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Pretty cactus over here mate, councils put rates up on building owners that have no businesses operating in there shopfronts 🧐😮 communist tactics some say
@@2and20as an Indonesian. where Indonesians do not immigrate to other countries. 90% of workers who leave the country return to Indonesia after their contracts expire. British people were immigrants to Australia and Canada. seize native land. So stop whining about the immigrant crisis. and accept all immigrants, you are an immigrant
my favourite part was where you said we need educated aussie's... we have the #1 most corrupt media on the planet, we're the most propagandised populace in the world. only the newer generations who don't get their news from mainstream sources are aware of this. hence why they're trying to censor what we have access to online so badly!
If you haven't grown up in Australia it's very hard to understand the country's obsession with investing in property. It's like a national sport over here.
Sound fun but its not.Single women need to put up with empty men who thinking that's their investment portfolio will spread her legs...and in most cases does as Au women understand Au men.
@@2and20 You forgot corruption. Most of the high level politicians in Australia move into resource industry board positions within weeks or months of retiring from politics. It's insane.
The scary thing is that when you finally buy your dream house which cost you a fortune, you finally realise that it’s poorly built and sinks and there’s nothing you can do because in the meantime the builder has gone bust
@@gavinlew8273 crazy high demand for materials, not able to get the materials in time therefore can't be paid, therefore go bust. And the cost of these materials is skyrocketing like everything else.
@@elpedro6962, your numbers seem correct. However, it is essential to recognise that stakeholder groups and lobbyists do not need to be in government to pressure legislation in their favour. Follow the money... Institutionally, Westernised politics has been intrinsically favourable to those already wealthy.
I'm Australian, and last year I had to leave my rental apartment in Melbourne. Rent prices soared from around $420 per week in 2020 to $650-$700 per week for a similar two-bedroom apartment by 2023. As a teacher, I was forced to move when the owner sold the property, facing skyrocketing rents with no available options. The situation became so dire that I had to return to my hometown of Perth (after living in Melbourne for 20 years), relying on my cousin's kindness for shelter. I'm still here, where rentals start at $550 per week, and any decent apartment costs between $650 and $800 per week. I had to give away thousands of dollars' worth of furniture in Melbourne and leave my friends behind, completely uprooting my life. This greedy, appalling housing crisis has turned my world upside down, and now I have to start over as a mature aged man.
Same thing happened to me in Sydney, I’m 34, earned 115k and couldn’t live a reasonable lifestyle renting a 1 bedroom about 12kms from cbd. Then after Covid the rent increased by another $170 per week lol
@@muntjunk-plk3171 I know man, it's an atrocious state of affairs. People will start fleeing Australia, already are. Also, be thankful you are only 34... I am much older.
I'm learning accountancy , if you are citizen of Australia so kindly tell me should i migrant to Australia for my further career in accountancy... What do you say sister ? Please let me know
oh please I grew up in Sydney Australia and its so obvious how commercial Ppty has become as an Investment business where Real Estate agents have played a big part along with the banks in manipulating purchase prices, rentals and not to mention banks increasing interest rates. The facts are that there are loads of vacant rentals in Sydney especially in Parramatta area. Rents have gone up due to the realestate agents being greedy along with the banks hence the vacancy of rentals. It has nothing to do with immigration. Population of people was a given considering most of us travel and reside in other countries. Unfortunately, the demand to purchase will be competitive which allows agents to increase purchase prices. I never understand auctions if you pay past the valuations provided. You would have to be a cash buyer to pay the difference. There should not be any homeless and some of these places that are vacant and very old should be rented out for lesser rent to accomodate those who dont have jobs with the income to pay the higher rates
The issue is people have the "I want to do it myself mentality" but not equipped enough for a crash, hence get burnt. Ideally, advisors are reps for investing jobs, and at first-hand encounter, my portfolio has yielded over $7000 since last month
One of the main issues is that politicians still consider high house prices as a sign of a 'great market' despite the fact that it means people can't own their own home.
It is. It's not the governments' job to give one lonely shit about any individuals' life goals. It's their job to manage the state to the highest gross economic activity. That's why we can complain about these things whilst still enjoying the greatest overall quality of life of any population in the entire history of human kind. When was the last time war came to our shores? Death from preventable disease? Mass starvation? High gun crime? High unemployment? Pandemic homelessness? Religious autocracy? Mass casualties after every natural disaster? Child labour? It's an incredibly easy place to live.
As someone living in Sydney. These are the things i realise. 1. House prices and cost of living is insane and salary will never catch up 2. Taxation system here are meant to never make you rich
I'm an Australian in Sydney. When i was 15 in highschool i drew myself a little financial map during a free period and quoted myself a minimum figure i needed to make to move out. I started working service at 16, followed the masses and got a uni degree. Im 26 now, i make much more than my little finanical map figure and serveral times more than my migrant parents at the time they purchased their home. I live frugally and do not vacation. I am still at home with my mother, i would not qualify for a home loan and will not for a very long time. It's been a decade now and none of my friends own homes or are married, many of them have given up on having children in the future. On top of that we are sadled with thousands of dollars of HECS debt that we can barely put a dent in while they are raising the interest. Our landlord raises the rent each year but will not fix a leaky roof. I am exhausted and burnt out after a decade and now contemplating joining my friends on giving up on a family so that i may still try to see the world while i'm still young. I thought i was getting a head start but im watching more fortunate kids beat me while their parents own multiple properties for them to live in. In every aspect i try to save in, monopolised inflation catches up. Now they are trying to collectively push young people off medicare. As awful as it is to say, i feel like my life might only start if one terrible day my father passes and i recieve a share of his property....but even then it would probably be too late for my age. Now which boomer wants to tell me i'm a lazy POS and need to skip the coffees and avo toast?
If you're making good money and live at home, there's no reason why you can't save up for a few years, get a bank loan and buy a one bedroom unit. You can still get one in Caringbah for $600k ish which is still ridiculous, but if you live at home and save big time, it's definitely possible. I'm earning 85k here in Sydney, 22 just finished my Comp Sci Degree. I plan to live at home a few more years and I figure I can get 200k saved. That's enough for a deposit for a 1 bedroom unit in a crummy area with a loan. I do agree that it's an absolute joke housing in Australia.
My father build a home on QLD's Sunshine Coast in 1996, it was a house and land package and he paid around $127K all up. He sold it in 2018 for $550K and in Feb 2024 it sold for $1.1M. My mother bought a 30+ year old home in Brisbane in 1992 for $110K, it sold for $445K in 2015 and today its estimated sale value is between $890K- $920K. These weren't large homes or in prime locations, just standard suburban homes in backstreets. Its no surprise many younger people have given up on the idea of home ownership.
It's not just Australia; real estate has boomed worldwide, with every country experiencing significant price hikes compared to 20-25 years ago. For instance, my family bought a home in Karachi, Pakistan, in 2002 for about 2.4 million PKR. Now, in 2024, its value has soared to approximately 37.5 million PKR. This illustrates how dramatically prices have increased over the past two decades.
just normal small shoe box... our parents are forklift drivers we are doctors and we can NO WAY live as good as them.. why work hard get education when there is no way to get a good life ? i miss the doll
I’m a software engineer I earn 140k. I used to want a house and family in Australia. Now I’m planning how I can find a new country to live in. This place is an economic black hole. Politicians will never solve it.
Same. I'm lucky that I bought out in the Suburbs before Covid, but now I couldn't even afford my own house and I'm in the top % of earners for this suburb
Whinging about nothing. I met an aboriginal nurse on a flight to Darwin who had bought her own house in the suburbs for 40K, did it all up her self and paid it off.
I had an old fella tell me he bought his first house at my age, (I am 21). Said I just needed to work harder. I am a bartender 40 hours a week, I also study at university. And I barely, barely make enough to rent. It's so ridiculous how hard the world, especially Australia has become to live in.
I’m Gen x. I support you. Australia s political class are extremely corrupt. That old guy is full of bullshit. I am extremely concerned for the young people of our country. I have a 22 year old son. I’m voting One Nation. They actually care about this issue.
It was no different 40 year ago, You HAD to have 2 incomes if you wanted to buy a home and you expected to be BROKE for the first 5-10 years while paying a mortgage at 13.5% interest rates (or up to 17%)
yea i cant afford fortnite vbucks in australia and my parents are getting fined 2 grand from speeding 2 grand to pay off house and 1 grand to bills and 1k to our car loan
I'm a Japanese. Our family visited Gold Coast in 2000. During the travel, we stayed at my sister's, who lived there as an international student. Her house had 3 bedrooms and she said the rental cost was only 730AUD/month. I thought, 'How affordable the housing cost is in Australia compared to in Japan, probably it's because of its vast land' That trip was so amazing and has stayed one of the most precious memories in my life. Today, Japan is well known as a country which has one of the most affordable housing cost in OECD. I couldn't imagine this at that time.
Yeah Japanese houses are affordable because they build poorly 😅 weak constructions, walls of papers and windows without views. If you want to live in nice property as many people outside japan live in you need to pay more.
as a 19 year old uni student in Melbourne, it's exhausting and almost impossible to be approved for rentals. it's ridiculous. everyone deserves a place to live.
@@carbonharmonics Let's see how that goes when skilled young Australians use their talent overseas rather than their home country, then we complain about how we have to increase immigration to compensate for a pathetically low birth rate due to these housing prices.
@@dimitri9496💯 then our economy will actually tank. We have nothing to show for this countries besides overpriced houses. Houses don’t build our gdp.. skilled people do.
@@Jefferey04 where are we supposed to get more higher ed professionals in industries? You know the ones that actually move the Australian gdp forward and drag us out of the stone ages? Doctors, scientists, researchers, technologists? If students can only afford to work in trades that will have far reaching consequences for everyone, your children especially.
I lived there for years. Everything in this video is true... but none of you are willing to band together and stop it. Too busy buying worthless crap, over-priced cars, clothing and food... and addicted to social media and mobile media. Once everyone is dulled down and accepts this as normal, your goose is cooked. I give it 10 years at the most. Good luck to your once fantastic nation; You're not feeling so lucky anymore- it was an inside job.
Its always like that here. Only once a scandal becomes mainstream and an unavoidable can of worms to pop out in the open, then its in the news to inform, late.
Non Australian's commenting their thoughts on Australian issues isn't new, it's just in the past, Australians response would be a defensive "fck off (we're full)". Now you guys actually listening though lol toolate.
I'm an Australian citizen that has lived in Scotland for the last 30 years. I recently moved to Melbourne and the housing crisis is way worse than I thought. The UK thinks it has it bad! Not even remotely comparable. Like the video said, for people under the age of 30, it is unlikely they will ever own a home in the major cities if something doesn't change.
New Zealand too. The last regime, which although full of woke wankers and too gutless for a capital gains tax, did stop interest deductibility and tried to build lower cost government housing, with little success. Interest is now deductible again but at least tax cuts are on the table and they're shrinking the public sector.
Born and bred Aussie here, come from Victoria, lived in WA and have lived in Tasmania for 25 years. After my husband died suddenly 4.5 years ago I had to sell the home we were buying in Hobart because I couldn’t afford the mortgage and moved to a rural town with a population of around 300. Very rural. I was able to buy a house outright from the sale of my other home. I know I’m one of the very lucky ones but in saying that I have to travel 1.5 hrs to doctors, hospital and any shopping. I’m on a pension but still am out of pocket quite a lot to see my doctor, no bulk billing and the cost of fuel is insane. The general cost of living in Tasmania is higher than mainland Australia and we don’t have the competition here so food etc is monopoliesed by a few. We don’t have mains gas on most of the island so its electricity and the price of that has increased so much. Housing prices here in Tasmania have gone through the roof and our homeless population is growing rapidly. This video is correct, our once vibrant wonderful country is being run into the ground by greedy corrupt politicians that neither care for our country nor its people. They are all in the pockets of big corporations and overseas investors. I’m saddened that my grandfathers and father fought for this country to have it destroyed by these evil people ☹️
I got off the mains gas here in Sydney. For the price of a second-hand car you can make your electricity bills zero, and for the price of a cheap new car you can make them negative forever (basically in reverse, $200 a month income). Automatic buying and selling with Amber wholesale power, check it out.
From WA and bought in Hobart in 2017 as I watched the last affordable houses in a capital city start to evaporate. I knew it was only going to get worse. Pay here is lower and I have no friends but my main responsibility is keeping a roof over my family so I don't regret the move. I do occasionally have to watch a video like this to reassure myself I made right move. I got there in record time today.
@@castorchua Yeah the only tactic that works (worked?) is to get a mortgage ASAP for something tiny. Then leverage 2 or 3 or 4 times selling up the ladder. Unlike when Boomers were young, you can't buy a family home for your first mortgage - and especially not single-income. Naturally, the Boomers push back that "family home" means something gloriously huge now, and for the most of the 1990s-2000s-2010s. Yes, houses were more modest once. But the combination of commute time-to-work and size has gotten worse, when divided by salaries.
@@whophd It's a four room family home. I used my life savings and bought the house outright. Three years later, the house had doubled in "value". The effect this had - - My rates went up. - We can kiss that tactic goodbye, this was the last captial city you could do that in and that ship has well and truly sailed.
This why my adult kids still live at home. I'm widowed and homeowner. Without their help I couldn't pay the rates and power etc. They in turn can't afford to buy or rent.
Another big factor is black money pouring into Australian housing from all over the world. The AML (Anti Money Laundering) laws here in Australia are the weakest among oced countries. There were even talks about Australia getting grey listed by FATF. Unfortunately, both major parties are accomplice in this rot. They don't want the prices to stop climbing.
100%...👏👏👏....Indeed....the money laundering in the housing market across Australia is crazy....too many gangsters / overseas mafia buying real estate in Australia...Australia is a JOKE...I work with security, fraud and investigations, I met some people overseas (South East Asia) speaking about how is so DIRTY the Australia allowing high profile criminals from those countries to buy properties in Australia...some of those gangsters facing a death penalty or life sentence, but they found a way out washing the dirty money into the real estate in Australia (by the way I have lived in Melbourne and Sydney, so many empty million dollars houses..WTF???.).....Government, the Real Estate and Property Developers in Australia are guilty for this housing crisis mess...Do not blame only the immigration...The housing crisis in Australia is like a CANCER, just growing and getting worst....R.I.P Australia....🙏
I have been living in Australia for just one year for a Master’s program and will return to Germany in 2 months. Therefore, I only had a one-year lease in North Melbourne. If I had stayed, the landlord offered me an extension of the lease at 15% more than I had paid before. Even though I was here for such a short time, I felt the fundamental change in the property market. If I had come just one year later, I probably wouldn’t have been able to afford the Master’s. Australians are such friendly, honest, and hard-working people that Germans could take a leaf out of their book. It hurts that politicians so often forget our young Australian friends. I sincerely wish them all the best.
The irony is as someone who grew up in Australia and worked in Germany I genuinely think Germans were much harder workers, honest and reliable than their australian counterparts. The thing that Australians have going for them that I think paves over a lot of things is the fact they generally are very nice. Being nice doesn’t cut the cheese though and living here I feel a change economically and culturally. A unique brand of idiocracy if you will.
Sure when the young have never had to go to war, or to grow up and refuse to live in the suburbs and will only live in TRENDY suburbs.... yeah so rough 😂
The British commonwealth countries are the only places in the world where one can buy freehold properties with no restrictions. Yet non-commonwealth countries will not allow outsiders to simply buy and invest in real estate. So, the problem started when Australia (and NZ) opened the floodgates to non-commonwealth country citizens who had a lot of cash, or were able to borrow at below 1% interest from banks in their home country. Like it or not, this is the brutal truth people keep ignoring. Its these peoples from non-commonwealth countries who just keep snapping up houses at any cost. Also these people In NZ they are building really tiny houses at alarming rate, no restrictions at all. Seems to be a lost case where local peoples are being pushed out through legal means.
Well done. I'm a Canadian who lives in Australia and the only Australians I ever see covering this issue blame one political party or the other rather than acknowledging the actual structural issues that both parties continue to endorse.
I think the concentration of our media ownership and our tendency to ‘stick by our team’ have exasperated this. The first response you had was ‘Labor bad’ a sentiment which has dominated our media landscape for decades and ignores that for 23 of the last 28 years, Labor have been in opposition. The election they campaigned on rolling back negative gearing to make housing accessible for all Australians they lost an ‘unlosable ’ election. The election they campaigned on taxing multinational mining companies (many of our resources leave our shores royalty /tax free) they also lost the election. Each time our media supported the conservatives campaign and spread fear and doom and gloom about both a mining tax and rolling back negative gearing. There is also the complexity of being a federation and many Australians not understanding either the separation of powers or how power is shared across state and federal government. This deepens the obfuscation and allows misinformation to thrive. I can’t tell you how many times I have read social media posts of people blaming ‘the greens’ for legislation (or lack of) when the greens have literally never held power in Australia (apparently they are to blame for many of the farming woes faced by rural Australians). Somehow it’s lost on those same people that the farming party (The Nationals) have shared power with the LNP as a Coaltion govt for, as stated above, for 23 of the last 28 years. I believe many of our structural issues have been allowed to flourish under increasingly poor media representation. This has now spilled out into social media campaigns.
@@ataraxigrace822 Australia has the exact same problem every other western nation does. Neither of the political parties differ on any meaningful issue. When it comes to the debt, when it comes to printing money, when it comes to negative gearing they both agree. Even so called 'conservatives' locked down the economy and forced draconic rules on people in Sydney.
@@antontsau Partisan hack. The problems outlined are true but haven't just suddenly happened but over the last 30 years. The Conservatives have been in power for the majority of that time. Sold everything off. Denied climate change. Destroyed any worker power. The Labor Party has been cowed into submission just to stay in power because at a guess, you have been voting,along with the other wannabes, LNP based on Murdoch's say so. NOW both Parties are standing ineffectually in the face of the problems outlined and the voters are to blame. Well not for long as the Greens absorb more voters from the Left and the Teals from the Right. We all however are in for more pain and I for one resent all those voters who pushed the Liberals over the line every time.
Yep most Aussies are a dumb sort of creature it reminds me of the Simpsons episode where the aliens took over America’s parliament Homer gets whipped by a alien for not moving fast enough to make their space death ray and says well don’t blame me I voted for the other alien, time to realise we don’t have elections we have selections vote zero to all of them as it’s all going to the WEF you will own nothing plan anyway…
TLDR; Cost of rent and healthcare expenses is creating a broader dampening effect on Australian quality of life as a whole. As a Canadian who moved to Australia in 2009, the most disturbing thing in addition to the housing crisis is the degradation of universal healthcare. In the last 2 years, we've pretty much lost access to no-cost doctor's appointments (it's $40 per health issue for a 15min doctors visit, 80 upfront and you get 41.40 back from the gov't Medicare system). Now add into that that after the age of 31 you are required to have private hospital insurance. Which is so expensive to get the silver, gold, platinum tiers that actually provide decent coverage, that you get the silver then every time you claim - like American insurance companies - they fight you and try to deny your claims and there's a gap to pay, which can be 1000s. Last year a guy in my team at work rolled his ankle and needed surgery, he could have gone public - but if you're middle aged you're literally expected to use your private coverage. So he did, and he end up having to cancel his family's vacation that year, because it's going to be $2-3K gap with his insurance. He chuckled and said 'Oh well, I won't be able to run on the beach anyway for awhile!'. If he hadn't lost that money on surgery, I know he'd have sat on that damn beach just fine. For my part - I've had 3 major surgeries at no cost through the public system, but for one of those, I did have to wait 6 months and it probably worsened the condition, but to me, saving $5-7k (cost for gallbladder removal private hospital) was worth the suffering. People wonder why bars are empty, travel and tourism is down domestically? Rent and increase in healthcare costs and anxiety about possible healthcare costs, which keeps even young people at home, becasue they know they need to save for emergencies - means a less vibrant society. See the music festivals cancelled in Australia this year - and this is a country where festivals used to THRIVE and be a major social thing. As for rent, it used to go up just $5-15 a year, depending on the area. My rent went up $100 a week so $400 a month this year. I'm told by my asshole Property Manager with dollar signs in his eyes I shold be GRATEFUL my landlord is so kind - other 1 bed apartments w/1 carpark got theirs raised $125 or $150. I keep wondering, if they raise it a 100 every fucking year - what will I do? I'm a white collar professional, 41 years old, who may have to move into a sharehouse again?? It's disgusting. It's insane, and I feel like it's only when enough middle class families are put in the streets that we will have some kind of pitchfork style revolution. It can't go on like this.
@@Reindeer_jay Well, if you don't take out private hospital (not extras) insurance by the age of 31, the Australian Tax Office will charge you the Medicare levy, so that is taken from your tax return. You're penalised 1000s just for not having hospital health insurance. AND for every year after 31 years old you fail to go to private insurer and get hospital insurance - when you do finally take out hospital insurance, for every year after 31 you didn't have it, the insurance company gets to add 2% to your new insurance premium cost each month. www.ato.gov.au/individuals-and-families/medicare-and-private-health-insurance/private-health-insurance-rebate/lifetime-health-cover So let's say like me, you didn't take out insurance until you were 37, (2% x 6years - 12%) now your insurance company (gets to charge you the normal montlhy rate PLUS 12% more for I think 10 years? They do stop charging you the extra 12% eventually - but it's a penalty you have to pay. It's a literal monetary punishment for not taking out hospital insurance after you turned 31. As a Canadian this disgusts me, we have nothing like that in Canada. We do have private insurance, but it's not mandatory whatsoever. But since I built a life in Australia and I do love it here, I will deal with this bullshit - but it is bullshit.
@@Reindeer_jay the system is skewed so that if you earn over a modest amount and don't have a certain grade of insurance you pay an extra tax (but no extra healthcare), and if you decide to start paying insurance some years after 31 you pay an additional 2% on top of you premium for each year you are older than 31 when you start taking out the policy; so no, you're not forced at gunpoint but you are very much pressured into the stupid system.
An ex of mine worked at a health insurance company. She said never tell the hospital you have health insurance if you go in unexpectedly because of the gap. Why am I wasting $ on this every month?
@@Reindeer_jay Look up Lifetime Health Cover Loading and see the other comments on this thread. It's essentially forced on you. As a Canadian I find it totally insane that if you don't take out private hospital insurance at 31, every year you don't have it, when you finally do take out the policy they can force you to pay a penalty of 2% for every year you didn't get it. In my case, I waited till I was 37, so I had 6 years of loading, and the first time I took out hospital cover they happily informed me my policy would be 12% more for 10 years. If you don't take it hospital cover ever, and you ever make over 80 or 90k a year - you get hit with the Medicare levy. 1000s off your tax return. So yeah it's not strictly mandatory exactly but they do eventually force you into it if you ever get a decent job that pays over 80k. Which isn't much anymore when 2000+ per month is the minimum rent, and your health insurance is $180 a month for a basic plan.
As an Australian, this is a SPOT ON summary. It pits my stomach with rage, because our Gov does NOT reflect our people. Like SO many other nations we are plagued by NGOs, Orgs and Management firms who lobby for Big Business. It shorts the democratic process. Y'all will some bad things about our history, but we're all pretty laid back people, work hard and love foreigners... just like every other nation on Earth ❤ Some people obsessed with finance, Just, want, MORE.
You don't need an Oxford degree to understand that if you mindlessly give away money for ten years, encouraging people to go into debt, and then suddenly do the exact opposite, the country will go into disarray.
My ex and I rented a house in 2020 in Sydney for $650A per week. When we separated, she stayed in the house; but when we spoke recently she had to leave because the rental increase had ballooned to $1200A per week (2024).
Another massive problem is that negatively geared landlords are LOATHE to make even necessary repairs. They don't want to pay for anything on a property they are already losing money on! Huge problem with mold in Aus properties too.
Try being an owner-occupier in a building dominated by slumlords. When a basic maintenance issue arises, I have to nag and beg with strata for months to get it fixed. I feel like beating my head against the wall.
One thing that was not mentioned which is (on very good information from someone with over 30 years at the top levels of real estate rental experience) overseas investors buying up houses and land leaving them vacant. Add that into the mix and it increase unaffordability of housing. Why offshore investors are allowed to own housing real estate in Australia while so many other countries don't allow foreign investors to own any land is beyond crazy.
As an Australian I find this to be a fair summary. Now try convincing all those investors with multiple properties to get rid of negative gearing and the capital gains tax concession. Good luck. You're going to need it. And yet, if we don't do something, it will literally destroy this country.
Let me put two counter points to this. 1. Capital items have been bought with money that was already taxed. 2. Pretty much every cause of property/assets increasing in value are controlled by the government - particularly inflation. Inflation is seen in two ways - inflated prices or lower purchasing power. Inflation makes the asset "worth" more in dollars but these dollars are worth less. And then you tax the sale on top of that? If the govt decided to let inflation run and tax me more on my income I would be pretty pissed. Asset growth is largely a symptom of govt policy but you want to punish the asset owner instead. The only way to "fix" the issue is to build substantially more property and all of that increase in building should be smaller, lower cost housing. If I could buy a cheap 30m2 studio apartment or a cheap 55m2 2 bed apartment vs renting for ever Ill have the small budget property thanks. 400,000 studios, 300,000 2 bedders and 300,000 3 bedders (ADDITIONAL) would have many effects. It would take the heat out of the market, it would make more affordable homes available to more people, it would significantly slow the rise in values of more expensive properties. It wont happen though. It is a massive task - we dont have the labour force to do it. We would need to change zoning laws and we would need to build out more transport infrastructure. If it could be done in 10 years though it would completely change the landscape.
Remove negative gearing, and mum and dad landlords will sell their rental properties and they will be bought by corporations, who will use all expenses as deductions, and rents will skyrocket even more. Main issue is immigration. 750K to 1 million per year is unsustainable, and local Australians competing with wealthy migrants who have high paying jobs and wealth to but the properties. Not enough schools, public services and medical services for Australians if we bring in $1million migrants per year. Also many Australians choose not to work and on welfare, but plenty of jobs around. Sydney and Melbourne, Australia's largest cities only have about 4-5 million people, so we are migrating almost a quarter of a Sydney or Melbourne to Australia every year.... This does not add up to a good housing situation. I only earn $100k per year and only one working in my household, but we took a RISK and invested in properties, and recently sold a few and have over $1million in the bank now.... Interest we now earn on that is over $50k per year with current high interest rates It is all about decisions. Plus many older Australians will start dying soon and their properties will go to their children, so they will be able to gain wealth there. If your parents have been on welfare for most of their lives and renting, then that is bad luck for you.
@@yt.damian I agree with you. Too much whinging in Australia at the moment, and blaming small property investors who are reason rents are not higher. Imagine if negative gearing removed, and they all sell their properties, it is corporations who will buy them. At least small investors do care about their tenants more. We could of increased our rent by so much more, but we didn't because our long-term tenants we care for also. Inflation and huge immigration numbers do not help, as 95% of migrants that come here, are already wealthy and bring their wealth from their home lands, and can afford to buy a house, and willing to work hard or already very educated and high earners. They don't have Art degrees, they have degrees in professions that pay. Imagine how landscape will be when AI starts taking away most jobs. I am glad I invested in property early, and My parents in their 90s also have loads of property and wealth which we will inherit too. When making financial decisions, one must think of their children's future too. Finally, Politicians are big property owners too.
I moved here to marry my husband and I’m still in so much shock at how difficult finding a rental is. I’m so scared of losing our current place because there’s absolutely no guarantee we’d find a new one in time when there are dozens of people at every viewing. Buying a house? Hilarious, maybe if we moved back to America but certainly not here.
I'm not even Australian and I find this situation incredibly frustrating for the younger generation and future generation. What a way to destroy a country! It seems to me the current land owners and politicians care nothing about the long term prosperity of their own country. It's all about the here and now and what some can gain at the expense of others. This is bound to lower the overall quality of life of the country.
for many years now ive been frustrated with both governments, we had the natural resources to bolster our economy but we wasted it instead of investing in domestic innovation and as shown in the video out GDP "growth" is abysmal, we've been sitting on our laurels and watching our country waste away in an attempt to keep the old folks from getting their knickers in a twist if we touch their housing investments.
@@ryanpzy9336 They don't care. They'll be dead. They'll sell their house to an investor for 6x what they paid for it; go on a world tour, live in a nice retirement village for a few years and die.
Yep can confirm, I live in Sydney and will be nudging 150k for my yearly wage and can’t afford to live here. In other words, legitimately clearing 2k a week, that’s equal to 104k clear cash for this financial year and it’s not enough to live here. So I’m out, leaving Sydney over the next few months and moving back with family in Melbourne 🤷🏼♂️ The result is that Sydney and most of NSW is losing young highly trained and skilled people, only to be replaced by cashed up immigrants or new arrivals that are happy to cram 10 or 20 people into a single dwelling. The birth rate is also plummeting and at record lows due to the non availability of adequate housing, unless you’ve got 2M plus to spend. Government’s solution is to crank up immigration causing more pressure on housing and so the merry go round continues at the circus. Throw in local and foreign money laundering amounting to hundreds of billions of dollars that’s pouring into realestate, and most politician’s extensive property portfolios, your average Aussie hasn’t got a hope in hell. Basically we’re all fucked here unless you’re a multi millionaire 😕
Remember "Come into my parlour said the spider to the fly" but in Australia's case 26 million people's idiot leaders say to the world's 6 billion 974 million "Come into my parlour said the FLY to the SPIDER and buy, buy, buy never mind about the long suffering locals."
It's interesting that Airbnb wasn't mentioned as part of the rental crisis. We live in an area of the country where there is almost zero immigrants, and 10 years ago half the town was either for sale or rent, but now every home has been purchased and turned into Airbnb and it's the same in surrounding towns. The government changed the laws and restrictions surrounding Airbnb somewhere around 8-10 years ago and it's having a massive effect on the availability of rental properties everywhere in the country.
Less than 2% of the housing stock is used for Airbnbs, which is c.a. 160k of the 10m dwellings. In contrast, the current migration intake is 2% of the total population each year (!). Using an average 2.5 people per dwelling metric, Australia would need to build 200k new homes just to cater for the incoming 500k permanent residents each year.
@@fejgul I'm not sure what other Australians would say, but I can assure that in my area it's having an absolutely massive effect on rental accommodation. There simply isn't any and I can assure that Airbnb is the reason why.
@@blackie75 AirBnb definitely disproportionally affects certain areas. Jindabyne for example is a regional town that sees very little migration, but has been hoarded by investors running Airbnbs that make it totally unaffordable for locals/workers to buy or rent.
Definitely. They could help you assess your current financial situation, develop a savings plan, and even advise on investment opportunities to help make your dream of living in Australia more attainable.
Exactly. With their expertise, you could feel more confident about taking the leap and making a life in Australia, despite the challenges posed by the global economy. Thanks for the tips
I lived in Australia for 61 years before leaving to live in Europe. Australia has mastered the art of speculating on real estate. People are incentivised through the taxation system to invest in housing which forces up prices. The whole failed system is one big ponzi style housing scheme. Australia does not regard safe secure and affordable housing as a human right. It's largely through housing that Australians create wealth and so its extremely difficult for any government to make much needed changes to the system. Nor does the nation understand that safe secure and affordable housing improves peoples' lives, creates strong and more resilient communities and economies. What's more the tenancy laws fail to offer people security and exist to benefit investors. The system has failed and there will be long term social implications as a result.
One thing that you have failed to mention is the billions of dollars that are laundered through property here in Australia, you only have to attend an average auction to see the "buyers representatives" that are out biding all the people present on behalf of their criminal employers!
20 years ago I could live in cheap share accomodation in any suburb of Sydney, now its impossible, I feel sorry for kids who want to leave home and start life, its a nightmare currently
I worked in a large hardware store as a messenger boy during the 1950s. 99% of the items sold in that store were made in Australia. Very good quality goods. I still have many tools I bought back then. I have an Australian made electric soldering iron that's over 70 years old that still works better than any soldering iron on the market today. I was paid the equivalent of $5 a week. Adult wage was $16 a week. Rents were on average $1 a week. A good quality highest house costs $600.
I have never visited Australia. I used to live in Vietnam and want to give my perspective as an outsider. When people talk about Australia, they normally associate that country with an easy international educational acceptance. What I mean is: that people will try to send their kids to the US, Canada, Singapore, and the UK first before trying Australia. They know Australia is the easiest country to get in, and they will try it as a last resort (if they fail to send their kids to every other country). I did not realize that easy policy could cause a significant housing problem until I saw this article.
That is true, but the first resort is always US and EU, Canada and Singalore etc fall into the same category as Australia. EU has extremely capped international students intake because we pat our kid’s education through tax unlike the pther countries mentioned here.
Very true because international university students are a big part of the economy, if you can believe that. Should have heard all the universities bleating when borders were closed, it cut off their money. International students are a part of the challenge but not the sole cause.
Thank you for this interesting bit of info. As an Australian I heard something recently about the government attempting to crack down on international students coming into Australia - because so many falsely come in on student-visas as a way to find work and permanent residency. At the same time, tertiary institutions often heavily rely on international student applications to stay afloat - which is unfortunately why they are run more as businesses than as places that care about education.
Australia is a beatiful country for travellers. It's safe, and it offers different climate zones - you can have rainforest and tropical areas, you have sea and beaches, you can have deserts and the outback, but also mountains and a similar climate like in Europe in Tas. I tried to live there last year, unfortunately rental and property prices forced me to return to Europe. However the nature and the landscape in OZ are really beautiful.
Australian here, and also a renter stuck in the midst of the housing crisis. The argument that urban sprawl is being stopped by "NIMBYism" is ridiculous. The real "NIMBYism" is people blocking densification within their suburbs - not urban sprawl. Blocking urban sprawl is a good thing - Australia's urban sprawl comes with a plethora of social issues such as car reliance, urban heat islands (50C+ in the summer...), antisocial/loneliness issues, huge commute times, and so on. And worst of all, they contribute to Australia's environmental crisis - with half of Australia's threatened species predicted to go extinct within 100 years. The NSW Government, who aren't exactly progressive, have even recognised this, and their housing strategy revolves around densification near train stations and existing brownfield sites. I know you mentioned this, but then went on to say those who oppose sprawling, lifeless, destructive suburbs as 'NIMBYs' - just straight misinformation. Sorry.
Worst part is the dramatic change in culture. It used to be such a fun and optimistic place. The Covid lockdowns revealed all we needed to know. The lies around the deaths by NSW health have been exposed as they tweaked the data to justify the lockdowns. They even made it illegal to use off-label ivermectin and then released it after the forced jabs. Disgusting.
@@dcau1 the areas with newly built highrise dwellings are equally as soulless and have the same environmental and social issues as desolate suburban areas - defective builds, social isolation, higher energy usage, underfunded amenities. The problem is population growth - suburbia was working fine until the beginning of mass migration 20 years ago.
Thank you for this comment - am glad to see somebody addressing the environmental impact. As a country fortunate enough to have such beautiful natural topography, it is something we should work with, not manipulate. There is no need.
you're all getting it wrong, its not that these govts are ineffective and this outcome is unexpected, the reality is that the land owning class is also the ruling class and theyre setting up rules to benefit themselves
Lived in Melbourne almost 28 years ago. Bought a 3 bd 2 bth house for AU$150k. After moved to US, sold it for AU$230k and very happy to make a ‘big’ profit. Now that same house worth more than 1.2 millions on market. My spouse complained me for selling it since the Australia house booming starting a decades ago. I am happy living in US, for that everything is very much more affordable compared to almost all other developed countries. Of course there are down side here in US (safety, racism etc). I missed the old golden days in Australia, everything was cheap, easy going good life, it was really what they called the ‘Lucky Country’ - not sure it is not anymore as I am not living there now. I certainly cannot afford to move back there.
You can name this video 'Why Living In Canada Is Impossible', replace Melbourne and Sydney with Toronto and Vancouver and all the issues addressed will still apply.
@@infodaynightconv1445 And here in the UK - corporations, local government, arts and media, education sector all trying to outwoke each other. Though I'll be glad to see the back of the incompetent, corrupt, irresponsible Tories - I have fears of the incoming Labour government joining the outwoking competition.
I moved to Australia a few years, its really shocking to see a country this size with a very little population suffering of a housing crisis. I feel sorry for the younger generations being deprived from owing a home because of some greedy politicians and rich people are writing the laws in their favour.
We younger generations have been brainwashed against violence. Reality is most positive change in terms of worker/peasant/slave rights has in part been due to violence or the threat of violence…yes peaceful efforts too but there needs to be some threat of a bite behind the bark.
I think migrants should be tested on manners and hygiene. It's true that many are hard-working, but totally lack of respect to others and have extreme dirty habits.
Over 90% take up of the jab. Australians are sheep ! Australians pay $1100 fine for not wearing a seat belt . Australians have been brainwashed. Remember the $6500 covid fine is you dared go for a walk during lock down
It was back in the 1960s. The Baby Boomers changed the world. In the 1980s foreigners were allowed to buy real estate in Australia. And the average person can not compete with wealthy foreign investors... Many homes are unoccupied because they are simply a medium of investment to be sold when prices rise. Half of Mayfair in London is vacant because of investment buyers.
This is a new phenomenon. I was raised in the 60s and 70 s when Australia was a backwater nation in global terms and in accessibility. Housing was just part of life and achievable. It’s now turned into a luxury and each owner insists on making exorbitant profits on a sale which can only be fed by immigration. This will not go away for a couple of generations because Australia has the luxury of space and keep simply importing people who will inevitably keep buying homes filling the pockets of us greedy property owners. Australia might be a safe place to live but it’s not the best place.
Left Australia in 2015 to live in Bali. I bought a 2.5 acre coffee farm in 2020 for AUD$50,000 that produces $3-4k ler year in produce. The mountain view is simply gorgeous. Currently building my dream cabin home and a small restaurant for my wife. Add $100k. Annual land tax is AUD $50!😂 Never going back to Oz.
@@relaxation-Corner I'm married to a Balinese woman so my visa is only once every 5 years now. We cut down whatever trees we want to make room for the house and build it without constant government interference...think Australia 100 years ago😁
Being a dual citizen, US and AUS, I can say reading through these comments that they are a very accurate assessment. I myself have recently moved to Thailand to remove myself from all the circumstances outlined in the comments. Here's a story from the past. I first arrived in Sydney in 1996 and wound up in Willoughby. I was curious to look around so I went to a real estate office and saw that the houses that area, which were quite high quality, in the US might have been $350, to $500 US, were 125 Australian, which amazed me twice because that was also about 20% cheaper just on the exchange rate. So I asked the real estate why it didn't seem many houses were for sale. He told me that a Japanese had come in and asked how many properties were for sale. He said, "Twenty-one." The Japanese buyer said, "I'll take them all." I returned again in a year, and the median had doubled to around 250,000 in that one year. So today I just checked and median property prices over the last year range in Willoughby are from $3,219,000 for houses to $1,200,000 for units. Same everywhere. When I left about 9 months ago, ANY property listed was gone in 1-3 days. It just seemed like any property that became available was being bought by people with nothing but money, and forget about anyone "normal." So yeah, real estate in Sydney is out of any normal person's price range by a wide margin and never going to return. And while you are at it, rentals are practically impossible to find in any desirable area, and the outer country prices just seem to have adopted the same pricing to a lesser degree. It's quite the conundrum as outlined by many.
I grew up in Willoughby in the 80's-90's. I returned to Australia 2 years ago, after living overseas for 15 years. Wasn't looking to move back to Willoughby, but wondered if anyone I grew up with (including me) could afford to live there anymore.
I used to live in Victoria (Melbourne) and cheapest rent I found was about $450 a week. I came back over to WA (perth) at the start of 2020 and the rent costs were going up from what used to be about $350 a week is now easily the lowest price of about $800-$1000 a week. That’s just rent. Back in 2019 the cheapest loaf of bread in Cole’s was 90c and it’s now about $2.40 and maybe more (I don’t know any more of an increase as I’m homeless now and stranded as my car has not started for nearly 2 years now). But don’t even worry about the cost! Trying to get a perm visa is close to impossible! The gov is not much different than the UK. If you do evil or are evil or promote evil then you can freely walk in but if you are honest, good and do things right then you are shunned! Islamists, pride folk, cross dresses who call it “trans” are all welcome! So trying to live in Australia is insane!
I used to live in this 2 bed 2 bathroom townhouse in the heart of Wollongong in 2020 and paid less than 450 a week for the place. I moved out in 2021 and now I've found out the same place is being leased out for 700 a week. The system is broken beyond repair.
Wollongong on a global level is literally gold. A city like Wollongong, beach next door, European demographics dominate, in the USA or Europe, you would be paying $2000 rent per week.
It’s actually cooked what’s happening to your country. It’s a big reason why lots of Aussie’s don’t wanna be here anymore. Cost of living is driving everyone into the ground.
@@patrickwilliamson29it doesn't have to be tiny and yes, I think many would take an apartment over homelessness or never being able to buy a home. It's fucked up to pretend otherwise.
So hundreds of thousands of houses get blocked from being developed by real estate lobbyists and you're worried about the sub 5000 being bought up by foreign investors?
Here in Western Australia the homeless and vehicular homelessness is out of control. I myself am facing a predicament next year when my lease is up as the property is going on the market and rentals are either overpriced or non existent.I walk and ride passed people everyday sleeping in parks and sports grounds. Not only that but Aussies just aren't the same anymore they have become sheep.The "She'll be right mate" attitude has cost us dearly.The Australia that I loved doesn't exist anymore.
Yeah, sadly gotta agree mate. Us Aussies used to make good on our word; call it as it is, help a mate out, work hard, and have integrity. That's all gone, True Blue Aussie's are a dying breed. We're becoming greedy, whiny "what about me" Americanised puppets.
My Father is also a blue collar worker, and we are from a immigrant background.. We especially my parents work very hard with integrity to try to make a living and afford a home for us. And we are not even of Aussie descent yet still, we try to follow as much as possible the most integrity out of everything.
I immigrated to Canada in 96. It has changed so much. Seems like everywhere you look people are experiencing this modern day plague. And it’s 100% engineered misfortune. A total waste of potential.
Australia and Canada are run by governments who drive policy (often based on feelings/what sounds good) that results in these problems, and instead of reverting they instead add further inefficient and costly policy to try "fix it".. I.E Electricity prices are through the roof thanks to inflation, lack of investments, over-taxation and "green energy" policy. But instead of reverting, they spend billions of dollars to give everybody $300 of their electricity bill for a month, which further adds to the deficits/tax payer expenses and never solves the actual problem. The incompetence boggles the mind. Not to mention that our governments no longer admits to their mistakes and the mainstream media protects them rather than holding them to account in order to stay in their close circles.
Australia right now is the most expensive place to live. A house around the corner sold for 3 million AUD. It has two bedrooms, 1 garage, 1 bathroom, close to no backyard, and two stories with it having a small block of land on a busy road. Think about that for a sec.
@johney3734 The Australian immigration control let a bunch of people in for some dumb reason jacking up all the prices for property like it wasn't already high before causing little to no houses or property for actual australians.
I visit Australia quite a lot. It’s really interesting to hear the same nonsense spewed out about the ‘benefits’ of mass immigration that the Europeans have been fed for the last few decades. I calmly tell them to visit any European city that has allowed insane immigration levels to witness first hand the devastation it causes to communities, housing and infrastructure. Australians standards of living and quality of life is being deliberately destroyed on the alter of Globalism at a rate that is breathtaking to see. I was going to retire there but I have shelved that idea now as it will soon become the same toilet Europe is sadly. A crying shame tbh.
Exactly. Lazy and inept governments have been using high levels of immigration to prop up the GDP for nearly 30 years now. And our standard of living has taken a nose dive. From traffic congestion, to wear and tear on infrastructure, to hospital wait times, we've sent Australia down the drain.
@@davidbrayshaw3529 Your comment was about GDP from immigration being a focal point of governments here for last 30 years.YT been doing this a lot since war against ad blockers.
There is so much dishonest reporting of this situation in Australia due to people's generational/financial/political biases that this video is very refreshing. You've done a great job describing the situation accurately.
Agreed @user-vv9hc8ly6u, @2and20 great job on delivering a very unbiased factual & insightful piece. The productivity decline is also evident in many local industries connected to the property markets. Our governments continued reliance on the Construction sector to draw-in the monetary injections from overseas required to stimulate our own economic performance (especially since the end of the "mining boom"), has caused such a squeeze on local operators that are labour intensive, this is also the cause of the very low wages growth experienced by everybody. The large tier builders in town (Melbourne is my example), fear that when the overseas investors decide somewhere else is more valuable & stop investing here the industry will collapse on itself. They have shown this through their willingness to tender to overseas investors' demands of maximum fixed cost contracts, simply to secure the ongoing cashflow required to sustain the wages & in--turn labour capacity. This was also evidenced by Probuild's recent demise. If this were to occur, we all may be forced to go overseas to find reasonable work prospects??
Trying to survive through winter even in a very decent home is like trying to survive the ice age, can’t even put on the AC to heat things up because it’s so unbelievably expensive, Australian homes aren’t built to keep us warm or cool
It sounds like the houses in South Africa,and with our extreme climates,we really need double glazed windows,and better insulated houses. I've noticed that in the UK all of the houses have double or even triple glazed window panes,and they are so good isolated,if you close your window,you can not even hear the traffic in the street below. It seems as if this "poor insulated houses problem" is a Southern hemisphere thing😮
I lived in OZ as a carpenter in 23 (originally from Europe) and I built new homes then. Even the new homes are insulated quite badly, and most of the windows we had to build in were inferior to European garage windows. Australian houses would be illegal to build for structural and energy efficiency reasons in most EU countries. It's a beautiful country, and I'm still sad I had to leave again because it was almost impossible to buy a property and also very expensive to get a rental.
Modern Australian houses are mostly shacks with nice paint. Most will start falling apart within few years of completion Cheap, low quality, pile of timber, gypsum and brick
Yeah, I hate it here. Suburban sprawl is terrible for the environment and quality of life, but everyone is so terrified of densifying partially because they're all clinging to the picket fence and backyard dream, but also because the body corporates that you get in multi-dwelling buildings here are timewasting, inefficient and expensive. Even a 40+ year old apartment building like the one I work in charges $170 a week in body corporate fees, on top of which you still have to pay your council rates and utilities. I'm very in favour of higher density living and urbanisation but there needs to be serious changes there. Of course, the problem with the ever growing suburban sprawl is that nothing is being built into new developments but houses and an occasional shopping plaza that holds one supermarket and a handful of smaller retailers at best. So you're left with a cold, lifeless place to live with no scenery, landmarks, culture, nightlife, or activities, absolutely no public transport, a 75 minute commute to work and a 20 minute drive to the closest beer. Our biggest export is mined materials, and yet we let mining companies make billions off our land, pay higher prices for it as consumers than other countries, and let them get away with paying no tax or royalties. Instead the tax burdens are passed onto the average person through income tax as well as some of the highest taxes on alcohol in the world. You can't even afford to be an alcoholic on the average wage here anymore. This place is cooked, and there aren't many options for people my age that aren't cushioned, wooden, and nailed shut.
You’ve clearly done you’re research with this vid. It’s much more accurate than a lot of analysis we get in Australia, where we seem to be talking about everything but the root causes which you’ve outlined here very clearly. We have a collective delusion in this country. I would only add that Australian housing is known also very attractive as a vehicle for money laundering due to lax oversight.
I'm a 20 something in Australia and it's becoming increasingly more depressing by the day, as the prices run away from our wages it feels like the goal posts will just keep moving further away... What's the point in trying when investors will never stop driving the price through the roof
I live in Melbourne. I bought a house 5 years ago to start my little nest egg get married start my family, work my arse off to build my business up. Here I am, every single day waking up to provide for my family aswell as pay wages to my workers the tax office just rorts us here businesses get taxed twice. I do 10-11 hour days every day in my small business as a bricklayer yet at the end of it all I’m left with nothing. As quick as it goes in is as quick as it goes out, builders cut our rates down too and expect quality to be better. 80% of the time I’m left wondering if what I’m doing is even worth it.
@@senseiseagal1983 that’s very nice of you man ! I do all I can for them but it is getting really difficult. All I got is God to take over my life now. 🙏
You forgot the part about rampant corruption. I sincerely hope smart young people start emigrating from Australia. There's nothing left here but speculating in property and selling rocks. It's too broken to fix I'm afraid.
OMG. This is literally a copy and paste of Canada's problems videos. The parallel between the two is incredible. As a Canadian whatching this, I felt i was whatching a video from my Country.
Ya they are super similar. As we did the research we couldn’t believe how similar they were. Thanks for commenting. Please subscribe if you like our content :)
@@2and20for sure! Subscribed! And i will mention additional simmilarities maybe ur aware of already. They both have oligopolies in the same sectors too, banking, grocery chains and i believe in airlines too if im not mistaken. The same sectors Canada has Oligopolies in and too much consolidation
😂feel the same way, Australia is just a few years behind Canada ; I also heard some migrants who live in Canada for long time , they have decided to leave due to cost of living and crimes , is it real?
I'm disabled and currently unable to work. You got no idea how hard just keeping a roof over my head is. Last I calculated it, rent is around 65-70% of my government allowance alone. This leaves me with 30% of my pay to spend on utilities and food. You can probably guess that this isn't enough. I am forced to choose between bills and food, and as bills continue to rise its leaving me with less and less food. There are weeks where I have eaten only rice and buttered toast and still been unable to pay all my bills. I've received countless eviction warnings and I'm currently 6 days behind on rent, then I also have to get the car fixed up ($$$) for registration renewal ($$), a license renewal ($), and my rent is increasing by $50 a week, all by next month. I've been told to move somewhere cheaper, but I can't even afford that! Nevermind a down payment, I can't afford a rental truck to move furniture, because at the end of the week my savings are negative (not that I had any savings to begin with). Living here is impossible, and it's impossible to leave as well.
Your only option is public housing, that’s how I got out of the prospect of homelessness. They will connect you with services to help you move if you’re lucky enough to be allocated a property. I was lucky enough to find a storage company who offered me a free truck to transport my belongings to their storage facility whilst in temporary housing. God always makes a way for you if you rely on him.
Insane how this is possible in one of the wealthiest countries in the world, with SO much land mass to build on. Rent should be the least of your worries. I’m from Belgium myself, a tiny country bang in the middle of western europe with barely any land to develop on and still somehow rent is much more affordable here than there.
We ended up here because systematically, politicians started working for big corporations, and not its everyday citizens. Australians, used to the good life and having previous reasons to trust government that looked after the people, did not see the writing on the wall. I tried to warn people 15 years ago, then ten years ago, then 5 years ago, because I COULD see the writing on the wall. "A country descends to hell in fractions of inches" is what I wrote 8 YEARS AGO. Now that we are time poor, coin poor, and health poor, greed and power have us right where they wanted. But do they? Get up off your knees Australians. FIGHT BACK! WORLD, Fight Back! Even aliens are rooting for us! Stopping nuclear weapons going off etc. (Probably).
Northern Sydney resident here. I've been brought up in a fairly well off area, and previously my family has never had any issues with cost of living. After Covid however, we've had to make massive cuts as loan repayments and cost of living increase drastically. We originally planned to buy a new car in 2022, but we've had to sell one and keep the other, a rapidly ageing 2005 Outback. Our home's value has increased massively from about 1.5 million in 2007 to well over three million now. This all means that i will likely have to stay in this home well after i finish high school and, hell, probably after i finish uni too. The only hope i see for owning a home is through inheritance. Despite all this, recent plans to create large apartment complexes around railway station have received massive backlash from the community, most of which either fail to realise the harm this procrastination causes or simply don't care. Urban Sprawl in Sydney simply cannot continue, as the west of the city is basically a massive floodplain and it's surrounded by mountains on all sides.
It’s quite sad the pushback against development. It is also extremely selfish. Folks get to benefit from the appreciation of their property and have a roof on their heads, but concurrently prevent others from enjoying the same liberty
@@lbell9695 spot on. i'm so tired of seeing all these anti development posters on bus stops, street signs, etc. "save us from high density over heritage" and the like. yes, there is significant heritage but i do feel as if heritage protection is abused to prevent high density
@@goldcoast8549 I'm from the same area and I agree. Our neighbours are really like that and Ku-ring-ai council really is full of NIMBYs. Heritage properties should be protected but not every house around the train station is like that. I'm a uni student and can't afford to live elsewhere too.
Won’t be long until $3 million AUD will be worth a couple hundred thousand USD, we are starting to look more and more like developing south East Asian nations like Thailand and Indonesia.
last financial year i earnt over $100,00 dollars. I was so proud of this. I thought back to my childhood and I would consider myself successful for achieving this. I'm 28 and had to move back in with my parents, struggling to save for a house deposit.......wtf
Australia relies on mining, immigration, international students, meat and wine for its income. In terms of technology and development, we're basically a 3rd world country. It just doesn't look like it. The current system with property is designed to benefit the rich - people who own a significant amount of properties at the expense of the majority.
sadder still, royalties from our WiFi technology ran out a year or so ago, and that was almost entirely funding our R&D Budget. Those in charge of that area (I cant for the life of me remember the name right now) warned it would stagnate research and development if not boosted/federally funded. Now, after such a short time, we're already experiencing a shortage in meaningful technological developments in an age where AI is becoming more commonplace (what Im trying to say is, there's an opportunity for meaningful growth and development, but we can't contribute). At this point, (in my honest view) Australia should be one of the leaders in Climate change technologies, Bushfire fighting/prevention, and a leader in green energy. Instead, we're still relying on such outdated methods of energy generation and lacking sorely in any meaningful technological development (see: NBN). All of our experts in the technology field are seeking better opportunities in other countries, because they're not supported at all here. At this point, Im just waiting for it to come crashing down. What little feelings I held of seeing my beloved country succeed are quickly becoming feelings of hopelessness.
I visited Melbourne over the weekend and the amount of homeless people begging for money shocked me. They were literally on every street corner in the CBD. So sad 😢
There are 'homeless' people in Mandurah who stand at traffic lights near the city centre asking for help. It is fairly well known in the community that they live in houses close to the traffic lights and are just opportunistic drug addicts.
I'm Chinese and live in China. In my experience, Australia has been a destination for students from rich families (especially those with modest academic performances) to apply for college and buy property afterwards. I'm not bashing Australia's education or the oversea students, that's not my intention. I love Australia and would love to visit someday. If it's the same case for immigrants from other countries as well, then the property boom would not be a surprise. I imagine it would be tough for the local young generation, isn't it?
The generation who are coming up now (0-14 year old) have almost no chance of home ownership unless they inherit something. Unfortunately its not like China where you guys have huge building complexes that are completely empty but ive heard you guys have your own issues with property ownership too, only in a different way. It also doesn't help that the cost of everything else has gone up too which eats into people's ability to save for the down payment.
@@KipKil1igan Yes, we do, big time. As of now, the urbanization process has spread high-rise apartment buildings(which you might call flats?) all over the place, which has its pro's and con's, not even to mention some giant developers find them in deep debt and fail to deliver apartments upon which down payments have been put down and monthly mortgage have been made. It's popular amongst the Gen Z to give up on the idea of home ownership and stay single, hence low fertility rate. Should the current situation continue to gain traction, they will run out of young people to sell the houses to. Don't be fooled by the Chinese students you see in Australia, average Chinese definitely don't have that kind of financial opulence. Most people work tirelessly to save money towards a house and never go out of China.
@cnzaqdfrut9661 yeah i remember watching a video that was explaining how the property developers in china were taking money for houses due to be built, then using that money to go into other projects and people were paying mortgages on apartments that haddnt even started construction yet. Then those companies went bust. Both of our governments act like theyre the better one but in reality theyre much of same thing in different shades.
As someone who has seen DOZENS of rental properties (to live in, not as an investment) life has never been bleaker. It is straight up impossible to find a place to live in terms of affordability and demand. The greens party is the only party that has offered a comprehensive plan for infrastructure and housing, and doesn't have most of its members using housing as an investment to be safeguarded. I'll definitely be voting for them.
As a young person in Australia, I feel almost hopeless. Seeing my parents rent being raised and the price of fuel and food, I cannot imagine how I will pay it all if it keeps going as it does. I hope to live somewhere beautiful in my town, and I feel such envy when I see these beautiful houses, they feel so out of reach to me. I pray something changes.
educate yourself on the History of Money, Read these 2 books - The creature from Jekyll Island - and The Fourth Turning - then you will understand what is happening and why. also on you tube watch the 10 part series called “ The Hidden Secrets of Money” this will give you an understanding of what money is and what money is not. Things that cant go on forever wont, and this current nightmare will end and things will get better, but to get there we will go through more pain. Learn how to protect yourself and thrive
If you are young, time is your asset. You can still start something very small and one day you should be able to obtain what you wish. Ex. start buy US stocks, buy small property(around 400k). One day you will realize money earns money and goes on life time.
If this whole video was about the cost of living crisis, why avoid questioning why wages have increased at such pathetic rates despite Australian corporations posting record profits
@@danf6513 Didn't claim to.... It wasn't meant as a mean reply. I fill shelves for a living, but can retire tomorrow, how? By not complaining about what others have, but observing how smart people live. I am not smart(never finished high school).....
@@de1623 sorry, I misinterpreted your tone and my response to you was rude. You're right, there are people who make smart choices and advance in our prevailing economic system. I'm just frustrated by the fact that the same system continues to expand the wealth of a tiny ultra-wealthy class while billions live on less than a few dollars a day. In any case, I wish you all the best 🙏
@@danf6513 No worries. I know it's tough for many people at the moment, I experience it first hand as a supermarket employee. I wish you all the best. ❤
As someone who's taken a keen interest in the Australian housing bubble and economy since 2013 i have to say your analysis is spot on, especially about how our obsession with housing creates a productivity black hole.
Actually, the last report on the cost of negative gearing was around $34 Billion for this year alone. Also, you haven't factored in corruption, for instance the conflict of interest of our legislators being allowed to profit from laws they have the power to change. In fact, since the Americans introduced their neoliberalism, it has been part of the social engineering to effectively enslave the majority of the populous with crippling debt, it makes it far easier to exploit the workforce if they are under the threat of losing everything and being excluded if they don't behave as expected and demanded. Blow the whistle on corporate wrong doing in Australia and you will be excluded for life. Australia has adopted the American policy of exclusion for those that criticise the regime, that is increasingly becoming fascist. Our privately owned banks are convicted criminals that collectively stole Billions from their customers over many years, yet no-one even got charged, let alone went to prison. In fact, one corporate director of our criminal banks, that admitted his guilt, received a promotion to CEO and a pay rise instead of facing criminal prosecution. Those same banks are majority foreign owned, mostly by American venture capitalists. The real purpose of negative gearing is to transfer public wealth to the private sector via interest on massive loans that are then claimed back from the taxpayers. Our corrupted successive governments introduced and expanded the concept of perpetual insolvency, but only for residential property investment. In Australia a residential property investor can legally and deliberately establish a perpetually insolvent investment and claim their annual loses against their other income for the life of the loan. The banks also gave out interest only loans that would never be paid off, but would be a perminent drain on taxpayers. To add insult to injury, many past and present politicians have become wealthy residential property investors because of these corrupt laws. Not only did our corrupt politicians allow for the restriction of supply, the previous government also resticted funding to our government run T.A.F.E. network of education facilities that trained building industry trades people. Now we don't have enough trades people to build the homes we need just to prevent homelessness. Our political parties accept legalized bribes called political donations, and corporations overwhelmingly dominate political influence by having thousands of industry lobbyists given access cards to enter parliament house 24 hours a day at will. The actual employers of these politicians, the people of Australia, are treated as second class to these multinational corporations and their lobbyists, except when our country is in an election period. As for the immigrants you mentioned at the start of this article, they are what is keeping Australia out of a very serious recession, because of the decades of corruption and maladministration. Australia was colonized by criminals, and we are still governed by criminals. Only yesterday a short news report announced that the criminals that drove the treason of Robodebt, that attacked welfare recipients with false debts, and reversed the onus of proof to guilty until proven innocent, were given impunity for committing treason against hundreds of thousands of vulnerable Australians they attacked, while they ran protection from scrutiny of our now criminal foreign controlled banks. Our political parties take money, through lobbyist cutouts, to stab Australians in the back.
TO LIVE IN Australia IS TO LIVE IN FEAR of your next invoice like council rates, car registration, anything, it would have to be the most expensive country in the world.
Having lived in both New Zealand and Australia (total 21 years), in my opinion, your explanations throughout this presentation are an accurate reflection of the reality. This is a succinct assessment of a deeply complex issue that affects millions of people across both countries. Thank you.
how is new zealand in respect to australia? ive heard that there is also a similar issue in nz but unsure on how it compares to aus. would it be wiser to move to nz?
@@3gatoss It' almost the same. Auckland and Wellington are much like Sydney and Melbourne. We stagnating GDP, investment focussed on housing, young people locked out of the housing market in those two cities as well as Queenstown and Tauranga, rent going through the roof and so on and so on. I think Australia, Canada and NZ politicians all have the same play book.
@@denniscook390 Thank you for your insights from New Zealand. I left Auckland for Sydney in 2008 so it was along time back but I have friends in Auckland who share the same experience you have described
As a (millennial) professional civil engineer in Melbourne, I risk losing my rental home, I do not qualify for the median house in ANY of the cities and I cant save up for a deposit as I have two dependant kids. There is no appetite for the government to fix this problem seeing that the bulk of voters are home owners. If only Australian governments had integrity and did what is right but instead they do whatever is needed for that one extra vote. (excellent documentary tho, hope they play this in parliament)
The vacancy rate is also insane here, the rental crisis is almost entirely fabricated. Property investors need to be heavily penalised for keeping habitable dwellings vacant, but I won't hold my breath for that.
They are impossibly overpriced you’re paying more than 60% or more of your hard earned wage for that week to a shit place you don’t even fucking own, it also gets checked by the owners regularly which makes it feel any less of a home.
As a country which gives almost zero importance to education, innovation and merit, this is bound to happen. Just a matter of time. Feels sorry for the new generations
People from poorer countries routinely overestimate how much they'll earn in countries like Australia/Canada while underestimating how much they'll spend on housing, healthcare and taxes. And so, the business of migration/PR continues and makes every existing issue worse, particularly with regards to housing.
I dont think you have any understanding of what life is like in developing / third world countries. I assure you, people from developing / third world countries are not dissapointed or dissatisfied by the massive increase in pay they earn in australia, even as a working class person.
Unfortunately Australians don’t want this issue solved. Both parties have said they want to improve housing affordability while ensuring prices don’t drop and people can still invest & generate returns in property for their retirement. Solutions often involve first home buyer subsides, which only further inflate the market.
Older Australians don't want this issue solved because they're either on the winning side of this equation or are unaffected by it. No major party policies will change until the have-nots outnumber the Boomers and the rich, because they know they will lose. Labor lost every time they threatened negative gearing. Millennials, you're basically waiting for mum and dad to die. If you can't wait, best leave.
As a young tradesman it is possible to save for a house if you go get a FIFO/DIDO position and save 100% of your wage and give up most of your life to work. However if you went to uni and got some useless degree and now have a hecs debt it is going to be rough.
The funny thing here is I live in England where a lot of my friends are moving to Australia for a better life, my good friend spent 4 weeks in April over there weighing up if the move was worth it, his pay at the same job in Aus is a LOT more than the UK and he said the cost of living was less now over there than back here, he’s moving in July. My friend lives in NZ and comes back every year and cannot believe how expensive it’s become in the UK, this just makes me realise how bad things are here.
But reality is only elite western immigrants get top dollar in Australia. Most of my friends in Sydney being office workers, cleaners, carers, sales staff etc command between $55,000 and $70,000 per annum.
@@maxbest20s11 Absolutely Max. You hit the nail on the head. I literally know very very few a trickle of people on over $100,000. I know plenty on between $55,000 and $70,000. Plus in Australia due to our convict background employers simply do not trust employees. Australian employers look up to workers who work very fast regardless that there could be lack of thoroughness and mistakes may need to be fixed by others. They hate slower but more thorough workers. They also like admin staff who create an aura of "efficiency" around them like running to the photocopier, running back to the desk but could be making gazillion mistakes - the boss doesn't care that it takes time for others to correct the mistakes of the "speedy Gonzalves types" whom they love.
Hi Guys. Please don’t at all think I was saying you haven’t got it bad, I was just stating how fucked the Uk is when people are still leaving for a place that clearly has its own problem going on. All the best
This is interesting to me bc I'm in Australia and recently considered moving to the UK. Found a nice town in Somerset with all the services I need and more, it would cost me the same as it does here (thoroughly researched) but my lifestyle quality would be better over there ( I love the cold LOL) as an antique dealer there was plenty to suggest I'd have better profit there too, at least more resources! But my Dad is nearing his 80s so I don't want to leave him. 😔
The "cost of living crisis" is a weasel term used to cover up the real problem. Australia's migrant intake have been at insanely unsustainable levels for the last two decades. Yet there are morons who will try to tell you that immigration has zero effect on house prices, despite the fact that immigration has constituted the overwhelming majority of Australia's population growth for a very long time. We're not as bad as Canada, but we're pretty damn close. It doesn't help that neither of the two major political parties want to halt immigration, even temporarily (despite polls indicating that such a policy would be wildly popular). I'm old enough to have seen the demographic change happen - sometimes I feel like a stranger in my own country. It's driving me insane.
my parents sold their suburban new south wales house after about ten years and they got literally double what they mortgaged for. they paid off the mortgage and then bought a tiny house in a tiny suburb in south australia. they wrre only able to purchase the first house because of my mothers inheritance. i make a little more than the minimum wage, because i have a pretty decent job. but i cannot make rent on my own. i cannot even make rent with TWO roommates. the local taxi service lost a quarter of its staff and had to sell to a larger business. basic groceries for one person cost between 100 and 200 dollars. and the middle aged people running the country - including landlords and seasoned homeowners - are all operating under the monetary mindset of thirty years ago. it is hell, and *everyone* is feeling the pinch
every time I drive past new suburb developments with my mum, she always kicks up a stink about how bad it is. I asked her why once and she said "it's ugly, I don't like it. this all used to be rolling hills and now it's a suburb. it ruins my view in the morning." the older generations do not understand how bad this crisis is, especially for younger australians
The problem is the huge amount of urbanisation but the lack of infrastructure. All our population is centred around the capital cities, so we have Hundreds of square kilometres of hot treeless housing with few schools, no public transport, few green spaces and reduced shopping. We need to emulate the USA and Europe - de centralise the cities and promote/grow towns. For example did you know that LA has a population of 3.8 million. Sydney's population is 4.5 million. San Francisco has a population ,810 thousand , Adelaide has 1.2 million! Yet our 7th most populous city Canberra, only has a population of 370 thousand. We need to drastically invest in country areas and stop this obsession with the Big 5. It would be more affordable and a better lifestyle for everyone.
@@graphite2786 we live near canberra, and the new suburbs being built there were the ones I was talking about. and in terms of infrastructure and development I don't think the US is the best to emulate
@@graphite2786 Many people who live in american suburbs have to drive for hour or more just to get to the nearest grocery store. America is not the best place to emulate when it comes to urban planning.
@@SanctusPaulus1962 Im talking about decentralization. The USA has a number of states with several major cities. Australia just keeps expanding its major cities into vast urban wastelands EXACTLY like how you described. Areas with out infrastructure and are car dependant. We need to copy the USA by investment in satellite cities - multiple large towns with have affordable housing, amenities and lifestyles.
This situation arose from greed. Business enthusiasts began promoting property investment as the sole path to wealth in Australia. Consequently, even median income earners find themselves deeply in debt, having purchased luxury cars, multiple properties. This has led to an increase in inflation, a rise in interest rates, and ultimately a crisis in rental affordability and housing. It is sheer greed that has caused these issues
0:42 I’m so surprised London isn’t on this list. Average wages are £44k a year and the average house price is £950k. Most people need to settle for apartments but that’s about £500k (12x for a single 6x for a couple meaning you can’t get a mortgage unless you have a deposit over 20% or more.) I’m not giving up and there are cheaper apartments (£350-400k) especially on the outskirts/commuter towns but it’s BAD here.
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Tell us why YOU think Australia is facing a cost of living crisis.
The most insightful comment wins $50 (yes, that's Canadian dollars aka Monopoly money)!
13:49, we made an editing mistake with the names of Malcolm Turnbull and Scott Morrison, apologies in advance!
Pretty cactus over here mate, councils put rates up on building owners that have no businesses operating in there shopfronts 🧐😮 communist tactics some say
@@2and20Australia Very lucky to be on the border with Indonesia so don't have an immigrant crisis.
Australia's position is similar to Canada.
@@2and20as an Indonesian. where Indonesians do not immigrate to other countries. 90% of workers who leave the country return to Indonesia after their contracts expire. British people were immigrants to Australia and Canada. seize native land. So stop whining about the immigrant crisis. and accept all immigrants, you are an immigrant
my favourite part was where you said we need educated aussie's... we have the #1 most corrupt media on the planet, we're the most propagandised populace in the world. only the newer generations who don't get their news from mainstream sources are aware of this. hence why they're trying to censor what we have access to online so badly!
If you haven't grown up in Australia it's very hard to understand the country's obsession with investing in property. It's like a national sport over here.
Cos australia has nothing else. Nothing!
@@dodohateswater We have shit loads of resources and massive mining companies. Some people invest in those too.
*country's (ownership). Also, seems to me most of these people bidding on properties aren't 'Australian', ie Foreign 'Investors'
Same shit in Canada!
Sound fun but its not.Single women need to put up with empty men who thinking that's their investment portfolio will spread her legs...and in most cases does as Au women understand Au men.
Australia and Canada two commonwealth countries who are plagued by ineffective governments, and some of the world’s worst affordability crises ever
Super sad. A combination of terrible economic policies and crippling bureaucracy
@@2and20 You forgot corruption. Most of the high level politicians in Australia move into resource industry board positions within weeks or months of retiring from politics. It's insane.
How could we forget the mother of all problems - the UK 😂
Worst affordability? Been to Asia? Been to South America😅😅
Which is sad cuz so little people.
The scary thing is that when you finally buy your dream house which cost you a fortune, you finally realise that it’s poorly built and sinks and there’s nothing you can do because in the meantime the builder has gone bust
Why would builders go bust when there's red hot demand for real estate
@@gavinlew8273 because many wrote building contracts prior to the huge inflation we saw through covid and their bottom line disappeared accordingly.
My roof had no insulation when I moved in. Completely unacceptable for a house build in 2011
@@gavinlew8273 crazy high demand for materials, not able to get the materials in time therefore can't be paid, therefore go bust. And the cost of these materials is skyrocketing like everything else.
@@gavinlew8273Poor debt management
On average, politicians in Australia own 7 rental investment properties each. Explains a whole lot.
Source?
@@elpedro6962 "Trust me bro"
@@suncat5160 😂 looked it up and it was actually an average of 2
@@elpedro6962, your numbers seem correct. However, it is essential to recognise that stakeholder groups and lobbyists do not need to be in government to pressure legislation in their favour. Follow the money... Institutionally, Westernised politics has been intrinsically favourable to those already wealthy.
speculators for every other things: *_scalpers_* >:(
speculators for real estate/properties: *_investors_* :^)
I'm Australian, and last year I had to leave my rental apartment in Melbourne. Rent prices soared from around $420 per week in 2020 to $650-$700 per week for a similar two-bedroom apartment by 2023. As a teacher, I was forced to move when the owner sold the property, facing skyrocketing rents with no available options. The situation became so dire that I had to return to my hometown of Perth (after living in Melbourne for 20 years), relying on my cousin's kindness for shelter. I'm still here, where rentals start at $550 per week, and any decent apartment costs between $650 and $800 per week. I had to give away thousands of dollars' worth of furniture in Melbourne and leave my friends behind, completely uprooting my life. This greedy, appalling housing crisis has turned my world upside down, and now I have to start over as a mature aged man.
Same thing happened to me in Sydney, I’m 34, earned 115k and couldn’t live a reasonable lifestyle renting a 1 bedroom about 12kms from cbd. Then after Covid the rent increased by another $170 per week lol
@@muntjunk-plk3171 I know man, it's an atrocious state of affairs. People will start fleeing Australia, already are. Also, be thankful you are only 34... I am much older.
@@medianvideos age is just a number brother! Never too late to figure it out man you’ll be sweet 🤙🏼
The greed corrupted the housing market
That's fucked up and I hope you guys are able to bounce back, the future for me as a 20 something aussie is not looking good.
There's a common saying here in Australia. "It's easier to buy your second and third property than your first." Which says a lot.
I'm learning accountancy , if you are citizen of Australia so kindly tell me should i migrant to Australia for my further career in accountancy...
What do you say sister ? Please let me know
@@hussainpeeth7933 No stay where you are, you will have problems and waste your money, and time.
@@TalkingPoint773 why ? And who r you where r you living right now? 🤷🏻♂️
@@hussainpeeth7933 I live Pakistan, I pray 5 times a day and stay where I am, living honorably.
@hussainpeeth7933 no stay where you are. We can't even home and support our Australian born families, yet alone anyone else at this point.
oh please I grew up in Sydney Australia and its so obvious how commercial Ppty has become as an Investment business where Real Estate agents have played a big part along with the banks in manipulating purchase prices, rentals and not to mention banks increasing interest rates. The facts are that there are loads of vacant rentals in Sydney especially in Parramatta area. Rents have gone up due to the realestate agents being greedy along with the banks hence the vacancy of rentals. It has nothing to do with immigration. Population of people was a given considering most of us travel and reside in other countries. Unfortunately, the demand to purchase will be competitive which allows agents to increase purchase prices. I never understand auctions if you pay past the valuations provided. You would have to be a cash buyer to pay the difference. There should not be any homeless and some of these places that are vacant and very old should be rented out for lesser rent to accomodate those who dont have jobs with the income to pay the higher rates
The issue is people have the "I want to do it myself mentality" but not equipped enough for a crash, hence get burnt. Ideally, advisors are reps for investing jobs, and at first-hand encounter, my portfolio has yielded over $7000 since last month
To be honest, investing is a smart way of securing your family future, grow wealth and beat inflation
The key to success is finding a set of rules you can follow consistently. I make an average of $15k per week even though I barely trade myself.
Most people think, investing in stock market is all about buying and leaving it to rise, come on it takes much analysis to be a successful trader.
@@Davila-r1f How can I reach your mentor? I'm seeking for a more effective lnvestment approach on my savings
One of the main issues is that politicians still consider high house prices as a sign of a 'great market' despite the fact that it means people can't own their own home.
Exactly right, the politicians are completely out of touch with the average Australian lifestyle as much as they like to pretend they arent
Well it's a "great market" if you've already invested in it
Same in the US or Europe.
It is. It's not the governments' job to give one lonely shit about any individuals' life goals. It's their job to manage the state to the highest gross economic activity. That's why we can complain about these things whilst still enjoying the greatest overall quality of life of any population in the entire history of human kind. When was the last time war came to our shores? Death from preventable disease? Mass starvation? High gun crime? High unemployment? Pandemic homelessness? Religious autocracy? Mass casualties after every natural disaster? Child labour? It's an incredibly easy place to live.
Same in every country
As someone living in Sydney. These are the things i realise.
1. House prices and cost of living is insane and salary will never catch up
2. Taxation system here are meant to never make you rich
Plenty of rich people in Australia. That's the problem.
@@lockedout8643 corpos and old people buying everything, and scalping everyone. Surprisingly the same in Canada. Sad stuff
The problem is you live in Sydney 😂
Just go mining and all money troubles vanish.
@lockedout8643 Their property is, them not so much.
by design unfortunately
I'm an Australian in Sydney. When i was 15 in highschool i drew myself a little financial map during a free period and quoted myself a minimum figure i needed to make to move out. I started working service at 16, followed the masses and got a uni degree. Im 26 now, i make much more than my little finanical map figure and serveral times more than my migrant parents at the time they purchased their home. I live frugally and do not vacation.
I am still at home with my mother, i would not qualify for a home loan and will not for a very long time. It's been a decade now and none of my friends own homes or are married, many of them have given up on having children in the future. On top of that we are sadled with thousands of dollars of HECS debt that we can barely put a dent in while they are raising the interest. Our landlord raises the rent each year but will not fix a leaky roof. I am exhausted and burnt out after a decade and now contemplating joining my friends on giving up on a family so that i may still try to see the world while i'm still young.
I thought i was getting a head start but im watching more fortunate kids beat me while their parents own multiple properties for them to live in. In every aspect i try to save in, monopolised inflation catches up. Now they are trying to collectively push young people off medicare.
As awful as it is to say, i feel like my life might only start if one terrible day my father passes and i recieve a share of his property....but even then it would probably be too late for my age.
Now which boomer wants to tell me i'm a lazy POS and need to skip the coffees and avo toast?
If you're making good money and live at home, there's no reason why you can't save up for a few years, get a bank loan and buy a one bedroom unit. You can still get one in Caringbah for $600k ish which is still ridiculous, but if you live at home and save big time, it's definitely possible. I'm earning 85k here in Sydney, 22 just finished my Comp Sci Degree. I plan to live at home a few more years and I figure I can get 200k saved. That's enough for a deposit for a 1 bedroom unit in a crummy area with a loan. I do agree that it's an absolute joke housing in Australia.
@davidlp3019 people in Africa don't need so much money and nice house to have babies
@@dandankokorohikareteku2620 hence why the birth rate in Australia is so low these days. Too expensive to have a kid.
:< respect tho
@@davidlp3019 to clarify, I don't live at home for free. I pay half the expenses and rent which heavily dents my saving potential.
My father build a home on QLD's Sunshine Coast in 1996, it was a house and land package and he paid around $127K all up. He sold it in 2018 for $550K and in Feb 2024 it sold for $1.1M. My mother bought a 30+ year old home in Brisbane in 1992 for $110K, it sold for $445K in 2015 and today its estimated sale value is between $890K- $920K. These weren't large homes or in prime locations, just standard suburban homes in backstreets. Its no surprise many younger people have given up on the idea of home ownership.
my narcissitic mother thinks she's a property guru. just from riding the boom.
Figures are the same in NZ. My home was 120k in 1999 and now worth close to 1 million (in Auckland).
It's not just Australia; real estate has boomed worldwide, with every country experiencing significant price hikes compared to 20-25 years ago. For instance, my family bought a home in Karachi, Pakistan, in 2002 for about 2.4 million PKR. Now, in 2024, its value has soared to approximately 37.5 million PKR. This illustrates how dramatically prices have increased over the past two decades.
just normal small shoe box... our parents are forklift drivers we are doctors and we can NO WAY live as good as them.. why work hard get education when there is no way to get a good life ? i miss the doll
Why are Australians obsessed with all these coastal cities? You can still get good deals bit further in.
I’m a software engineer I earn 140k. I used to want a house and family in Australia. Now I’m planning how I can find a new country to live in. This place is an economic black hole. Politicians will never solve it.
Right and we don't even think about babies atm! It seems like a dream to me now! 😢
Same. I'm lucky that I bought out in the Suburbs before Covid, but now I couldn't even afford my own house and I'm in the top % of earners for this suburb
Whinging about nothing. I met an aboriginal nurse on a flight to Darwin who had bought her own house in the suburbs for 40K, did it all up her self and paid it off.
Indonesia mate 🤠
@books4739 you know they literally get trust money?? All paid for
I had an old fella tell me he bought his first house at my age, (I am 21). Said I just needed to work harder. I am a bartender 40 hours a week, I also study at university. And I barely, barely make enough to rent. It's so ridiculous how hard the world, especially Australia has become to live in.
With the price of fuel as it is in Australia as well you'd be spending fortunes on having enough to sniff, can't be sustainable mate
@@MrBrickBuilds- I just want a quick whiff of unleaded 98
I’m Gen x. I support you. Australia s political class are extremely corrupt. That old guy is full of bullshit. I am extremely concerned for the young people of our country. I have a 22 year old son. I’m voting One Nation. They actually care about this issue.
It was no different 40 year ago, You HAD to have 2 incomes if you wanted to buy a home and you expected to be BROKE for the first 5-10 years while paying a mortgage at 13.5% interest rates (or up to 17%)
yea i cant afford fortnite vbucks in australia and my parents are getting fined 2 grand from speeding 2 grand to pay off house and 1 grand to bills and 1k to our car loan
I'm a Japanese.
Our family visited Gold Coast in 2000.
During the travel, we stayed at my sister's, who lived there as an international student.
Her house had 3 bedrooms and she said the rental cost was only 730AUD/month.
I thought,
'How affordable the housing cost is in Australia compared to in Japan,
probably it's because of its vast land'
That trip was so amazing and has stayed one of the most precious memories in my life.
Today, Japan is well known as a country which has one of the most affordable housing cost in OECD.
I couldn't imagine this at that time.
Yeah Japanese houses are affordable because they build poorly 😅 weak constructions, walls of papers and windows without views. If you want to live in nice property as many people outside japan live in you need to pay more.
Japanese houses are little cages. It's why they're cheap.
You don’t have mass immigration
@@ggerdaggyou ever been to Japan? Or you get your info from racist war time propaganda?
@@ggerdaggstfu you’ve no idea. Do you know how many earthquakes are happening in Japan every day?
as a 19 year old uni student in Melbourne, it's exhausting and almost impossible to be approved for rentals. it's ridiculous. everyone deserves a place to live.
Nah not true, if you can't afford to live in Australia , go live in another country.
@@carbonharmonics Let's see how that goes when skilled young Australians use their talent overseas rather than their home country, then we complain about how we have to increase immigration to compensate for a pathetically low birth rate due to these housing prices.
@@dimitri9496💯 then our economy will actually tank. We have nothing to show for this countries besides overpriced houses. Houses don’t build our gdp.. skilled people do.
Stop being a uni student in Melbourne then, go get a trade or marry a tradie
@@Jefferey04 where are we supposed to get more higher ed professionals in industries? You know the ones that actually move the Australian gdp forward and drag us out of the stone ages? Doctors, scientists, researchers, technologists? If students can only afford to work in trades that will have far reaching consequences for everyone, your children especially.
When a non Australian comments on our housing crisis, now you know we need to sit up and take notice.
It's all deliberate demolition of the society. The government serves a muslim king in Buckingham palace And his U.N Pedo cult Agenda 2030
I lived there for years. Everything in this video is true... but none of you are willing to band together and stop it. Too busy buying worthless crap, over-priced cars, clothing and food... and addicted to social media and mobile media.
Once everyone is dulled down and accepts this as normal, your goose is cooked. I give it 10 years at the most. Good luck to your once fantastic nation; You're not feeling so lucky anymore- it was an inside job.
Its always like that here. Only once a scandal becomes mainstream and an unavoidable can of worms to pop out in the open, then its in the news to inform, late.
Non Australian's commenting their thoughts on Australian issues isn't new, it's just in the past, Australians response would be a defensive "fck off (we're full)". Now you guys actually listening though lol toolate.
I'm an Australian citizen that has lived in Scotland for the last 30 years. I recently moved to Melbourne and the housing crisis is way worse than I thought. The UK thinks it has it bad! Not even remotely comparable. Like the video said, for people under the age of 30, it is unlikely they will ever own a home in the major cities if something doesn't change.
Wow you could replace “Australia” with “Canada” in this video and everything would apply. The parallels are crazy.
You could replace it with "Britain"
New Zealand too. The last regime, which although full of woke wankers and too gutless for a capital gains tax, did stop interest deductibility and tried to build lower cost government housing, with little success. Interest is now deductible again but at least tax cuts are on the table and they're shrinking the public sector.
@@garymalone547 Aren't they funding the tax cuts with debt though? Seems smart...
you could replace it with a lot of countries in the world right now.
There's reason for that, you vill own nuhzing and be appy, you vill eat zee bugz or ve vill re educate you.
Born and bred Aussie here, come from Victoria, lived in WA and have lived in Tasmania for 25 years. After my husband died suddenly 4.5 years ago I had to sell the home we were buying in Hobart because I couldn’t afford
the mortgage and moved to a rural town with a population of around 300. Very rural. I was able to buy a house outright from the sale of my other home. I know I’m one of the very lucky ones but in saying that I have to travel 1.5 hrs to doctors, hospital and any shopping. I’m on a pension but still am out of pocket quite a lot to see my doctor, no bulk billing and the cost of fuel is insane. The general cost of living in Tasmania is higher than mainland Australia and we don’t have the competition here so food etc is monopoliesed by a few. We don’t have mains gas on most of the island so its electricity and the price of that has increased so much. Housing prices here in Tasmania have gone through the roof and our homeless population is growing rapidly.
This video is correct, our once vibrant wonderful country is being run into the ground by greedy corrupt politicians that neither care for our country nor its people. They are all in the pockets of big corporations and overseas investors. I’m saddened that my grandfathers and father fought for this country to have it destroyed by these evil people ☹️
I got off the mains gas here in Sydney. For the price of a second-hand car you can make your electricity bills zero, and for the price of a cheap new car you can make them negative forever (basically in reverse, $200 a month income). Automatic buying and selling with Amber wholesale power, check it out.
I'm sorry for your loss 🫂
From WA and bought in Hobart in 2017 as I watched the last affordable houses in a capital city start to evaporate. I knew it was only going to get worse. Pay here is lower and I have no friends but my main responsibility is keeping a roof over my family so I don't regret the move. I do occasionally have to watch a video like this to reassure myself I made right move. I got there in record time today.
@@castorchua Yeah the only tactic that works (worked?) is to get a mortgage ASAP for something tiny. Then leverage 2 or 3 or 4 times selling up the ladder. Unlike when Boomers were young, you can't buy a family home for your first mortgage - and especially not single-income. Naturally, the Boomers push back that "family home" means something gloriously huge now, and for the most of the 1990s-2000s-2010s. Yes, houses were more modest once. But the combination of commute time-to-work and size has gotten worse, when divided by salaries.
@@whophd It's a four room family home. I used my life savings and bought the house outright. Three years later, the house had doubled in "value".
The effect this had -
- My rates went up.
- We can kiss that tactic goodbye, this was the last captial city you could do that in and that ship has well and truly sailed.
This why my adult kids still live at home. I'm widowed and homeowner. Without their help I couldn't pay the rates and power etc. They in turn can't afford to buy or rent.
sounds like you profit from the dispoioain world your generation has provided for there children
Another big factor is black money pouring into Australian housing from all over the world. The AML (Anti Money Laundering) laws here in Australia are the weakest among oced countries. There were even talks about Australia getting grey listed by FATF. Unfortunately, both major parties are accomplice in this rot. They don't want the prices to stop climbing.
Absolutely spot on. It’s the money laundering capital.
All the pollies own undeclared (on their disclosures of "conflicts of interest" when entering parliament) investment properties!
100%...👏👏👏....Indeed....the money laundering in the housing market across Australia is crazy....too many gangsters / overseas mafia buying real estate in Australia...Australia is a JOKE...I work with security, fraud and investigations, I met some people overseas (South East Asia) speaking about how is so DIRTY the Australia allowing high profile criminals from those countries to buy properties in Australia...some of those gangsters facing a death penalty or life sentence, but they found a way out washing the dirty money into the real estate in Australia (by the way I have lived in Melbourne and Sydney, so many empty million dollars houses..WTF???.).....Government, the Real Estate and Property Developers in Australia are guilty for this housing crisis mess...Do not blame only the immigration...The housing crisis in Australia is like a CANCER, just growing and getting worst....R.I.P Australia....🙏
Because they own on average 3 properties each or close to it
@@gnuPirateHow do they afford investment properties before getting the big pay check? Albo was in housing commission….
I have been living in Australia for just one year for a Master’s program and will return to Germany in 2 months. Therefore, I only had a one-year lease in North Melbourne. If I had stayed, the landlord offered me an extension of the lease at 15% more than I had paid before. Even though I was here for such a short time, I felt the fundamental change in the property market. If I had come just one year later, I probably wouldn’t have been able to afford the Master’s. Australians are such friendly, honest, and hard-working people that Germans could take a leaf out of their book. It hurts that politicians so often forget our young Australian friends. I sincerely wish them all the best.
People with a masters degree not tell you about it challenge **IMPOSSIBLE**
Bro, if I am paying 80,000 AUD for a Masters, abously I have to brag about it. Why do you think I took a Masters degree if it is not to brag
The irony is as someone who grew up in Australia and worked in Germany I genuinely think Germans were much harder workers, honest and reliable than their australian counterparts. The thing that Australians have going for them that I think paves over a lot of things is the fact they generally are very nice.
Being nice doesn’t cut the cheese though and living here I feel a change economically and culturally. A unique brand of idiocracy if you will.
Social systems in many Northern European countries is a lot better than here!
you are lucky to find a rental that accept int student…. my agent would by default filter out student applications…. hope u enjoyed ur stay
Houses here are for manipulating wealth, not for living in.
greed
Imagine having an entire continent to yourself and still have trouble finding a place to live.
Sure when the young have never had to go to war, or to grow up and refuse to live in the suburbs and will only live in TRENDY suburbs.... yeah so rough 😂
imagine only the coastline is bearable to live in
In Oz, you have to cling to the coast because the rest of country is desert. People live in Alice Springs though I don't know how.
@@--delirious--4136 and even there you have crazy dangerous creatures trying to kill you
The British commonwealth countries are the only places in the world where one can buy freehold properties with no restrictions. Yet non-commonwealth countries will not allow outsiders to simply buy and invest in real estate. So, the problem started when Australia (and NZ) opened the floodgates to non-commonwealth country citizens who had a lot of cash, or were able to borrow at below 1% interest from banks in their home country. Like it or not, this is the brutal truth people keep ignoring. Its these peoples from non-commonwealth countries who just keep snapping up houses at any cost. Also these people In NZ they are building really tiny houses at alarming rate, no restrictions at all. Seems to be a lost case where local peoples are being pushed out through legal means.
Well done. I'm a Canadian who lives in Australia and the only Australians I ever see covering this issue blame one political party or the other rather than acknowledging the actual structural issues that both parties continue to endorse.
both are worse, yes. But Labs managed to be really outstanding in this field.
I think the concentration of our media ownership and our tendency to ‘stick by our team’ have exasperated this. The first response you had was ‘Labor bad’ a sentiment which has dominated our media landscape for decades and ignores that for 23 of the last 28 years, Labor have been in opposition. The election they campaigned on rolling back negative gearing to make housing accessible for all Australians they lost an ‘unlosable ’ election. The election they campaigned on taxing multinational mining companies (many of our resources leave our shores royalty /tax free) they also lost the election. Each time our media supported the conservatives campaign and spread fear and doom and gloom about both a mining tax and rolling back negative gearing.
There is also the complexity of being a federation and many Australians not understanding either the separation of powers or how power is shared across state and federal government. This deepens the obfuscation and allows misinformation to thrive. I can’t tell you how many times I have read social media posts of people blaming ‘the greens’ for legislation (or lack of) when the greens have literally never held power in Australia (apparently they are to blame for many of the farming woes faced by rural Australians). Somehow it’s lost on those same people that the farming party (The Nationals) have shared power with the LNP as a Coaltion govt for, as stated above, for 23 of the last 28 years.
I believe many of our structural issues have been allowed to flourish under increasingly poor media representation. This has now spilled out into social media campaigns.
@@ataraxigrace822 Australia has the exact same problem every other western nation does. Neither of the political parties differ on any meaningful issue. When it comes to the debt, when it comes to printing money, when it comes to negative gearing they both agree. Even so called 'conservatives' locked down the economy and forced draconic rules on people in Sydney.
@@antontsau Partisan hack. The problems outlined are true but haven't just suddenly happened but over the last 30 years. The Conservatives have been in power for the majority of that time. Sold everything off. Denied climate change. Destroyed any worker power. The Labor Party has been cowed into submission just to stay in power because at a guess, you have been voting,along with the other wannabes, LNP based on Murdoch's say so. NOW both Parties are standing ineffectually in the face of the problems outlined and the voters are to blame. Well not for long as the Greens absorb more voters from the Left and the Teals from the Right. We all however are in for more pain and I for one resent all those voters who pushed the Liberals over the line every time.
Yep most Aussies are a dumb sort of creature it reminds me of the Simpsons episode where the aliens took over America’s parliament Homer gets whipped by a alien for not moving fast enough to make their space death ray and says well don’t blame me I voted for the other alien, time to realise we don’t have elections we have selections vote zero to all of them as it’s all going to the WEF you will own nothing plan anyway…
TLDR; Cost of rent and healthcare expenses is creating a broader dampening effect on Australian quality of life as a whole.
As a Canadian who moved to Australia in 2009, the most disturbing thing in addition to the housing crisis is the degradation of universal healthcare. In the last 2 years, we've pretty much lost access to no-cost doctor's appointments (it's $40 per health issue for a 15min doctors visit, 80 upfront and you get 41.40 back from the gov't Medicare system). Now add into that that after the age of 31 you are required to have private hospital insurance. Which is so expensive to get the silver, gold, platinum tiers that actually provide decent coverage, that you get the silver then every time you claim - like American insurance companies - they fight you and try to deny your claims and there's a gap to pay, which can be 1000s.
Last year a guy in my team at work rolled his ankle and needed surgery, he could have gone public - but if you're middle aged you're literally expected to use your private coverage. So he did, and he end up having to cancel his family's vacation that year, because it's going to be $2-3K gap with his insurance. He chuckled and said 'Oh well, I won't be able to run on the beach anyway for awhile!'. If he hadn't lost that money on surgery, I know he'd have sat on that damn beach just fine.
For my part - I've had 3 major surgeries at no cost through the public system, but for one of those, I did have to wait 6 months and it probably worsened the condition, but to me, saving $5-7k (cost for gallbladder removal private hospital) was worth the suffering.
People wonder why bars are empty, travel and tourism is down domestically? Rent and increase in healthcare costs and anxiety about possible healthcare costs, which keeps even young people at home, becasue they know they need to save for emergencies - means a less vibrant society. See the music festivals cancelled in Australia this year - and this is a country where festivals used to THRIVE and be a major social thing.
As for rent, it used to go up just $5-15 a year, depending on the area. My rent went up $100 a week so $400 a month this year. I'm told by my asshole Property Manager with dollar signs in his eyes I shold be GRATEFUL my landlord is so kind - other 1 bed apartments w/1 carpark got theirs raised $125 or $150.
I keep wondering, if they raise it a 100 every fucking year - what will I do? I'm a white collar professional, 41 years old, who may have to move into a sharehouse again?? It's disgusting. It's insane, and I feel like it's only when enough middle class families are put in the streets that we will have some kind of pitchfork style revolution. It can't go on like this.
You aren’t “required” to have private hospital cover?
@@Reindeer_jay Well, if you don't take out private hospital (not extras) insurance by the age of 31, the Australian Tax Office will charge you the Medicare levy, so that is taken from your tax return. You're penalised 1000s just for not having hospital health insurance. AND for every year after 31 years old you fail to go to private insurer and get hospital insurance - when you do finally take out hospital insurance, for every year after 31 you didn't have it, the insurance company gets to add 2% to your new insurance premium cost each month.
www.ato.gov.au/individuals-and-families/medicare-and-private-health-insurance/private-health-insurance-rebate/lifetime-health-cover
So let's say like me, you didn't take out insurance until you were 37, (2% x 6years - 12%) now your insurance company (gets to charge you the normal montlhy rate PLUS 12% more for I think 10 years? They do stop charging you the extra 12% eventually - but it's a penalty you have to pay. It's a literal monetary punishment for not taking out hospital insurance after you turned 31.
As a Canadian this disgusts me, we have nothing like that in Canada. We do have private insurance, but it's not mandatory whatsoever. But since I built a life in Australia and I do love it here, I will deal with this bullshit - but it is bullshit.
@@Reindeer_jay the system is skewed so that if you earn over a modest amount and don't have a certain grade of insurance you pay an extra tax (but no extra healthcare), and if you decide to start paying insurance some years after 31 you pay an additional 2% on top of you premium for each year you are older than 31 when you start taking out the policy; so no, you're not forced at gunpoint but you are very much pressured into the stupid system.
An ex of mine worked at a health insurance company. She said never tell the hospital you have health insurance if you go in unexpectedly because of the gap. Why am I wasting $ on this every month?
@@Reindeer_jay Look up Lifetime Health Cover Loading and see the other comments on this thread.
It's essentially forced on you. As a Canadian I find it totally insane that if you don't take out private hospital insurance at 31, every year you don't have it, when you finally do take out the policy they can force you to pay a penalty of 2% for every year you didn't get it.
In my case, I waited till I was 37, so I had 6 years of loading, and the first time I took out hospital cover they happily informed me my policy would be 12% more for 10 years.
If you don't take it hospital cover ever, and you ever make over 80 or 90k a year - you get hit with the Medicare levy. 1000s off your tax return.
So yeah it's not strictly mandatory exactly but they do eventually force you into it if you ever get a decent job that pays over 80k. Which isn't much anymore when 2000+ per month is the minimum rent, and your health insurance is $180 a month for a basic plan.
As an Australian, this is a SPOT ON summary.
It pits my stomach with rage, because our Gov does NOT reflect our people. Like SO many other nations we are plagued by NGOs, Orgs and Management firms who lobby for Big Business. It shorts the democratic process.
Y'all will some bad things about our history, but we're all pretty laid back people, work hard and love foreigners... just like every other nation on Earth ❤
Some people obsessed with finance, Just, want, MORE.
Thank you so much! It means a lot to see Australians resonating with our research.
Hope to see you in our future videos!
You don't need an Oxford degree to understand that if you mindlessly give away money for ten years, encouraging people to go into debt, and then suddenly do the exact opposite, the country will go into disarray.
Australian? Y'all? Sounds like an American to me
The greed in this country is revolting. A whole group of people who couldn’t give a shit about the rest.
The laid back is the issue "She'll be right" doesn't do shit
My ex and I rented a house in 2020 in Sydney for $650A per week. When we separated, she stayed in the house; but when we spoke recently she had to leave because the rental increase had ballooned to $1200A per week (2024).
Another massive problem is that negatively geared landlords are LOATHE to make even necessary repairs. They don't want to pay for anything on a property they are already losing money on! Huge problem with mold in Aus properties too.
Try being an owner-occupier in a building dominated by slumlords. When a basic maintenance issue arises, I have to nag and beg with strata for months to get it fixed.
I feel like beating my head against the wall.
@@ladybirb I feel that having to deal with strata boards is a reason why people prefer detached housing.
One thing that was not mentioned which is (on very good information from someone with over 30 years at the top levels of real estate rental experience) overseas investors buying up houses and land leaving them vacant. Add that into the mix and it increase unaffordability of housing. Why offshore investors are allowed to own housing real estate in Australia while so many other countries don't allow foreign investors to own any land is beyond crazy.
Ya this is something we honestly should have mentioned. I am quite aware and familiar with it and it was an oversight not to bring it up.
As an Australian I find this to be a fair summary. Now try convincing all those investors with multiple properties to get rid of negative gearing and the capital gains tax concession. Good luck. You're going to need it. And yet, if we don't do something, it will literally destroy this country.
Thank you for commenting!
I agree with you. I’ve very pro business but speculating on real estate is a slippery slope.
You nailed it except I would say that the country has been destroyed already.
Let me put two counter points to this.
1. Capital items have been bought with money that was already taxed.
2. Pretty much every cause of property/assets increasing in value are controlled by the government - particularly inflation. Inflation is seen in two ways - inflated prices or lower purchasing power. Inflation makes the asset "worth" more in dollars but these dollars are worth less. And then you tax the sale on top of that? If the govt decided to let inflation run and tax me more on my income I would be pretty pissed. Asset growth is largely a symptom of govt policy but you want to punish the asset owner instead.
The only way to "fix" the issue is to build substantially more property and all of that increase in building should be smaller, lower cost housing. If I could buy a cheap 30m2 studio apartment or a cheap 55m2 2 bed apartment vs renting for ever Ill have the small budget property thanks. 400,000 studios, 300,000 2 bedders and 300,000 3 bedders (ADDITIONAL) would have many effects. It would take the heat out of the market, it would make more affordable homes available to more people, it would significantly slow the rise in values of more expensive properties.
It wont happen though. It is a massive task - we dont have the labour force to do it. We would need to change zoning laws and we would need to build out more transport infrastructure. If it could be done in 10 years though it would completely change the landscape.
Remove negative gearing, and mum and dad landlords will sell their rental properties and they will be bought by corporations, who will use all expenses as deductions, and rents will skyrocket even more.
Main issue is immigration. 750K to 1 million per year is unsustainable, and local Australians competing with wealthy migrants who have high paying jobs and wealth to but the properties. Not enough schools, public services and medical services for Australians if we bring in $1million migrants per year. Also many Australians choose not to work and on welfare, but plenty of jobs around. Sydney and Melbourne, Australia's largest cities only have about 4-5 million people, so we are migrating almost a quarter of a Sydney or Melbourne to Australia every year.... This does not add up to a good housing situation.
I only earn $100k per year and only one working in my household, but we took a RISK and invested in properties, and recently sold a few and have over $1million in the bank now.... Interest we now earn on that is over $50k per year with current high interest rates
It is all about decisions. Plus many older Australians will start dying soon and their properties will go to their children, so they will be able to gain wealth there. If your parents have been on welfare for most of their lives and renting, then that is bad luck for you.
@@yt.damian I agree with you. Too much whinging in Australia at the moment, and blaming small property investors who are reason rents are not higher. Imagine if negative gearing removed, and they all sell their properties, it is corporations who will buy them. At least small investors do care about their tenants more. We could of increased our rent by so much more, but we didn't because our long-term tenants we care for also.
Inflation and huge immigration numbers do not help, as 95% of migrants that come here, are already wealthy and bring their wealth from their home lands, and can afford to buy a house, and willing to work hard or already very educated and high earners. They don't have Art degrees, they have degrees in professions that pay.
Imagine how landscape will be when AI starts taking away most jobs.
I am glad I invested in property early, and My parents in their 90s also have loads of property and wealth which we will inherit too.
When making financial decisions, one must think of their children's future too.
Finally, Politicians are big property owners too.
I moved here to marry my husband and I’m still in so much shock at how difficult finding a rental is. I’m so scared of losing our current place because there’s absolutely no guarantee we’d find a new one in time when there are dozens of people at every viewing. Buying a house? Hilarious, maybe if we moved back to America but certainly not here.
I'm not even Australian and I find this situation incredibly frustrating for the younger generation and future generation. What a way to destroy a country! It seems to me the current land owners and politicians care nothing about the long term prosperity of their own country. It's all about the here and now and what some can gain at the expense of others. This is bound to lower the overall quality of life of the country.
Yes indeed, slightly gutting 🤢
Yep. As a Gen Y Australian i mean nothing. Who do they think is running this country going forward?
Thankyou 😊
for many years now ive been frustrated with both governments, we had the natural resources to bolster our economy but we wasted it instead of investing in domestic innovation and as shown in the video out GDP "growth" is abysmal, we've been sitting on our laurels and watching our country waste away in an attempt to keep the old folks from getting their knickers in a twist if we touch their housing investments.
@@ryanpzy9336
They don't care. They'll be dead.
They'll sell their house to an investor for 6x what they paid for it; go on a world tour, live in a nice retirement village for a few years and die.
Yep can confirm, I live in Sydney and will be nudging 150k for my yearly wage and can’t afford to live here. In other words, legitimately clearing 2k a week, that’s equal to 104k clear cash for this financial year and it’s not enough to live here. So I’m out, leaving Sydney over the next few months and moving back with family in Melbourne 🤷🏼♂️
The result is that Sydney and most of NSW is losing young highly trained and skilled people, only to be replaced by cashed up immigrants or new arrivals that are happy to cram 10 or 20 people into a single dwelling.
The birth rate is also plummeting and at record lows due to the non availability of adequate housing, unless you’ve got 2M plus to spend. Government’s solution is to crank up immigration causing more pressure on housing and so the merry go round continues at the circus.
Throw in local and foreign money laundering amounting to hundreds of billions of dollars that’s pouring into realestate, and most politician’s extensive property portfolios, your average Aussie hasn’t got a hope in hell. Basically we’re all fucked here unless you’re a multi millionaire 😕
Remember "Come into my parlour said the spider to the fly" but in Australia's case 26 million people's idiot leaders say to the world's 6 billion 974 million "Come into my parlour said the FLY to the SPIDER and buy, buy, buy never mind about the long suffering locals."
This place won’t be the old Australia much longer. Might as well give the reigns over to China or India
yeh nah
Keep crying
If you can't live off that, you're doing something very wrong.
It's interesting that Airbnb wasn't mentioned as part of the rental crisis. We live in an area of the country where there is almost zero immigrants, and 10 years ago half the town was either for sale or rent, but now every home has been purchased and turned into Airbnb and it's the same in surrounding towns. The government changed the laws and restrictions surrounding Airbnb somewhere around 8-10 years ago and it's having a massive effect on the availability of rental properties everywhere in the country.
Less than 2% of the housing stock is used for Airbnbs, which is c.a. 160k of the 10m dwellings. In contrast, the current migration intake is 2% of the total population each year (!). Using an average 2.5 people per dwelling metric, Australia would need to build 200k new homes just to cater for the incoming 500k permanent residents each year.
@@fejgul I'm not sure what other Australians would say, but I can assure that in my area it's having an absolutely massive effect on rental accommodation. There simply isn't any and I can assure that Airbnb is the reason why.
"Absolutely massive effect"
That's simplistic thinking.
@@andrewst9797 I used that term because the problem is affecting the entire state and I don't imagine that other areas of the country are immune.
@@blackie75 AirBnb definitely disproportionally affects certain areas. Jindabyne for example is a regional town that sees very little migration, but has been hoarded by investors running Airbnbs that make it totally unaffordable for locals/workers to buy or rent.
as a person that was born in sydney i can 100% say that I HAVE NOTICE EVERYTHING BECOMING SO EXPENSIVE SINCE 2022
with the global economy being so uncertain nowadays, moving to a new country can feel like a huge financial risk.
With prices seemingly going up on everything, I'm not sure how to protect my finances.
Definitely. They could help you assess your current financial situation, develop a savings plan, and even advise on investment opportunities to help make your dream of living in Australia more attainable.
Please how do I find a genuine financial consultant?
That would be ‘NELSON MAYNARD FISHER’ Just research the name. You'd find necessary details to work with to set up an appointment.
Exactly. With their expertise, you could feel more confident about taking the leap and making a life in Australia, despite the challenges posed by the global economy. Thanks for the tips
I lived in Australia for 61 years before leaving to live in Europe. Australia has mastered the art of speculating on real estate. People are incentivised through the taxation system to invest in housing which forces up prices. The whole failed system is one big ponzi style housing scheme. Australia does not regard safe secure and affordable housing as a human right. It's largely through housing that Australians create wealth and so its extremely difficult for any government to make much needed changes to the system. Nor does the nation understand that safe secure and affordable housing improves peoples' lives, creates strong and more resilient communities and economies. What's more the tenancy laws fail to offer people security and exist to benefit investors. The system has failed and there will be long term social implications as a result.
One thing that you have failed to mention is the billions of dollars that are laundered through property here in Australia, you only have to attend an average auction to see the "buyers representatives" that are out biding all the people present on behalf of their criminal employers!
We were first home buyers and the only way - I kid you not - we could secure a place was through a buyer's agent.
Funny how tranche 2 AML still hasn't been rolled out. Wonder why...
20 years ago I could live in cheap share accomodation in any suburb of Sydney, now its impossible, I feel sorry for kids who want to leave home and start life, its a nightmare currently
Yes, studio apartment in Manly on eastern hill $250 per week in 2004, share house on Queenscliff headland 2004-6 for $100 per week.
This is what happens when housing is treated as a commodity, which is a worldwide problem.
Not in Cuba. Housing is a "human right" there, yet the buildings are in disrepair with no basic utilities.
I worked in a large hardware store as a messenger boy during the 1950s. 99% of the items sold in that store were made in Australia. Very good quality goods. I still have many tools I bought back then. I have an Australian made electric soldering iron that's over 70 years old that still works better than any soldering iron on the market today. I was paid the equivalent of $5 a week. Adult wage was $16 a week. Rents were on average $1 a week. A good quality highest house costs $600.
u spent 1/16 of an adult wage on rent? 1 wage? OMG we would pay $15 a week.. rent is more than one wage
I have never visited Australia. I used to live in Vietnam and want to give my perspective as an outsider. When people talk about Australia, they normally associate that country with an easy international educational acceptance. What I mean is: that people will try to send their kids to the US, Canada, Singapore, and the UK first before trying Australia. They know Australia is the easiest country to get in, and they will try it as a last resort (if they fail to send their kids to every other country). I did not realize that easy policy could cause a significant housing problem until I saw this article.
That is true, but the first resort is always US and EU, Canada and Singalore etc fall into the same category as Australia. EU has extremely capped international students intake because we pat our kid’s education through tax unlike the pther countries mentioned here.
Very true because international university students are a big part of the economy, if you can believe that. Should have heard all the universities bleating when borders were closed, it cut off their money. International students are a part of the challenge but not the sole cause.
Thank you for this interesting bit of info. As an Australian I heard something recently about the government attempting to crack down on international students coming into Australia - because so many falsely come in on student-visas as a way to find work and permanent residency. At the same time, tertiary institutions often heavily rely on international student applications to stay afloat - which is unfortunately why they are run more as businesses than as places that care about education.
Australia is a beatiful country for travellers. It's safe, and it offers different climate zones - you can have rainforest and tropical areas, you have sea and beaches, you can have deserts and the outback, but also mountains and a similar climate like in Europe in Tas.
I tried to live there last year, unfortunately rental and property prices forced me to return to Europe. However the nature and the landscape in OZ are really beautiful.
Australian here, and also a renter stuck in the midst of the housing crisis. The argument that urban sprawl is being stopped by "NIMBYism" is ridiculous. The real "NIMBYism" is people blocking densification within their suburbs - not urban sprawl. Blocking urban sprawl is a good thing - Australia's urban sprawl comes with a plethora of social issues such as car reliance, urban heat islands (50C+ in the summer...), antisocial/loneliness issues, huge commute times, and so on. And worst of all, they contribute to Australia's environmental crisis - with half of Australia's threatened species predicted to go extinct within 100 years.
The NSW Government, who aren't exactly progressive, have even recognised this, and their housing strategy revolves around densification near train stations and existing brownfield sites. I know you mentioned this, but then went on to say those who oppose sprawling, lifeless, destructive suburbs as 'NIMBYs' - just straight misinformation. Sorry.
Worst part is the dramatic change in culture. It used to be such a fun and optimistic place. The Covid lockdowns revealed all we needed to know. The lies around the deaths by NSW health have been exposed as they tweaked the data to justify the lockdowns. They even made it illegal to use off-label ivermectin and then released it after the forced jabs. Disgusting.
Great comment. I find most of suburbia is completely soulless and people are enslaving themselves to pay for it.
@@dcau1 the areas with newly built highrise dwellings are equally as soulless and have the same environmental and social issues as desolate suburban areas - defective builds, social isolation, higher energy usage, underfunded amenities.
The problem is population growth - suburbia was working fine until the beginning of mass migration 20 years ago.
After moving to Bali, I can afford anything 😂
Thank you for this comment - am glad to see somebody addressing the environmental impact. As a country fortunate enough to have such beautiful natural topography, it is something we should work with, not manipulate. There is no need.
you're all getting it wrong, its not that these govts are ineffective and this outcome is unexpected, the reality is that the land owning class is also the ruling class and theyre setting up rules to benefit themselves
Prime minister owns 3 or 4 houses ?
@@brucethomas5123 his donors own entire neighborhoods
whats so bad about that, they, bought it fair and square.
The government has massively increased migration to try and increase taxation to pay future pension obligations.
@@kingsanchezde691 its fair for them. Not for anyone else.
Lived in Melbourne almost 28 years ago. Bought a 3 bd 2 bth house for AU$150k. After moved to US, sold it for AU$230k and very happy to make a ‘big’ profit. Now that same house worth more than 1.2 millions on market. My spouse complained me for selling it since the Australia house booming starting a decades ago. I am happy living in US, for that everything is very much more affordable compared to almost all other developed countries. Of course there are down side here in US (safety, racism etc). I missed the old golden days in Australia, everything was cheap, easy going good life, it was really what they called the ‘Lucky Country’ - not sure it is not anymore as I am not living there now. I certainly cannot afford to move back there.
where are you living in US now?
You can name this video 'Why Living In Canada Is Impossible', replace Melbourne and Sydney with Toronto and Vancouver and all the issues addressed will still apply.
But you're a bit more woke than us - though we're nearly there.
Yes just like England ,Canada and New Zealand and USA and they often follow the same masters!
@@infodaynightconv1445 And here in the UK - corporations, local government, arts and media, education sector all trying to outwoke each other. Though I'll be glad to see the back of the incompetent, corrupt, irresponsible Tories - I have fears of the incoming Labour government joining the outwoking competition.
This is world wide not only AUSTRALIA’S PROBLEM .
@@infodaynightconv1445 you lose all credibility when using that word for everything. You sound like an idiot
I moved to Australia a few years, its really shocking to see a country this size with a very little population suffering of a housing crisis. I feel sorry for the younger generations being deprived from owing a home because of some greedy politicians and rich people are writing the laws in their favour.
All done deliberately by the government, creating artificial demand by not releasing land for development in spite of abundance of it.
Tradies are very rare so they can charge what they want so even trying to get a new build is crazy and risky.
All thanks to ineffective politicians.
Australia is a highly urbanised country. It's not surprising
Half the country is inhabitable
Civil disobedience in Australia should be a moral obligation .
We younger generations have been brainwashed against violence. Reality is most positive change in terms of worker/peasant/slave rights has in part been due to violence or the threat of violence…yes peaceful efforts too but there needs to be some threat of a bite behind the bark.
I think migrants should be tested on manners and hygiene. It's true that many are hard-working, but totally lack of respect to others and have extreme dirty habits.
Too many greedy real estate agents and too many immigrants!
Over 90% take up of the jab. Australians are sheep ! Australians pay $1100 fine for not wearing a seat belt . Australians have been brainwashed. Remember the $6500 covid fine is you dared go for a walk during lock down
It was back in the 1960s. The Baby Boomers changed the world. In the 1980s foreigners were allowed to buy real estate in Australia. And the average person can not compete with wealthy foreign investors... Many homes are unoccupied because they are simply a medium of investment to be sold when prices rise. Half of Mayfair in London is vacant because of investment buyers.
This is a new phenomenon. I was raised in the 60s and 70 s when Australia was a backwater nation in global terms and in accessibility. Housing was just part of life and achievable. It’s now turned into a luxury and each owner insists on making exorbitant profits on a sale which can only be fed by immigration. This will not go away for a couple of generations because Australia has the luxury of space and keep simply importing people who will inevitably keep buying homes filling the pockets of us greedy property owners. Australia might be a safe place to live but it’s not the best place.
Left Australia in 2015 to live in Bali. I bought a 2.5 acre coffee farm in 2020 for AUD$50,000 that produces $3-4k ler year in produce. The mountain view is simply gorgeous. Currently building my dream cabin home and a small restaurant for my wife. Add $100k. Annual land tax is AUD $50!😂 Never going back to Oz.
How do you stay long term? I read that you have to keep applying for a new visa every 3 months? And how are they letting you build on the land?
Thanks, but that doesnt help us.
@@relaxation-Corner I'm married to a Balinese woman so my visa is only once every 5 years now. We cut down whatever trees we want to make room for the house and build it without constant government interference...think Australia 100 years ago😁
@@eurekaelephant2714 sure it does...one less person competing for housing😉
Smart 🤓
Being a dual citizen, US and AUS, I can say reading through these comments that they are a very accurate assessment. I myself have recently moved to Thailand to remove myself from all the circumstances outlined in the comments. Here's a story from the past.
I first arrived in Sydney in 1996 and wound up in Willoughby. I was curious to look around so I went to a real estate office and saw that the houses that area, which were quite high quality, in the US might have been $350, to $500 US, were 125 Australian, which amazed me twice because that was also about 20% cheaper just on the exchange rate. So I asked the real estate why it didn't seem many houses were for sale. He told me that a Japanese had come in and asked how many properties were for sale. He said, "Twenty-one." The Japanese buyer said, "I'll take them all." I returned again in a year, and the median had doubled to around 250,000 in that one year.
So today I just checked and median property prices over the last year range in Willoughby are from $3,219,000 for houses to $1,200,000 for units. Same everywhere. When I left about 9 months ago, ANY property listed was gone in 1-3 days. It just seemed like any property that became available was being bought by people with nothing but money, and forget about anyone "normal."
So yeah, real estate in Sydney is out of any normal person's price range by a wide margin and never going to return. And while you are at it, rentals are practically impossible to find in any desirable area, and the outer country prices just seem to have adopted the same pricing to a lesser degree. It's quite the conundrum as outlined by many.
Australia = Sheep capital of the world
that "I'll take them all".......
I grew up in Willoughby in the 80's-90's. I returned to Australia 2 years ago, after living overseas for 15 years. Wasn't looking to move back to Willoughby, but wondered if anyone I grew up with (including me) could afford to live there anymore.
@@joshuafalken3312 sort of doubt it, but you might be able to find a share accommodation. Sydney is tough anymore.
I used to live in Victoria (Melbourne) and cheapest rent I found was about $450 a week. I came back over to WA (perth) at the start of 2020 and the rent costs were going up from what used to be about $350 a week is now easily the lowest price of about $800-$1000 a week. That’s just rent. Back in 2019 the cheapest loaf of bread in Cole’s was 90c and it’s now about $2.40 and maybe more (I don’t know any more of an increase as I’m homeless now and stranded as my car has not started for nearly 2 years now). But don’t even worry about the cost! Trying to get a perm visa is close to impossible! The gov is not much different than the UK. If you do evil or are evil or promote evil then you can freely walk in but if you are honest, good and do things right then you are shunned! Islamists, pride folk, cross dresses who call it “trans” are all welcome! So trying to live in Australia is insane!
I used to live in this 2 bed 2 bathroom townhouse in the heart of Wollongong in 2020 and paid less than 450 a week for the place. I moved out in 2021 and now I've found out the same place is being leased out for 700 a week.
The system is broken beyond repair.
$700 a week for the entire house or 1 room?
@@et8633entire house. That's not cheap for 2br 2bath
nice try mate but Wollongong isn’t a real place
Wollongong on a global level is literally gold. A city like Wollongong, beach next door, European demographics dominate, in the USA or Europe, you would be paying $2000 rent per week.
I'm from Gong and had to move to Perth because it's literally become as unaffordable as Sydney. Miss home so much 😩
It’s actually cooked what’s happening to your country. It’s a big reason why lots of Aussie’s don’t wanna be here anymore. Cost of living is driving everyone into the ground.
With very high population density, Seoul, Busan, Osaka and Tokyo have better affordable housing than any developed cities. This is mind blowing.
cuz the houses are small and tight but
Less immigration. Dont have to compete with outsiders.
Would you like to live in a tiny apartment like in Tokyo?
@@patrickwilliamson29it doesn't have to be tiny and yes, I think many would take an apartment over homelessness or never being able to buy a home. It's fucked up to pretend otherwise.
@@patrickwilliamson29 Yes. I am single and never at home- either at work or gym. I just want somewhere to sleep FFS.
It's always fucking real estate... No family should have more than one home and companies should be banned from owning housing.
4,700 homes across Australia were bought by foreign investors in the first three financial quarters of 2023.
That's not much.
That's barely anything
So hundreds of thousands of houses get blocked from being developed by real estate lobbyists and you're worried about the sub 5000 being bought up by foreign investors?
A drop in the ocean, probably a small suburbs worth in the whole of Australia, would not make a dent in anything, alarmist!
How many in the years before they changed the laws?
Here in Western Australia the homeless and vehicular homelessness is out of control. I myself am facing a predicament next year when my lease is up as the property is going on the market and rentals are either overpriced or non existent.I walk and ride passed people everyday sleeping in parks and sports grounds. Not only that but Aussies just aren't the same anymore they have become sheep.The "She'll be right mate" attitude has cost us dearly.The Australia that I loved doesn't exist anymore.
Yeah, sadly gotta agree mate.
Us Aussies used to make good on our word; call it as it is, help a mate out, work hard, and have integrity. That's all gone, True Blue Aussie's are a dying breed. We're becoming greedy, whiny "what about me" Americanised puppets.
My Father is also a blue collar worker, and we are from a immigrant background.. We especially my parents work very hard with integrity to try to make a living and afford a home for us. And we are not even of Aussie descent yet still, we try to follow as much as possible the most integrity out of everything.
Australia = Sheep capital of the world
I immigrated to Canada in 96. It has changed so much. Seems like everywhere you look people are experiencing this modern day plague. And it’s 100% engineered misfortune. A total waste of potential.
Australia and Canada are run by governments who drive policy (often based on feelings/what sounds good) that results in these problems, and instead of reverting they instead add further inefficient and costly policy to try "fix it".. I.E Electricity prices are through the roof thanks to inflation, lack of investments, over-taxation and "green energy" policy. But instead of reverting, they spend billions of dollars to give everybody $300 of their electricity bill for a month, which further adds to the deficits/tax payer expenses and never solves the actual problem. The incompetence boggles the mind. Not to mention that our governments no longer admits to their mistakes and the mainstream media protects them rather than holding them to account in order to stay in their close circles.
Australia right now is the most expensive place to live. A house around the corner sold for 3 million AUD. It has two bedrooms, 1 garage, 1 bathroom, close to no backyard, and two stories with it having a small block of land on a busy road. Think about that for a sec.
there is no way i cn live in that dump in 2 life times.. the family of a doc can not live in that who can? bill gates?
@johney3734 The Australian immigration control let a bunch of people in for some dumb reason jacking up all the prices for property like it wasn't already high before causing little to no houses or property for actual australians.
I visit Australia quite a lot. It’s really interesting to hear the same nonsense spewed out about the ‘benefits’ of mass immigration that the Europeans have been fed for the last few decades. I calmly tell them to visit any European city that has allowed insane immigration levels to witness first hand the devastation it causes to communities, housing and infrastructure. Australians standards of living and quality of life is being deliberately destroyed on the alter of Globalism at a rate that is breathtaking to see. I was going to retire there but I have shelved that idea now as it will soon become the same toilet Europe is sadly. A crying shame tbh.
Exactly. Lazy and inept governments have been using high levels of immigration to prop up the GDP for nearly 30 years now. And our standard of living has taken a nose dive.
From traffic congestion, to wear and tear on infrastructure, to hospital wait times, we've sent Australia down the drain.
Somewhere in the Far East is looking better every day.....
@@davidbrayshaw3529 Smartest comment on here
@@THREEFIFTEEN315F Except TH-cam seems to have deleted it. What did I say wrong!
@@davidbrayshaw3529 Your comment was about GDP from immigration being a focal point of governments here for last 30 years.YT been doing this a lot since war against ad blockers.
There is so much dishonest reporting of this situation in Australia due to people's generational/financial/political biases that this video is very refreshing. You've done a great job describing the situation accurately.
Agreed @user-vv9hc8ly6u, @2and20 great job on delivering a very unbiased factual & insightful piece. The productivity decline is also evident in many local industries connected to the property markets. Our governments continued reliance on the Construction sector to draw-in the monetary injections from overseas required to stimulate our own economic performance (especially since the end of the "mining boom"), has caused such a squeeze on local operators that are labour intensive, this is also the cause of the very low wages growth experienced by everybody. The large tier builders in town (Melbourne is my example), fear that when the overseas investors decide somewhere else is more valuable & stop investing here the industry will collapse on itself. They have shown this through their willingness to tender to overseas investors' demands of maximum fixed cost contracts, simply to secure the ongoing cashflow required to sustain the wages & in--turn labour capacity. This was also evidenced by Probuild's recent demise. If this were to occur, we all may be forced to go overseas to find reasonable work prospects??
Trying to survive through winter even in a very decent home is like trying to survive the ice age, can’t even put on the AC to heat things up because it’s so unbelievably expensive, Australian homes aren’t built to keep us warm or cool
It sounds like the houses in South Africa,and with our extreme climates,we really need double glazed windows,and better insulated houses. I've noticed that in the UK all of the houses have double or even triple glazed window panes,and they are so good isolated,if you close your window,you can not even hear the traffic in the street below. It seems as if this "poor insulated houses problem" is a Southern hemisphere thing😮
Exactly
I lived in OZ as a carpenter in 23 (originally from Europe) and I built new homes then. Even the new homes are insulated quite badly, and most of the windows we had to build in were inferior to European garage windows.
Australian houses would be illegal to build for structural and energy efficiency reasons in most EU countries.
It's a beautiful country, and I'm still sad I had to leave again because it was almost impossible to buy a property and also very expensive to get a rental.
Modern Australian houses are mostly shacks with nice paint.
Most will start falling apart within few years of completion
Cheap, low quality, pile of timber, gypsum and brick
in the wise words of Jar Jar Binks, Meesa gon live in my car
Yeah, I hate it here.
Suburban sprawl is terrible for the environment and quality of life, but everyone is so terrified of densifying partially because they're all clinging to the picket fence and backyard dream, but also because the body corporates that you get in multi-dwelling buildings here are timewasting, inefficient and expensive. Even a 40+ year old apartment building like the one I work in charges $170 a week in body corporate fees, on top of which you still have to pay your council rates and utilities. I'm very in favour of higher density living and urbanisation but there needs to be serious changes there. Of course, the problem with the ever growing suburban sprawl is that nothing is being built into new developments but houses and an occasional shopping plaza that holds one supermarket and a handful of smaller retailers at best. So you're left with a cold, lifeless place to live with no scenery, landmarks, culture, nightlife, or activities, absolutely no public transport, a 75 minute commute to work and a 20 minute drive to the closest beer.
Our biggest export is mined materials, and yet we let mining companies make billions off our land, pay higher prices for it as consumers than other countries, and let them get away with paying no tax or royalties. Instead the tax burdens are passed onto the average person through income tax as well as some of the highest taxes on alcohol in the world. You can't even afford to be an alcoholic on the average wage here anymore.
This place is cooked, and there aren't many options for people my age that aren't cushioned, wooden, and nailed shut.
You’ve clearly done you’re research with this vid. It’s much more accurate than a lot of analysis we get in Australia, where we seem to be talking about everything but the root causes which you’ve outlined here very clearly. We have a collective delusion in this country. I would only add that Australian housing is known also very attractive as a vehicle for money laundering due to lax oversight.
I'm a 20 something in Australia and it's becoming increasingly more depressing by the day, as the prices run away from our wages it feels like the goal posts will just keep moving further away... What's the point in trying when investors will never stop driving the price through the roof
I live in Melbourne. I bought a house 5 years ago to start my little nest egg get married start my family, work my arse off to build my business up. Here I am, every single day waking up to provide for my family aswell as pay wages to my workers the tax office just rorts us here businesses get taxed twice. I do 10-11 hour days every day in my small business as a bricklayer yet at the end of it all I’m left with nothing. As quick as it goes in is as quick as it goes out, builders cut our rates down too and expect quality to be better. 80% of the time I’m left wondering if what I’m doing is even worth it.
I feel you brother. Stay strong. Think of your family, but keep your eyes open for opportunity. Rooting for you mate 💪
@@senseiseagal1983 that’s very nice of you man ! I do all I can for them but it is getting really difficult. All I got is God to take over my life now. 🙏
@@r.mhaych5021 God bless you brother for your hard work to feed your family.
Ouch, maybe get financially stable before having kids 😂
@@Mike-pb7tk Stupid comment award, come and grab it bud
You forgot the part about rampant corruption. I sincerely hope smart young people start emigrating from Australia. There's nothing left here but speculating in property and selling rocks. It's too broken to fix I'm afraid.
Mass immigration: the gift that keeps on giving.
OMG. This is literally a copy and paste of Canada's problems videos. The parallel between the two is incredible. As a Canadian whatching this, I felt i was whatching a video from my Country.
Ya they are super similar. As we did the research we couldn’t believe how similar they were.
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Is insane how similar they are.
@@2and20for sure! Subscribed! And i will mention additional simmilarities maybe ur aware of already. They both have oligopolies in the same sectors too, banking, grocery chains and i believe in airlines too if im not mistaken. The same sectors Canada has Oligopolies in and too much consolidation
😂feel the same way, Australia is just a few years behind Canada ; I also heard some migrants who live in Canada for long time , they have decided to leave due to cost of living and crimes , is it real?
I'm a Canadian who lives in Australia so I can honestly agree.
I'm disabled and currently unable to work. You got no idea how hard just keeping a roof over my head is. Last I calculated it, rent is around 65-70% of my government allowance alone. This leaves me with 30% of my pay to spend on utilities and food. You can probably guess that this isn't enough. I am forced to choose between bills and food, and as bills continue to rise its leaving me with less and less food. There are weeks where I have eaten only rice and buttered toast and still been unable to pay all my bills. I've received countless eviction warnings and I'm currently 6 days behind on rent, then I also have to get the car fixed up ($$$) for registration renewal ($$), a license renewal ($), and my rent is increasing by $50 a week, all by next month.
I've been told to move somewhere cheaper, but I can't even afford that! Nevermind a down payment, I can't afford a rental truck to move furniture, because at the end of the week my savings are negative (not that I had any savings to begin with). Living here is impossible, and it's impossible to leave as well.
Don’t worry, more immigrants will come in to displace you and drive up prices more.
Very sad and many in the same boat or worse but the worst part is nobody cares 😮
Your only option is public housing, that’s how I got out of the prospect of homelessness. They will connect you with services to help you move if you’re lucky enough to be allocated a property. I was lucky enough to find a storage company who offered me a free truck to transport my belongings to their storage facility whilst in temporary housing. God always makes a way for you if you rely on him.
@@manalibrahim9638 there is absolutely zero chance of landing a government house, zero.. there is a waiting period of 15 years currently
Insane how this is possible in one of the wealthiest countries in the world, with SO much land mass to build on. Rent should be the least of your worries.
I’m from Belgium myself, a tiny country bang in the middle of western europe with barely any land to develop on and still somehow rent is much more affordable here than there.
We ended up here because systematically, politicians started working for big corporations, and not its everyday citizens.
Australians, used to the good life and having previous reasons to trust government that looked after the people, did not see the writing on the wall.
I tried to warn people 15 years ago, then ten years ago, then 5 years ago, because I COULD see the writing on the wall.
"A country descends to hell in fractions of inches" is what I wrote 8 YEARS AGO.
Now that we are time poor, coin poor, and health poor, greed and power have us right where they wanted.
But do they?
Get up off your knees Australians.
FIGHT BACK!
WORLD, Fight Back!
Even aliens are rooting for us! Stopping nuclear weapons going off etc. (Probably).
Northern Sydney resident here. I've been brought up in a fairly well off area, and previously my family has never had any issues with cost of living. After Covid however, we've had to make massive cuts as loan repayments and cost of living increase drastically. We originally planned to buy a new car in 2022, but we've had to sell one and keep the other, a rapidly ageing 2005 Outback. Our home's value has increased massively from about 1.5 million in 2007 to well over three million now. This all means that i will likely have to stay in this home well after i finish high school and, hell, probably after i finish uni too. The only hope i see for owning a home is through inheritance. Despite all this, recent plans to create large apartment complexes around railway station have received massive backlash from the community, most of which either fail to realise the harm this procrastination causes or simply don't care. Urban Sprawl in Sydney simply cannot continue, as the west of the city is basically a massive floodplain and it's surrounded by mountains on all sides.
It’s quite sad the pushback against development. It is also extremely selfish.
Folks get to benefit from the appreciation of their property and have a roof on their heads, but concurrently prevent others from enjoying the same liberty
I presuming you're from the Upper North Shore? Somewhere around the Gordon-Roseville area due to the railway station and building apartment comment.
@@lbell9695 spot on. i'm so tired of seeing all these anti development posters on bus stops, street signs, etc. "save us from high density over heritage" and the like. yes, there is significant heritage but i do feel as if heritage protection is abused to prevent high density
@@goldcoast8549 I'm from the same area and I agree. Our neighbours are really like that and Ku-ring-ai council really is full of NIMBYs. Heritage properties should be protected but not every house around the train station is like that. I'm a uni student and can't afford to live elsewhere too.
Won’t be long until $3 million AUD will be worth a couple hundred thousand USD, we are starting to look more and more like developing south East Asian nations like Thailand and Indonesia.
last financial year i earnt over $100,00 dollars. I was so proud of this. I thought back to my childhood and I would consider myself successful for achieving this. I'm 28 and had to move back in with my parents, struggling to save for a house deposit.......wtf
Australia relies on mining, immigration, international students, meat and wine for its income. In terms of technology and development, we're basically a 3rd world country. It just doesn't look like it.
The current system with property is designed to benefit the rich - people who own a significant amount of properties at the expense of the majority.
sadder still, royalties from our WiFi technology ran out a year or so ago, and that was almost entirely funding our R&D Budget.
Those in charge of that area (I cant for the life of me remember the name right now) warned it would stagnate research and development if not boosted/federally funded. Now, after such a short time, we're already experiencing a shortage in meaningful technological developments in an age where AI is becoming more commonplace (what Im trying to say is, there's an opportunity for meaningful growth and development, but we can't contribute).
At this point, (in my honest view) Australia should be one of the leaders in Climate change technologies, Bushfire fighting/prevention, and a leader in green energy. Instead, we're still relying on such outdated methods of energy generation and lacking sorely in any meaningful technological development (see: NBN). All of our experts in the technology field are seeking better opportunities in other countries, because they're not supported at all here.
At this point, Im just waiting for it to come crashing down. What little feelings I held of seeing my beloved country succeed are quickly becoming feelings of hopelessness.
I visited Melbourne over the weekend and the amount of homeless people begging for money shocked me. They were literally on every street corner in the CBD. So sad 😢
Go over to Victoria Street in the suburb of Richmond, and you'll see more of them. As a bonus, many of these folks will also be heroin addicts...
mental health issues underly a lot of homelessness.
Everybody can have a home in Australia, but if they want to behave badly and smash up the walls and windows then they will find themselves Homeless.
There are 'homeless' people in Mandurah who stand at traffic lights near the city centre asking for help.
It is fairly well known in the community that they live in houses close to the traffic lights and are just opportunistic drug addicts.
They the homeless u see in CBD are the drug people😂
I'm Chinese and live in China.
In my experience, Australia has been a destination for students from rich families (especially those with modest academic performances) to apply for college and buy property afterwards. I'm not bashing Australia's education or the oversea students, that's not my intention. I love Australia and would love to visit someday.
If it's the same case for immigrants from other countries as well, then the property boom would not be a surprise. I imagine it would be tough for the local young generation, isn't it?
The generation who are coming up now (0-14 year old) have almost no chance of home ownership unless they inherit something. Unfortunately its not like China where you guys have huge building complexes that are completely empty but ive heard you guys have your own issues with property ownership too, only in a different way.
It also doesn't help that the cost of everything else has gone up too which eats into people's ability to save for the down payment.
It is astounding that overseas students can still afford rents here.
@@KipKil1igan Yes, we do, big time.
As of now, the urbanization process has spread high-rise apartment buildings(which you might call flats?) all over the place, which has its pro's and con's, not even to mention some giant developers find them in deep debt and fail to deliver apartments upon which down payments have been put down and monthly mortgage have been made.
It's popular amongst the Gen Z to give up on the idea of home ownership and stay single, hence low fertility rate. Should the current situation continue to gain traction, they will run out of young people to sell the houses to.
Don't be fooled by the Chinese students you see in Australia, average Chinese definitely don't have that kind of financial opulence. Most people work tirelessly to save money towards a house and never go out of China.
@@ErnestPiffel Rents? Are you kidding?
The Chinese students there could easily purchase the entire street if they want.
@cnzaqdfrut9661 yeah i remember watching a video that was explaining how the property developers in china were taking money for houses due to be built, then using that money to go into other projects and people were paying mortgages on apartments that haddnt even started construction yet. Then those companies went bust. Both of our governments act like theyre the better one but in reality theyre much of same thing in different shades.
As someone who has seen DOZENS of rental properties (to live in, not as an investment) life has never been bleaker. It is straight up impossible to find a place to live in terms of affordability and demand.
The greens party is the only party that has offered a comprehensive plan for infrastructure and housing, and doesn't have most of its members using housing as an investment to be safeguarded. I'll definitely be voting for them.
I was a Greens voter until Covid…when they pushed for a certain mandatory ‘health’ intervention...
@@tegannorthwood1891 shut your face!!!!!!! OMG we have no homes and u are still going on about crazy stuff OMG
i w2ill vote green.. labor did not fix this they made it harder and libs are bad people
As a young person in Australia, I feel almost hopeless. Seeing my parents rent being raised and the price of fuel and food, I cannot imagine how I will pay it all if it keeps going as it does. I hope to live somewhere beautiful in my town, and I feel such envy when I see these beautiful houses, they feel so out of reach to me. I pray something changes.
same!!
educate yourself on the History of Money, Read these 2 books - The creature from Jekyll Island - and The Fourth Turning - then you will understand what is happening and why. also on you tube watch the 10 part series called “ The Hidden Secrets of Money” this will give you an understanding of what money is and what money is not. Things that cant go on forever wont, and this current nightmare will end and things will get better, but to get there we will go through more pain. Learn how to protect yourself and thrive
If you are young, time is your asset. You can still start something very small and one day you should be able to obtain what you wish. Ex. start buy US stocks, buy small property(around 400k). One day you will realize money earns money and goes on life time.
If this whole video was about the cost of living crisis, why avoid questioning why wages have increased at such pathetic rates despite Australian corporations posting record profits
I see that as an opportunity to be smart. Buy shares in "Australian corporations posting record profits". Then you'll get income from those "profits"
@@de1623 don't want to speak too soon but have a funny feeling you've just solved the problem of world poverty
@@danf6513 Didn't claim to.... It wasn't meant as a mean reply. I fill shelves for a living, but can retire tomorrow, how? By not complaining about what others have, but observing how smart people live. I am not smart(never finished high school).....
@@de1623 sorry, I misinterpreted your tone and my response to you was rude. You're right, there are people who make smart choices and advance in our prevailing economic system. I'm just frustrated by the fact that the same system continues to expand the wealth of a tiny ultra-wealthy class while billions live on less than a few dollars a day. In any case, I wish you all the best 🙏
@@danf6513 No worries. I know it's tough for many people at the moment, I experience it first hand as a supermarket employee. I wish you all the best. ❤
As someone who's taken a keen interest in the Australian housing bubble and economy since 2013 i have to say your analysis is spot on, especially about how our obsession with housing creates a productivity black hole.
Actually, the last report on the cost of negative gearing was around $34 Billion for this year alone. Also, you haven't factored in corruption, for instance the conflict of interest of our legislators being allowed to profit from laws they have the power to change. In fact, since the Americans introduced their neoliberalism, it has been part of the social engineering to effectively enslave the majority of the populous with crippling debt, it makes it far easier to exploit the workforce if they are under the threat of losing everything and being excluded if they don't behave as expected and demanded. Blow the whistle on corporate wrong doing in Australia and you will be excluded for life. Australia has adopted the American policy of exclusion for those that criticise the regime, that is increasingly becoming fascist. Our privately owned banks are convicted criminals that collectively stole Billions from their customers over many years, yet no-one even got charged, let alone went to prison. In fact, one corporate director of our criminal banks, that admitted his guilt, received a promotion to CEO and a pay rise instead of facing criminal prosecution. Those same banks are majority foreign owned, mostly by American venture capitalists. The real purpose of negative gearing is to transfer public wealth to the private sector via interest on massive loans that are then claimed back from the taxpayers. Our corrupted successive governments introduced and expanded the concept of perpetual insolvency, but only for residential property investment. In Australia a residential property investor can legally and deliberately establish a perpetually insolvent investment and claim their annual loses against their other income for the life of the loan. The banks also gave out interest only loans that would never be paid off, but would be a perminent drain on taxpayers. To add insult to injury, many past and present politicians have become wealthy residential property investors because of these corrupt laws. Not only did our corrupt politicians allow for the restriction of supply, the previous government also resticted funding to our government run T.A.F.E. network of education facilities that trained building industry trades people. Now we don't have enough trades people to build the homes we need just to prevent homelessness. Our political parties accept legalized bribes called political donations, and corporations overwhelmingly dominate political influence by having thousands of industry lobbyists given access cards to enter parliament house 24 hours a day at will. The actual employers of these politicians, the people of Australia, are treated as second class to these multinational corporations and their lobbyists, except when our country is in an election period. As for the immigrants you mentioned at the start of this article, they are what is keeping Australia out of a very serious recession, because of the decades of corruption and maladministration. Australia was colonized by criminals, and we are still governed by criminals. Only yesterday a short news report announced that the criminals that drove the treason of Robodebt, that attacked welfare recipients with false debts, and reversed the onus of proof to guilty until proven innocent, were given impunity for committing treason against hundreds of thousands of vulnerable Australians they attacked, while they ran protection from scrutiny of our now criminal foreign controlled banks. Our political parties take money, through lobbyist cutouts, to stab Australians in the back.
Business should not ever be allowed into government at all.
TO LIVE IN Australia IS TO LIVE IN FEAR of your next invoice like council rates, car registration, anything, it would have to be the most expensive country in the world.
I agree. Everything goes up but wages & it's disgusting. Wtf has happened to Australia
I think only Switzerland is more expensive and citizens are highly paid.
Having lived in both New Zealand and Australia (total 21 years), in my opinion, your explanations throughout this presentation are an accurate reflection of the reality. This is a succinct assessment of a deeply complex issue that affects millions of people across both countries. Thank you.
Well said, my thoughts too.
how is new zealand in respect to australia? ive heard that there is also a similar issue in nz but unsure on how it compares to aus. would it be wiser to move to nz?
@@3gatoss oooh. That’s a very broad question. There’s def no simple reply.
@@3gatoss It' almost the same. Auckland and Wellington are much like Sydney and Melbourne. We stagnating GDP, investment focussed on housing, young people locked out of the housing market in those two cities as well as Queenstown and Tauranga, rent going through the roof and so on and so on. I think Australia, Canada and NZ politicians all have the same play book.
@@denniscook390 Thank you for your insights from New Zealand. I left Auckland for Sydney in 2008 so it was along time back but I have friends in Auckland who share the same experience you have described
As a (millennial) professional civil engineer in Melbourne, I risk losing my rental home, I do not qualify for the median house in ANY of the cities and I cant save up for a deposit as I have two dependant kids. There is no appetite for the government to fix this problem seeing that the bulk of voters are home owners. If only Australian governments had integrity and did what is right but instead they do whatever is needed for that one extra vote. (excellent documentary tho, hope they play this in parliament)
Yes I pray they play it in parliament, 🙏
I mean.. you chose to have kids mate.. kinda your own fault
@@Mike-pb7tk yeah but the government forced me, they said something about a declining population... 😃
@1490aap they incentivised you, noone made you stick it in 🤣🤣
@@Mike-pb7tk haha! Yeah and not much was needed to begin with 😁
The vacancy rate is also insane here, the rental crisis is almost entirely fabricated. Property investors need to be heavily penalised for keeping habitable dwellings vacant, but I won't hold my breath for that.
They are impossibly overpriced you’re paying more than 60% or more of your hard earned wage for that week to a shit place you don’t even fucking own, it also gets checked by the owners regularly which makes it feel any less of a home.
As a country which gives almost zero importance to education, innovation and merit, this is bound to happen. Just a matter of time.
Feels sorry for the new generations
People from poorer countries routinely overestimate how much they'll earn in countries like Australia/Canada while underestimating how much they'll spend on housing, healthcare and taxes. And so, the business of migration/PR continues and makes every existing issue worse, particularly with regards to housing.
I think what you underestimate is how difficult life is in poor countries.
I dont think you have any understanding of what life is like in developing / third world countries. I assure you, people from developing / third world countries are not dissapointed or dissatisfied by the massive increase in pay they earn in australia, even as a working class person.
I like skateboarding on sundays.
Unfortunately Australians don’t want this issue solved. Both parties have said they want to improve housing affordability while ensuring prices don’t drop and people can still invest & generate returns in property for their retirement. Solutions often involve first home buyer subsides, which only further inflate the market.
Older Australians don't want this issue solved because they're either on the winning side of this equation or are unaffected by it. No major party policies will change until the have-nots outnumber the Boomers and the rich, because they know they will lose. Labor lost every time they threatened negative gearing. Millennials, you're basically waiting for mum and dad to die. If you can't wait, best leave.
Yep as a young australian I can safely say that the australain dream of owning a home is dead.
Move out of either Sydney or Melbourne you will realise its still affordable if you work hard/live within your means.
As a young tradesman it is possible to save for a house if you go get a FIFO/DIDO position and save 100% of your wage and give up most of your life to work. However if you went to uni and got some useless degree and now have a hecs debt it is going to be rough.
@@DM-sc4zy no its not. actually look at the prices.
The funny thing here is I live in England where a lot of my friends are moving to Australia for a better life, my good friend spent 4 weeks in April over there weighing up if the move was worth it, his pay at the same job in Aus is a LOT more than the UK and he said the cost of living was less now over there than back here, he’s moving in July. My friend lives in NZ and comes back every year and cannot believe how expensive it’s become in the UK, this just makes me realise how bad things are here.
But reality is only elite western immigrants get top dollar in Australia. Most of my friends in Sydney being office workers, cleaners, carers, sales staff etc command between $55,000 and $70,000 per annum.
@@infodaynightconv1445 So true. People need to search how income is distributed in Australia, to be better informed.
@@maxbest20s11 Absolutely Max. You hit the nail on the head. I literally know very very few a trickle of people on over $100,000. I know plenty on between $55,000 and $70,000. Plus in Australia due to our convict background employers simply do not trust employees. Australian employers look up to workers who work very fast regardless that there could be lack of thoroughness and mistakes may need to be fixed by others. They hate slower but more thorough workers. They also like admin staff who create an aura of "efficiency" around them like running to the photocopier, running back to the desk but could be making gazillion mistakes - the boss doesn't care that it takes time for others to correct the mistakes of the "speedy Gonzalves types" whom they love.
Hi Guys. Please don’t at all think I was saying you haven’t got it bad, I was just stating how fucked the Uk is when people are still leaving for a place that clearly has its own problem going on.
All the best
This is interesting to me bc I'm in Australia and recently considered moving to the UK. Found a nice town in Somerset with all the services I need and more, it would cost me the same as it does here (thoroughly researched) but my lifestyle quality would be better over there ( I love the cold LOL) as an antique dealer there was plenty to suggest I'd have better profit there too, at least more resources! But my Dad is nearing his 80s so I don't want to leave him. 😔
The "cost of living crisis" is a weasel term used to cover up the real problem.
Australia's migrant intake have been at insanely unsustainable levels for the last two decades.
Yet there are morons who will try to tell you that immigration has zero effect on house prices, despite the fact that immigration has constituted the overwhelming majority of Australia's population growth for a very long time.
We're not as bad as Canada, but we're pretty damn close. It doesn't help that neither of the two major political parties want to halt immigration, even temporarily (despite polls indicating that such a policy would be wildly popular).
I'm old enough to have seen the demographic change happen - sometimes I feel like a stranger in my own country. It's driving me insane.
my parents sold their suburban new south wales house after about ten years and they got literally double what they mortgaged for. they paid off the mortgage and then bought a tiny house in a tiny suburb in south australia. they wrre only able to purchase the first house because of my mothers inheritance.
i make a little more than the minimum wage, because i have a pretty decent job. but i cannot make rent on my own. i cannot even make rent with TWO roommates. the local taxi service lost a quarter of its staff and had to sell to a larger business. basic groceries for one person cost between 100 and 200 dollars.
and the middle aged people running the country - including landlords and seasoned homeowners - are all operating under the monetary mindset of thirty years ago. it is hell, and *everyone* is feeling the pinch
decent job a bit more than minimum wage ????if people are your salary can afford buy a house, Australia should be considered heaven !
every time I drive past new suburb developments with my mum, she always kicks up a stink about how bad it is. I asked her why once and she said "it's ugly, I don't like it. this all used to be rolling hills and now it's a suburb. it ruins my view in the morning."
the older generations do not understand how bad this crisis is, especially for younger australians
The problem is the huge amount of urbanisation but the lack of infrastructure. All our population is centred around the capital cities, so we have Hundreds of square kilometres of hot treeless housing with few schools, no public transport, few green spaces and reduced shopping.
We need to emulate the USA and Europe - de centralise the cities and promote/grow towns.
For example did you know that LA has a population of 3.8 million.
Sydney's population is 4.5 million.
San Francisco has a population ,810 thousand , Adelaide has 1.2 million!
Yet our 7th most populous city Canberra, only has a population of 370 thousand.
We need to drastically invest in country areas and stop this obsession with the Big 5.
It would be more affordable and a better lifestyle for everyone.
@@graphite2786 we live near canberra, and the new suburbs being built there were the ones I was talking about. and in terms of infrastructure and development I don't think the US is the best to emulate
@@graphite2786 Many people who live in american suburbs have to drive for hour or more just to get to the nearest grocery store. America is not the best place to emulate when it comes to urban planning.
@@SanctusPaulus1962 Im talking about decentralization. The USA has a number of states with several major cities. Australia just keeps expanding its major cities into vast urban wastelands EXACTLY like how you described. Areas with out infrastructure and are car dependant. We need to copy the USA by investment in satellite cities - multiple large towns with have affordable housing, amenities and lifestyles.
She's right in a way - rather than sprawling suburbs we need high density housing (apartments).
This situation arose from greed. Business enthusiasts began promoting property investment as the sole path to wealth in Australia. Consequently, even median income earners find themselves deeply in debt, having purchased luxury cars, multiple properties. This has led to an increase in inflation, a rise in interest rates, and ultimately a crisis in rental affordability and housing. It is sheer greed that has caused these issues
0:42 I’m so surprised London isn’t on this list. Average wages are £44k a year and the average house price is £950k. Most people need to settle for apartments but that’s about £500k (12x for a single 6x for a couple meaning you can’t get a mortgage unless you have a deposit over 20% or more.) I’m not giving up and there are cheaper apartments (£350-400k) especially on the outskirts/commuter towns but it’s BAD here.