Is laundering dirty money to blame for pushing property prices through the roof?

Comments

• Taleya@aussie.zone ⁨10⁩ ⁨months⁩ ago

  It’s not the only reason. There is no one reason.

  Off the top of my head:

  • Pension changes driving some boomers to nest egg in property which dove up prices
  • Active destruction of public housing pushing more and more people into the public sector which drove up prices
  • Tax incentives encouraging property speculation which drove up prices
  • Allowance of foreign purchase which encouraged landbanking and laundering and pushed up prices
  • New builds failing to keep pace with increase in population limiting availability and pushing up prices
  • Volume builders land squatting and releasing less than required to maintain artificial scarcity and push up prices
  • Failure to decentralise employment hubs coupled with failure to increase density pushing more people into the same area, causing scarcity and diving up prices

  source

  • b000urns@lemmy.world ⁨10⁩ ⁨months⁩ ago

    Nailed it

    source
  • quicken@aussie.zone ⁨10⁩ ⁨months⁩ ago

    Is there a bestof lemmy community? Because this comment wins 🏆

    source
• Nonameuser678@aussie.zone ⁨10⁩ ⁨months⁩ ago

  I thought it was more a case of nobody (except those who don’t own a house) wanting prices to fall because so many people have their wealth invested in property. Even if it is a money laundering issue, no government will do anything that results in prices falling.

  source
• abhibeckert@beehaw.org ⁨10⁩ ⁨months⁩ ago

  I’m sure there are other things that contribute, but it seems pretty clear the 1990’s town planning changes (sweeping changes that arrived in every major city at around the same time) were/are the main culprit.

  Go try to buy a small modern home. You can’t, because nobody ever builds them.

  source