What you need to know about why house prices aren't coming down

Comments

• Seagoon_@aussie.zone ⁨5⁩ ⁨days⁩ ago

  nimbies, real estate agents and land lords are running the show

  everyone else, like 95% of the population, embraces house affordability

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  • thatKamGuy@sh.itjust.works ⁨5⁩ ⁨days⁩ ago

    Let’s say that housing prices come down back in line with historic (pre-2000s) trends, as honestly - they damn well should; how do we not fuck over the millions of otherwise innocent owner-occupiers who suddenly find themselves severely underwater on their mortgages, due to no fault of their own?

    This is the needle we need to thread as a nation, and it’s a bloody hard one.

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    • Inaminate_Carbon_Rod@lemmy.world ⁨5⁩ ⁨days⁩ ago

      We take those Stage 3 tax cuts that the wealthy gobbled up (leave the ones for the lower earners) and use them to pay off the banks.

      Then write legislation to prevent this shit happening again.

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    • FreedomAdvocate@lemmy.net.au ⁨5⁩ ⁨days⁩ ago

      This is the needle we need to thread as a nation, and it’s a bloody hard one.

      It’s essentially impossible. We’ve been hearing “the housing bubble is going to burst” for what, 30 years now? It’s not going to burst because the government won’t let it, because if it did the entire country would be completely and utterly fucked because everything is tied up in property. There is no lowering of house prices by any significant amount in our future.

      What we need is to cut red tape and ridiculous fees on new developments/builds to encourage building (especially on secondary dwellings/granny flats - there should be ZERO council fees to build a granny flat on your own property) to increase supply, drastically reduce migration temporarily to reduce demand, ban foreign investors - even temporarily, and get rid of the fucking ridiculous 5% deposit mortgages they just introduced.

      That’s a few very easy things to do that would go a long way to getting things back under control. Prices won’t go down, but most of them will stop going up. Inner city/beachside/“exclusive” places etc are always going to go up in price because that’s where people want to be the most, and there is no more supply coming for those really.

      Another thing that the government need to be doing is building some new big cities, and investing in existing ones to try and make people ok with moving 3 hours from Brisbane for example, because the city there is no longer just a single petrol station, a coles, and a bottle-o.

      At the end of the day, if demand keeps outpacing supply at the ever increasing rate that it is now, there’s literally no fixing it.

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  • Nath@aussie.zone ⁨5⁩ ⁨days⁩ ago

    Yes 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.

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    • FreedomAdvocate@lemmy.net.au ⁨5⁩ ⁨days⁩ ago

      They’re outnumbered by the rest of us, but they are a large enough voting block to decide any election.

      If they’re outnumbered, how are they deciding the election?

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• Fleur_@aussie.zone ⁨5⁩ ⁨days⁩ ago

  I’m not old but do old people actually want expensive housing? All my friends (zoomers) just want houses to be cheaper. I literally could not care less if that would theoretically make me less wealthy. I just want to afford things

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  • brisk@aussie.zone ⁨4⁩ ⁨days⁩ ago

    Unfortunately, it matters less what people want than what these people want

    Of the 227 sitting MPs and senators, only 12 declared no property ownership.

    Several senators are on the list, although we cannot be sure this provides an exhaustive picture because the property holdings of senators’ spouses are not published.

    Some in this group declared a financial interest in trusts but were not required to disclose any property held in those trusts.

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    • Fleur_@aussie.zone ⁨4⁩ ⁨days⁩ ago

      True but I still want to know if older people actually want expensive housing.

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• FreedomAdvocate@lemmy.net.au ⁨5⁩ ⁨days⁩ ago

  Supply and demand. That’s it. That’s literally the main reason.

  While there is more demand than there is supply, prices go up. When we keep bringing in even 1000 immigrants a day, demand keeps going up while supply isn’t increasing, so - you guessed it - prices go up.

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  • guismo@aussie.zone ⁨4⁩ ⁨days⁩ ago

    Your opinion is very popular on reddit. You should check it out.

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    • FreedomAdvocate@lemmy.net.au ⁨4⁩ ⁨days⁩ ago

      Even reddit gets things right occasionally I guess.

      Do you think supply and demand isn’t what drives prices up, or do you not understand how supply and demand works?

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  • Fleur_@aussie.zone ⁨5⁩ ⁨days⁩ ago

    It’s always people with fuckass usernames like “TruePatriot” saying shit like this. Like okay bro we get it you’re trying really hard to be cool and taken seriously.

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    • FreedomAdvocate@lemmy.net.au ⁨4⁩ ⁨days⁩ ago

      Cool story.

      Do you disagree with the principles of supply and demand?

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