Why were our wages suppressed? This study blames a suite of Liberal Coalition policies including the public sector pay freezes, an increase in Visas for temporary migrant workers, inaction on wage theft, the GIG economy, and this government failed to press the Fair Work Commission for bigger minimum wage increases
First Home Buyers who did not have the ‘Bank of Mum and Dad’ were locked out in 2021.
HOW can they save more than 80% of their annual wages for a deposit?
Where are the ‘cheaper rents’? Say less than $420 per week? That is $1640 per month …
WHAT is left to get over the deposit hurdle and prices skyrocketing … ?
YET the ANZ predicts that house prices are to continue to rise by a little more than 6% in 2022 prior to falling some 4% in 2023 …
HOUSING IS UNAFFORDABLE IN 2021 …
AS the real estate go-between persists pushing up house prices … to the liking of vendors and the bankers …
IT is reported that more homes are coming to market, and a rise in fixed mortgage rates and a slight reduction in maximum borrowing may slow this down … ?
The RBA wages growth forecast of a mere 3% by end 2023 … half that of the additional 6% house price rise and …
IF house prices fall 4% as ANZ predicts by the end 2023 housing would be 27% more expensive than at the end of 2019!
WESTPAC’s senior economist predicts an 8% house price rise for 2022 with wage growth of 3% …
IT appears that the Morrison Government First Home Buyer schemes were created to boost the demand, and fill the coffers of apartment deve-lopers as these schemes cut out at $800,000 in Sydney. The Sydney median house price is now $1,499,126!
The hope for more listings in 2022 to outstrip demand from buyers appears to be dashed with the Perrottet Government ‘Plan’ to bring back International Students
“This is a significant milestone in our roadmap to recovery and I can’t wait to welcome back such an important part of our community,” Mr Perrottet said.
AND the Morrison Government post-COVID economic recovery plan includes the return of skilled migrants.
“We are going to have a business led recovery here in Australia.”
The solution would appear to be with the Constituency in 2022 … Meanwhile have a chat with others about the FACTS shared in this report!