House prices

Blowin's picture
Blowin started the topic in Friday, 9 Dec 2016 at 10:27am

House prices - going to go up , down or sideways ?

Opinions and anecdotal stories if you could.

Cheers

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truebluebasher Saturday, 20 May 2023 at 12:10am

Notice as The Great Oz Dream turns to Shit > Auntie loses touch with reality shows!

Grand Grander Grandest Designs UK/OZ/NZ
Dream Gardens that are suitable for yer Mansion
Escape from The City > Upper Middle Daydreamer's Seachange Safaris
Today's Antiques Roadshow is coming to you from some Airy Fairy Castle
Restoration of some Oz Magnate's Mansion

ABC for KIDZ (B1/B2 Host Rage)

I Live in a Car

A Song from Under the Floorboards

Sound of the Suburbs

Down at the Tube Station at Midnight

PM's Rage!

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velocityjohnno Monday, 22 May 2023 at 10:10pm

Australian NINJA

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velocityjohnno Monday, 22 May 2023 at 10:15pm

To infinity and beyond!

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velocityjohnno Monday, 22 May 2023 at 10:25pm

Island Bay's picture
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Island Bay Wednesday, 24 May 2023 at 1:26pm

NZRB raises official cash rate to 5.5%.

Recent Govt Budget (last week) highly inflationary.

Immigration 100000 this year (5mil pop).

flollo's picture
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flollo Wednesday, 24 May 2023 at 5:27pm
Island Bay wrote:

NZRB raises official cash rate to 5.5%.

Recent Govt Budget (last week) highly inflationary.

Immigration 100000 this year (5mil pop).

Boosting the demand and countering with the rates. It's madness.

Nick Bone's picture
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Nick Bone Wednesday, 24 May 2023 at 5:52pm
velocityjohnno wrote:

https://twitter.com/belle_whale/status/1660248478403166208

Apparently homelessness is a big issue in Tassie at the moment but the biggest concern is pushing ahead with the $700,000,000 stadium, which cost will of course, blow right out to a bill plus.

flollo's picture
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flollo Wednesday, 24 May 2023 at 5:59pm
velocityjohnno wrote:

https://twitter.com/ChrisMinnsMP/status/1660411397551845378

To infinity and beyond!

Of course. But no one wants to address money laundering in the Australian property market. A lot has been said about fiscal policy but not enough about this other problem. Is there a politician who is committed to resolving this outright illegal activity? There are numerous reports raising this acute problem.

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velocityjohnno Wednesday, 24 May 2023 at 6:01pm
Nick Bone wrote:
velocityjohnno wrote:

https://twitter.com/belle_whale/status/1660248478403166208

Apparently homelessness is a big issue in Tassie at the moment but the biggest concern is pushing ahead with the $700,000,000 stadium, which cost will of course, blow right out to a bill plus.

They will have an AFL TEAM. They will have MADE IT.

velocityjohnno's picture
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velocityjohnno Wednesday, 24 May 2023 at 6:02pm
Island Bay wrote:

NZRB raises official cash rate to 5.5%.

Recent Govt Budget (last week) highly inflationary.

Immigration 100000 this year (5mil pop).

Yep it's Govco vs Central Bank

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velocityjohnno Wednesday, 24 May 2023 at 6:06pm

Flollo - can citizens petition a Royal Commission?

And yes it's total madness seeing the bank and gov so out of sync on both sides of the Tasman.

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velocityjohnno Wednesday, 24 May 2023 at 6:53pm

Throw this one in for some regulation as well:

https://www.macrobusiness.com.au/2023/05/universities-boycott-bogus-indi...

Not housing, but shocking how much it's being gamed.

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velocityjohnno Wednesday, 24 May 2023 at 7:01pm
flollo's picture
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flollo Wednesday, 24 May 2023 at 7:10pm
velocityjohnno wrote:

Throw this one in for some regulation as well:

https://www.macrobusiness.com.au/2023/05/universities-boycott-bogus-indi...

Not housing, but shocking how much it's being gamed.

I don’t know enough to give it proper judgment but it definitely feels dodgy. It looks like a massive loophole to be honest. Permanent migration on the other hand is extremely difficult, especially when applying from overseas. People are gaming the system; come here as a student > get a bridging visa > get a temporary residence visa > get a PR. Government probably doesn’t care as it cashes in at each of the steps.

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sypkan Wednesday, 24 May 2023 at 7:47pm
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sypkan Wednesday, 24 May 2023 at 7:50pm

the distant whur whur whur whur of the washing machine continues...

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sypkan Wednesday, 24 May 2023 at 7:55pm

has labor actually done anything at all to address house prices?

all I've seen is them wildly splashing fuel around at all angles

velocityjohnno's picture
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velocityjohnno Thursday, 25 May 2023 at 8:51am
sypkan wrote:

up and up and up she goes...

again...

https://www.news.com.au/finance/real-estate/european-homebuyers-outperfo...

Think of the Eurovision talent we will be importing, we could even win it and Australia arrive on the world stage. It'll be like Australia II or the Mean Machine or the Oarsome Foursome all over again.

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GuySmiley Sunday, 28 May 2023 at 10:43am

Tide turning?

An increase in property taxes for 2nd homes in last week’s state budget and now this and not before time …..

https://www.theage.com.au/politics/victoria/short-shrift-for-short-stays...

Supafreak's picture
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Supafreak Sunday, 28 May 2023 at 12:01pm
GuySmiley wrote:

Tide turning?

An increase in property taxes for 2nd homes in last week’s state budget and now this and not before time …..

https://www.theage.com.au/politics/victoria/short-shrift-for-short-stays...

Something needs to be done , might upset dick vocal but he’ll survive.

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flollo Sunday, 28 May 2023 at 12:03pm

I’m not convinced. The aim here is clearly to recoup more revenue so they can deal with the mounting debt issues. Andrews is saying that supply is an issue but then he imposes extra charges on that supply. This sounds like a debt/budget repair issue rather than a genuine housing measure.

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AndyM Sunday, 28 May 2023 at 1:05pm

It explicitly says that in the article doesn’t it?

indo-dreaming's picture
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indo-dreaming Sunday, 28 May 2023 at 3:01pm

Dan is just looking for any way possible to pay back the debit he has run up

$116.7 billion this year to $162.2 billion by 2025-26 more than QLD, NSW & TAS combined.

"Victoria’s humiliating ranking as analysts compare it with similar states’ debts
Alarming data has revealed how Victoria is embarrassingly dominating several other states and provinces globally by having the most debt."
https://www.news.com.au/finance/economy/australian-economy/victorias-hum...

I read 20 million in interest repayment's a day.

The mind absolutely boggles on how he got voted back in, worlds longest lockdowns, crazy spiralling debt, corruption after corruption.

At least Jacinda Ardern knew she had screwed up and stepped down.

Dan should be in jail for how he has treated Victorians during Covid.

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GuySmiley Sunday, 28 May 2023 at 3:26pm

Gotta love the voice of the perennially butt-hurt where waste, corruption and a trillion dollars of debt was racked up by Morrison is lilly white good yet it’s Dan that should be in jail. Best get used to Labor governments info he’ll be premier for many more terms yet

truebluebasher's picture
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truebluebasher Sunday, 28 May 2023 at 10:46pm

1974 Schoolboy Premiers Burleigh Bomberz FF tbb played AFL not Victorian Rules ?
Lesson : How Goldie's Carrara Cubs hit the Big League!

Solo One to VKC Matlock...[Over!] Got you loud'n'clear Garry!
"Just goin' on a Goldie surf safari & expand the VFL > AFL...(Over!)"
https://www.facebook.com/oversixtys/photos/solo-one-to-vkc-matlock-are-y...

Dec 1986
El Presidente Solo One (Paul Cronin) hits up Skase for $1m
Carrara Cubs Stadium Lease + 6,000 seats + 1 fancy digital Score Board + New Dunnies
19 April 1987 Carrara Cubs (vs) Fitzroy (crowd 22,684)

1989 Skase scammed $6m for Floodlights to expand VFL > AFL nite Games...
First Qld VFL Night Game : Carrara Cubs (vs) Geelong (Crowd 18,198)
Wot!
(Skase never paid for the Lights...Fark!) See ya mate...thanks for all the Fish.
Quintex Liquidators tried to extract the VFL lights or money from Council...

That began the Carrara Cub's Curse!

Locals see it this way... NRL GC Chargers liked wot they saw & were chompin' at the bit.
Council refused VFL [P] Transit so Bottle'O backer was bleedin' $10m & lost the deal (Bummer!)
1993 VFL / AFL Brisbane Bears > 1996 AFL Brisbane Lions
1996 Gold Coast Chargers get their Stadium.
2005-07 Titans (vs) AFL Goldie/Kangaroos

New Era ...AFL Gold Coast Suns
Here's the Big Ticket Breakdown on (25-35,000 cap) GC Stadium
(Important) Note how all cards fell into place to share & promote a new AFL GC team.
.............................................................................................................................................................................................................
VFL GC 1989 (Pop 234k) ($7m) NP State Govt 0% + Alp Oz Govt = 0%
100% Whiteshoe Brigade.

AFL GC 2011 (Pop 507k) ($144.2m) Alp State Govt 49.86% + Alp Oz Govt = 24.97%
GC Premier Bligh $71.9m + Qld PM Rudd $36m + GC Vic Mayor Clarke $23m + AFL $13.3m

AFL Tas 2023 (Pop 253k) ($715m) Lib State Govt 52.45% + Alp Oz Govt = 33.6%
Tas Premier $375m + PM Albo $240m + Hobart Mayor $0 + AFL $15m + $85m Backers
.............................................................................................................................................................................................................
2011 Gold Coast Suns Stadium $140m
2018 Stadium Com Games Closing Ceremony
The Carrara Cubs Curse > "Lights go out! "...Skase forgot to pay the Bill!
https://www.bigfooty.com/forum/threads/heritage-bank-stadium-and-precinc...

Anyhow Gromz can now see...Wot! Wot can they see tbb?
The lesson is ... it cost zero Govt dollars to bankroll VFL to annex Qld to expand AFL.
Don't need a PM or $Gazillion for AFL Stadium > just a TV Star headin' up his own Whiteshoe Brigade!
tbb has visited both Hobart / Launceston Stadiums & both are heaps better than Solo One's Stadium!

But Big But! Each State has 12 senators...so do the maths!
Tas = 2.07% of Oz Pop & 0.9% total area but holds 15.79% of Legislative Power.
That's plenty of Horse trading for a Labor Minority Legislative Chamber
Small Tas call Election live on WA TV before WA workers can even queue to vote for who Tassie says!
Again...That's a lot of Pre Poll Power!
Tas is most Powerful State in Oz & their Fav sport is Pork Barrel Rolling
Your Vote is worth shit...Tas vote is way more precious...sorry to share that, but we're all adults here!

truebluebasher's picture
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truebluebasher Tuesday, 30 May 2023 at 11:40am

HomeBuilder Stimulus
4 June > 31 Dec 2020 = $25,000
1 Jan > 31 March 2021 = $15,000
137,000 Start Up Boom doubled supply demand in Covid Locked Down Floods.
Building Labour Costs rose 9% / year
Building Costs rose 14% average to Double & spike CPI causing Interest Rate Hikes > Housing Bust
Scomo then ordered ATO not to touch up the Dodgy Bros that owed $60b insolvency debt.
Floods hit & the Dodgy Bros headed for the Hills with Scomo's Stimulus...(Record Builders goin' Bust!)
(Part 1)
https://www.abc.net.au/news/2022-01-07/homebuilder-grant-housing-constru...

(Part 2)

Fast-tracked now exhausted 5 year Housing Demand. (All Gone!)
House buyers ripped off $200,000 left homeless.
Scomo : "Sure I get it! Dream Homes can become yer worst Nightmare & there's no shame in that!"
"One mustn't feel guilty for choosing the dodgiest builder from our Master Builder's Rogues Gallery!"

Nightmarish start to Albo's Tentchange Pilgrimage...$300/wk annoyingly close to utilities!
https://www.abc.net.au/news/2023-04-04/international-students-resort-to-...

Bankroll the B2R Tait Gallery to re-imagine a fair go for the New Mob Oz Dreamtime...'I can't breathe!'
https://www.canvasliving.com.au/

velocityjohnno's picture
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velocityjohnno Wednesday, 31 May 2023 at 2:25pm

Inflation has come in and beat expectations again, RBA next week. Phil has mentioned housing as inflationary input in hearing today I think.

Linked below is just for the 2nd chart - consumer confidence has gone lower than the 2020 covid lockdown low! So consumers have less confidence compared to when no one was walking the streets. Amazing to consider. Next stop, 1993!

https://www.macrobusiness.com.au/2023/05/when-will-albo-be-blamed-for-th...

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velocityjohnno Wednesday, 31 May 2023 at 2:36pm

And we're in a real pickle: Australia's wealthy boomers can continue to keep up with spending increases higher than inflation as they have an enormous war-chest of funds and 'equity mate', while their savings benefit from higher rates. They benefited from the covid stimulus to a higher extent than younger people as well. Their sheer buying power puts upward pressure on inflation, which melvins debtors. (Thank you Bill and Ted for that reference).

Younger people have battened down the spending hatches, but the wedgie will still be applied by this massive force. What can stop the boomers spending pressuring inflation higher? (Or gas prices being around double that gas 'cap' that was supposed to happen, but another subject, another day...)

https://avidcom.substack.com/p/australias-boomer-powered-consumer?sd=pf

It's the reverse of the pandemic where the older were affected and the young incentivised to do what they wished; now it's economic and the older partying on as the young get crushed. I've mused here if anything economic will be done about the situation; distraction reigns supreme. Here's Billy Nomates, with a song I like to think is a response to 13.3:1 House:Income ratios:

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freeride76 Wednesday, 31 May 2023 at 3:01pm

So true VJ.

goofyfoot's picture
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goofyfoot Wednesday, 31 May 2023 at 3:10pm

Vj that ratio you mentioned above 13.3:1, does that mean the average house in Oz is worth 13.3 times the average annual income?

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gsco Wednesday, 31 May 2023 at 4:07pm

Yes close to GF. Aus median income bout $65k/yr and median house price is bout $710k, so bout 11 times median income.

(Using median values is arguably more accurate due to the skewness in the distributions.)

The links below give some more breakdowns by say state, houses vs units, job type, gender etc.


source


source

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velocityjohnno Wednesday, 31 May 2023 at 4:33pm

goofy that was the number I recently read for Sydney; the rest is anywhere between 6:1 and that 13. Historically, House to earnings is about 1.5-3:1 so ponder that for a moment.

Wilhelm will do have a gander. I can't get their Tarantula song out of my head either, which is a good thing. Baseline/guitar sample reminds me of Hunters' Human Frailty album.

Another vignette of property insanity, this time from the wonderful north Devon coast: here it seems Natural England a quasi government environment body, has torpedoed the entire construction industry. It is so hard to get approval to build a house, this article claims it's cost 500,000 jobs and reduced the nationwide build from 240,000pa to 110,000pa. I checked the pricing and compared to my last look in 2016 where it was affordable country surf soul, it has gone into the stratosphere, even more mad around Croyde than here in Oz. No wonder Billy is angry.

https://www.northdevongazette.co.uk/housing-could-a-defining-issue-of-th...

"In some areas, such as Somerset, all new housing development has been blocked for nearly three years. In desperation, house builders are now being forced to spend tens of thousands of pounds even to build a single home. Inevitably, this is making development unviable or unaffordable for the new houses.

This is also suppressing supply and forcing up the values of existing properties. It is currently estimated that the UK economy has suffered a loss of activity of around £30 billion. Also, that around 500,000 fewer jobs are being supported in the construction industry."

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velocityjohnno Wednesday, 31 May 2023 at 5:15pm

So having a gander he's got the full bingo card of villains: colonialism, patriarchy, capitalism, racism. Bingo! I did like this bit tho,

"Every civilisation has its blind spots — the unsayable or inconceivable, the invisible framework which marks the limits of permissible thought. In Britain today, this is the property system. This situation, too, hasn’t changed since Victorian times. In the 1840s, a famine broke out at the heart of the British Empire, the greatest social catastrophe of 19th-century Europe. One million Irish people died, while millions of others emigrated. One reason they did so was because the British government wouldn’t permit any tampering with the laws of the capitalist economy."

Actually did part of my degree on this topic and how the relief was administered so divisively in Ireland. Labourers would eat up to 14 potatoes a day, it was a disaster when the blight destroyed the crop.

Here's the best ever link on how the system of property itself came to be:

https://web.archive.org/web/20020925223144/http://homepage.ntlworld.com/...

The commons became titled land, and sheep farms. Hundreds of thousands destitute, arrested for going onto their own commons or village; wandering the country, wanting their land back. Their land was stolen. No compensation apart from imprisonment or a trip on a boat and the hope of a ticket of leave. Shepherded into the cities: labour for the Industrial Revolution. The same titled land system came to Australia, we hear lots about this.

He doesn't propose any solutions. How about full restoration of the commons for the young of the UK - let them put up their own villages and towns, land cost zero. Refill the swamps (literally!) How'd you like that for radical?

The trouble is, everything has been titled, and those very titles are the lubrication that makes the modern world flow. Your super is invested in titles to companies and you get part of their earnings via your ownership of these titles. Or perhaps you refuse, but if you rent out a property, you are using it's title. Business owners can mortgage the title to their business to expand. Native title is recognised under law. A Chinese exporter may borrow against the title he has to a pile of copper, which is standardised and titled. A corporate personhood exists in this system; a man not necessarily so.

blackers's picture
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blackers Wednesday, 31 May 2023 at 5:58pm

Commons in the UK were not for community to build dwellings, they were for grazing, gathering firewood etc. A relic of feudal times.

donweather's picture
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donweather Wednesday, 31 May 2023 at 6:17pm
velocityjohnno wrote:

Linked below is just for the 2nd chart - consumer confidence has gone lower than the 2020 covid lockdown low! So consumers have less confidence compared to when no one was walking the streets. Amazing to consider. Next stop, 1993!

https://www.macrobusiness.com.au/2023/05/when-will-albo-be-blamed-for-th...

If it truly is that low, spending (or lack of) is going to cop a flogging over the coming months....which can really only ultimately point to one outcome....the BIG R!!!!

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goofyfoot Wednesday, 31 May 2023 at 6:21pm

Thanks gsco and vj. I’d never heard of that before. Interesting

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velocityjohnno Wednesday, 31 May 2023 at 6:30pm
velocityjohnno's picture
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velocityjohnno Wednesday, 31 May 2023 at 6:34pm
donweather wrote:

If it truly is that low, spending (or lack of) is going to cop a flogging over the coming months....which can really only ultimately point to one outcome....the BIG R!!!!

Also note as pointed out above there's a divergence between those who can and are spending, and those who have tightened belts. Eg BIL is a lot older than us, retired worker, just got the biggie 200K RAM truck all decked out, stupendous money to tow a van on the lap

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flollo Wednesday, 31 May 2023 at 6:35pm

No big R. They will throw everything at it again, even if it means more inflation.

freeride76's picture
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freeride76 Wednesday, 31 May 2023 at 7:39pm

Unemployment low, no destruction in wealth effect (Boomers still spending wildly), rents high, huge demand for housing from high pop growth, massive favourable terms of trade etc etc.

Doesn't sound like a Recession to me.

They'll keep pumping the brakes, with the foot on the accelerator for as long as they have to.

flollo's picture
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flollo Wednesday, 31 May 2023 at 8:18pm

Don’t forget that ~35% of our economy is government spending and is forecasted to go even bigger. I think I worked it out to around $2 trillion over a 3 year period. I shared some of these numbers/sources a few pages back I believe. So, if there was a recession in the next 3 years do you think they won’t go to $2.2 for example? Some of these people can’t wait for it as it gives them a chance to push their agenda. Look at Biden. I saw a 2016 campaign video of Trump complaining about the US $20T debt. Fast forward to 2023 and they are arguing about defaulting on the $31T debt ceiling. So $10T+ in 7 years!? These consumer confidence surveys are kinda weak if government is the no 1 customer in the market.

Honestly, there is no shortage of money to fix some structural issues but there is a shortage of will and desire to do so. Billions are being spent but clearly not in the right places to address issues discussed in this thread.

On the individual level, the only way one will buy a good house in the future is to increase the income side of the equation. Not the easiest thing to do but waiting for government is probably even worse. House prices (give or take) will either stay flattish or grow. I don’t believe anything will change that.

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bonza Wednesday, 31 May 2023 at 8:37pm

"Billions are being spent but clearly not in the right places to address issues discussed in this thread"

sounds like a job for the department of consultants.

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kaiser Wednesday, 31 May 2023 at 10:35pm

Don’t forget peeps - the gen (slightly) prior to the boomers were the ones who felt the GFC the most. When they were due to retire, their super absolutely tanked and their props stagnated or declined. They stopped spending and became stupendously defensive.
Difficult to think we won’t have another cycle of systemic shocks - ever. And if boomers are the engine room with their new-found equity and div yield or share price-growth then it would be folly to hang our hopes on them.
Ask a 2008 retiree how long it was before they were comfy again. I’m tipping it was 2020 or later. If they weren’t so populous they would have been consigned to the scrap heap long ago

donweather's picture
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donweather Thursday, 1 Jun 2023 at 9:20am
freeride76 wrote:

Unemployment low, no destruction in wealth effect (Boomers still spending wildly), rents high, huge demand for housing from high pop growth, massive favourable terms of trade etc etc.

Doesn't sound like a Recession to me.

They'll keep pumping the brakes, with the foot on the accelerator for as long as they have to.

It's really just a question of when now Steve.

https://thenewdaily.com.au/finance/2023/06/01/recession-rba-alan-kohler/...

"Dr Lowe told the senators that mortgage repayments are now the highest as a proportion of income that they have ever been, and that 15 per cent of variable rate borrowers will be in “negative cash flow” by the end of the year." Negative cash flow!!! Meaning more money going out than coming in. That can only mean....sell the fcking farm folks.

These numbers can and only will get higher as interest rates continue to rise.

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freeride76 Thursday, 1 Jun 2023 at 9:30am

We'll see Don.

Huge demand for housing led by record immigration.

You'll have to explain to me how an asset class with huge demand behind it and not enough supply could crash.

Unless we have a total liquidity crisis and the banks stop lending I can't see it happening.

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freeride76 Thursday, 1 Jun 2023 at 9:43am

There was a story on ABC radio yesterday detailing the exodus out of Sydney to the regions, which continues unabated in the post-covid era.

Dovetailing in with VJ's piece above this is one of the most incredible wealth engines this country has ever seen.

Boomers and others who bought property for peanuts, have completely paid it off and are sitting on equity piles in excess of a million dollars.

The sell up and buy outright in the regions- interest rates don't matter. They still have piles of disposable income to spend.

All that matters is demand for their houses stays high and we know that with record immigration into the cities demand is sky high.

This wealth engine is ironically one of the greatest sources of inflation (as noted by Dr Lowe in the most recent notes) because the cost of housing is sky high and is likely to remain so.

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campbell Thursday, 1 Jun 2023 at 9:54am

Rich, cashed up skilled migrants buying heaps of the nice established properties around the Margaret River area, no sign of that stopping. Cant blame them , living the dream but driving prices up cuts the grass of locals and the future generations of Australians that will never be able to afford a home.
Strange policy to keep the immigration tap pouring full bore while there is already nowhere near enough housing, hospital beds, places in schools, Doctors (oh yeah we steal them from the 3rd world) , roads/traffic in cities.... traffic in the lineup ,full of temp visa crowd of baristas, fruit pickers and somehow now FIFO workers who become permanent through the biggest loopholed immigration policy of any country in the world .
The best policy the gov can come up with is raise prices and bury their head further in the sand ..... 400,000 new residents a year ....What could go wrong?

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Sheepdog Thursday, 1 Jun 2023 at 10:26am
donweather wrote:
freeride76 wrote:

Unemployment low, no destruction in wealth effect (Boomers still spending wildly), rents high, huge demand for housing from high pop growth, massive favourable terms of trade etc etc.

Doesn't sound like a Recession to me.

They'll keep pumping the brakes, with the foot on the accelerator for as long as they have to.

It's really just a question of when now Steve.

https://thenewdaily.com.au/finance/2023/06/01/recession-rba-alan-kohler/...

"Dr Lowe told the senators that mortgage repayments are now the highest as a proportion of income that they have ever been, and that 15 per cent of variable rate borrowers will be in “negative cash flow” by the end of the year." Negative cash flow!!! Meaning more money going out than coming in. That can only mean....sell the fcking farm folks.

These numbers can and only will get higher as interest rates continue to rise.

People (myself included) have been saying that the property bubble is going to burst for the past 15 years.
It's now gotten to a stage that IF it did burst, and I dont mean a small drop but a proper reset, it would be a bloodbath.
This is what nearly 30 years of neo conservative fed gov, started by Howard, will give you.

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Sheepdog Thursday, 1 Jun 2023 at 10:28am
campbell wrote:

Rich, cashed up skilled migrants buying heaps of the nice established properties around the Margaret River area, no sign of that stopping. Cant blame them , living the dream but driving prices up cuts the grass of locals and the future generations of Australians that will never be able to afford a home.
Strange policy to keep the immigration tap pouring full bore while there is already nowhere near enough housing, hospital beds, places in schools, Doctors (oh yeah we steal them from the 3rd world) , roads/traffic in cities.... traffic in the lineup ,full of temp visa crowd of baristas, fruit pickers and somehow now FIFO workers who become permanent through the biggest loopholed immigration policy of any country in the world .
The best policy the gov can come up with is raise prices and bury their head further in the sand ..... 400,000 new residents a year ....What could go wrong?

"Damn migrants".
THAY TOOOK OWR JERBBS