Comment on What you need to know about why house prices aren't coming down
Nath@aussie.zone 5 days agoYes and no. There are a lot of owner-occupiers in Australia now who on paper are Millionaires, and they like being Millionaires. They are not going to like it if/when that status is stripped from them.
If houses nationally suddenly dropped in value by 50%, even if people’s mortgages were halved at the same time, I expect the change would still be met with hostility. It’s the unspoken truth of housing affordability: far too many Australians are happy with the present housing prices. They’re outnumbered by the rest of us, but they are a large enough voting block to decide any election.
FreedomAdvocate@lemmy.net.au 5 days ago
If they’re outnumbered, how are they deciding the election?
Nath@aussie.zone 5 days ago
Because the rest of us don’t have houses and aren’t set to lose half our net worth by such policy changes. So, we have a variety of election policies that we prioritise.
When Labor propose making changes to the status quo, even with mild changes, they have historically lost the election.
It might be different next time, but it’d be a huge political risk to propose changes again after previous rejections.
FreedomAdvocate@lemmy.net.au 4 days ago
Unless you’re going to sell your house, it halving in value is irrelevant. In fact your primary place of residence halving in value would be an amazing thing for most people, as then they would be eligible for many handouts and subsidies that they currently wouldn’t be thanks to means testing. People wouldn’t have to sell their house to be able to afford in-home care (which is ironic).
Seagoon_@aussie.zone 4 days ago
Rates would also go down.
guismo@aussie.zone 5 days ago
Because they own the media. Or they are the ones the media wants to please.
Seeing TV on the gym always make me wonder who the hell makes that content and who the hell is meant to consume it.
Are all the viewers real estate agents, house owners paying for renovation or people on yatch trips? I don’t see a single normal person on those shows.