Australia’s Rent Crisis Is Heading For Disaster
ฝัง
- เผยแพร่เมื่อ 18 เม.ย. 2024
- What is the rental crisis, exactly? What are all of the factors on both supply and demand sides? Why conditions are actually getting a lot worse? And an analysis of all the best and worst solutions being proposed by the government, opposition parties and experts in the field.
The Rent Pain Report from SuburbTrends is a monthly analysis of the rental markets all across Australia and it’s latest findings are pretty disturbing.
Across the nation, we scored 79.9 out of 100 on the rent pain scale with over 72% of suburbs across Australia facing ‘Severe Rental Stress’.
Vacancy rates are below 1% in most major cities, it’s so bad you have lines of people at open houses and sometimes hundreds of people applying for a single apartment
It’s driving up the cost of rent at an unprecedented rate forcing households to spend an increasing amount of their income on housing.
Despite what you might have heard, this isn’t just happening because of higher interest rates, overseas migration or greedy landlords.
It’s a crisis facing challenges on every front from the construction industry, to slow government action, and even a fundamental shift in the way we’re choosing to live.
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Disclaimer:
The information in this video is general information only and should not be taken as constituting professional advice from Hamish Hodder.
Hamish Hodder is not a financial adviser. You should consider seeking independent legal, financial, taxation or other advice to check how the information relates to your unique circumstances.
Hamish Hodder is not liable for any loss caused, whether due to negligence or otherwise arising from the use of, or reliance on, the information provided directly or indirectly, by use of this video.
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The Australian dream of owning your own home is being replaced with the Australian dream of owning your own tent.
The same with Canada as well.
France is becoming the same.
England, America and most other western countries are going through the same. The world economic forum is in our leader’s ears telling them to do this I bet. “You’ll own nothing and be happy.”
Soon you'll be fighting to rent a tent.
I can’t even afford a tent
1. Stock are trading like the Fed already cut rates
2. Bonds are trading like rate cuts aren't happening
3. Gold is trading like we are in a soft landing
4. Oil prices are trading like we are entering a recession
5. Housing markets are trading like nothing is happening..😫
yes it's due to concerns about their impact on housing prices and accessibility for regular buyers. You can be on the winning side if you act fast and sometimes get insider information that can help you beat the market
Inflation is consistently wiping out every saved nickel but somehow funding wars that have absolutely nothing to do with us is top on the government’s priority list. These conflicts are affecting the economy seriously and with the likelihood of another world war a massive recession is almost imminent
True! The markets are going crazy, times are really uncertain, though I’m not really that bothered, I’m pretty much tucked in and braced up for whatever the future brings.
Oh really ? How’s that ? If you don’t mind me asking.
Sure, I don’t mind at all. I have a portfolio manager that helps me manage and diversify my investments in both traditional industries and futuristic prospects such that the risks are properly calculated and profit margins are high.
Rich politicians making poor people paying the price on the money printing…😤
yep, pretty much every crisis was caused by the government. they just cannot stop interfering into our lives
immigration.
@@Toggymok and printing money .. all the sweet sweet handouts to everyone during covid
didnt the greens block the housing bill?
Immigration.
$3 billion on performance based funding for housing and $300 Billion on yellow submarines. That should tell you no one gives a shit mate...
On point 100 %.
Until US dont want to help us when Ping try to fuck us...
They don't want to build proper government housing because nobody wants to be responsible for the difficulties in housing estates. Drugs, social issues it's all too hard. Easier to make polite noises and say private enterprise will do it, but private enterprise is onto a good thing. They supply a tiny fraction of overall needs but everyone is happy. Except the renters. This is explosive as an election issue but the Liberals and the Nats have no idea. The Greens have fantasies and have no reach. The only hope is for a split in the ranks of Labor.
@@Theo13136 Liberals really screwed us. Someone was defs being paid with that deal.
government funding for housing???? MY money to give out to beggars who want Good Life but can not provide good work? And bonus kick ME from city, because They Deserve, and me does not? NO WAY.
Also $3B every year and $300B for 50years, lifetime.
One thing you failed to mention is that we have over 1 million empty properties around the country due to both local and foreign investors hoarding the property market and are unwilling to have these properties available for rent.
Local investors do not help as they are cashed up, they are willing to pay overs for the property, hold onto the property for at least 6-12 months with no one living in there, hoping they can get profit of $100-300k .
From my understanding the 1 million empty properties come from the last census.
To put that in perspective the question was along lines of "is the anyone in the property tonight?" It doesn't necessarily mean that there are 1 million houses sitting empty by an investor. The reasons for the million empty properties would also include those who are working night shift, a family going out to a friend/relatives party, needing to go to hospital etc.
The reason places are never occupied.. is due to the fact the property's can be sold as ( new never lived in ) again and again on the market. The second someone moves in that property looses it's (new) price tag.
@@aperitifs Its also capital gains taxes are higher when you flip it for a profit in less than 12 months. So investors hold on for 12 months and may not want the hassle of renting to people that have more rights than they do over their property.
That was a snapshot of one night. Meaningless.
if the empty home is classed as your primary residence and you never get a income from that property.
In Australia you do not have to pay capital gains tax. So if the rental return percentage per anaum is less than your rental income then don't rent it .if you are dependent on cash flow then it's not a good option .
This is a problem of the design of our tax system not the invester understanding our stupid tax system . It is overseas residents with dual residency buying 1 primary residence in very expensive suburbs. It would be better to own many homes on total income but having a single investment with zero tax is a larger total profit
I'm an electrician and technician.
It's very rare i see skilled labour from overseas. Some are worth their weight in gold, but most I have seen have no regard for local standards.
I think most trades are well overdue for building and quality work, mate. Let me be clear: majority of tradies in Australia are white Aussies. Not foreigners. And build standards in Aus are shockingly bad compared to other western countries and many developing countries.
The CFMEU lobbies the government to prevent skilled overseas tradies from coming in. I'm not talking about developing countries here. I'm talking about US, UK, Europe, Japan.
Agreed. Also, all these uni students studying an academic career are unlikely to end up on the tools on a construction site.
Same here
Also an electrician with the same experience with foreign labour, they are mostly hopeless.
Are you serious? Here in WA the view is the opposite. Europeans have much higher standards than Australians largely because building standards are higher in Europe
we aren't choosing to live this way we are being forced
thats not entirely true, lots of people choose to live in complacency, expecting nothing bad to happen, for a lot of the cases we see here this is what that product brings
Great video! For 2024, it’s hard to nail down specific predictions for the housing market is because it’s not yet clear how quickly or how much the Federal Reserve can bring down inflation and borrowing costs without tanking buyer demand for everything from homes to cars.
I suggest you offset your real estate and get into stocks, A recession as bad it can be, provides good buying opportunities in the markets if you’re careful and it can also create volatility giving great short time buy and sell opportunities too. This is not financial advise but get buying, cash isn’t king at all in this time!
Due to my demanding job, I lack the time to thoroughly assess my investments and analyze individual stocks. Consequently, for the past seven years, I have enlisted the services of a fiduciary who actively manages my portfolio to adapt to the current market conditions. This strategy has allowed me to navigate the financial landscape successfully, making informed decisions on when to buy and sell. Perhaps you should consider a similar approach.
this is definitely considerable! think you could suggest any professional/advisors i can get on the phone with? i'm in dire need of proper portfolio allocation
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Melissa Terri Swayne” for about five years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
Appreciate this recommendation, hopefully I can get some insight to where the market is headed and strategies to beat the downtrend with when I hear back from Melissa.
I live in Canberra, I rent. My parents bought their home a house and land package for $18k in Giralang. My dad was earning 6k per year in the public service and my mum was part time public service 2 to 3k a year, 2 babies, $10 p/month child tax credit total household income was less than 10k per year, interest rates were at 7.5%.
That house now, 1.4million, my wife and I have a household income of 170k and we can't afford that.
Perhaps moving location is a solution
@@lorddeus369no that’s not the solution.
It just moves the problem. People en masse move to the cheaper areas and the same problem just happens there as this issue affects so many and there won’t be enough in those cheaper areas. The richer ones beat them out and they definitely will out-price locals.
I’ve seen it happen in my country. I promise you simply telling people to move is not the long term healthy solution.
@@muffinman4544That's not what happens, actually. Cities are single concentrated locations. Everything outside the cities is dispersed. Even if half of each city population left, they would disperse so much that any city-like effect would be impossible.
@@lorddeus369 What is money?
@@lorddeus369moving so the houses are cheaper also means wages will be even worse 🙃
Skilled labors are not coming to Canada and Aus. They are not stupid. Why would they move to those places knowing their living standard will be worse
Unions do not want skilled labour to come here (Aus)
@@timsmith854 that too
@@timsmith854absolutely correct. Unions are protecting local trades but conveniently ignoring how incompetency is rift in local tradies.
@BB-xx3dvif that were true mate, they would be prioritising skilled and qualified tradies from US/UK/Europe/Korea/Japan.
Let's be honest here. Building standards in Australia are absolutely shite. It's so bad that many people actively try to avoid buying properties constructed after 2010 because it's been especially worse in recent times.
Building and Pest Inspectors are dodgy. Builders finding all the ways to undercut costs are dodgy. Lack of quality control by subbies is dodgy.
Every European and North American I know finds Australia colder than their own countries. Why? Lack of insulation and double/triple glazed windows.
And then you have REAs inflating house prices and developers being so profit-oriented only to their benefit.
The current standard is so bad that I'd take in a truck load of foreign tradies
@@HyperIndian Newer properties in Australia are nothing more than glorified tents. Especially the spec built townhouses and cookie- utter houses in our sprawling outer suburbs.
Hit 200k today. Thank you for all the knowledge and nuggets you had thrown my way over the last months. Started with 17k in last month 2024.
Wow that's huge, how do you make that
much monthly?
Woah for real? I'm super excited. sylvia nicolas strategy has normalized winning trades for me also. and it's a huge milestone for me looking back to how it all started
I agree just reached my goal of $500k monthly trade earnings. Setting realistic goals is an essential part of trading.
please educate me, i am willing to make consultation to improve my situation.
Honestly speaking.... I will continue to trade and stick to Sylvia daily analysis and guides as long as it works well for me.
Government takes in about 50% of your hard earned through direct/indirect taxes...
Monopolies through groceries to banking are hoping to take the other 50%... What you have left is the Australian dream...
You will own nothing and be happy. But not the Globalisation conspiracy, just reality for the average Australian.
Their Australian dream
As a disability support pensioner I’ve consistently been paying 50% of my income on rent over the last decade.. I tried relocating to QLD from NSW about 5-6 years ago and was told I would not be considered at all for anything more than 1/3rd of my income.. but there simply wasn’t anything available that low smh the market is much worse now than it was then, and I’m now living with my sister in VIC and paying only 1/3 of the total rent to keep it affordable (still about 40% of my total income) after having lived alone for 7 years. I just turned 30 and I can’t afford to live alone without moving out to a rundown house in the middle nowhere.. it’s insulting to think that people my age are just expected to spend our whole lives either dependant on others or living only in sharehouses like a student or transient.. I’ve seen mortgage payments for lovely new houses that are half my rent, I could afford to pay a mortgage but no lender wants to anything to do with a young pensioner, despite it being a stable and predictable income smh
This is the truth of why things are the way they are. What's coming most don't realise. Jesus said "you will know the truth and the truth will set you free" th-cam.com/video/1c9UvnJjpyM/w-d-xo.htmlsi=fLb0_5oKBGHQvvPN
Maybe when you and I are both geriatric we can each bring 2 other friends and rent a share house. If one of us brings a 3rd maybe it will only cost 49% of our income
a crash in house prices is what this country needs. it also needs the removal of all housing tax subsidies and the HALTING of immigration
I’m a similar age, have been on DSP most of my adult life and have also been renting most of that time. I can relate to what you’re saying!
Anywhere else in the world you would not have any money in your account without working for it. Say thanks to God every day for being born in Australia where you dont need to work to get paid. No where else any government would give a shit about your disability bro, just be grateful you are privileged as fuck
A property which could be seen as undesirable around 7 years ago would see around 3 or 4 people sometimes less at an inspection on a weekend , now you can see around 80 people. Never seen anything like it.
people are buying houses that would be colloquially called “crackd_ns” to beat the rental crisis.
It's all by design, the powers that be can't have everyone living in comfort. They want us all stressed and tied to our jobs...
great reset
Exactly. So that we will need some type of "passport" to work in the future.
Double YAY to that. As if they could'nt deal with it more effectively.
Yes they want a hunger games society.
This is the truth of why things are the way they are. What's coming most don't realise. Jesus said "you will know the truth and the truth will set you free" th-cam.com/video/1c9UvnJjpyM/w-d-xo.htmlsi=fLb0_5oKBGHQvvPN
The longer this rental crisis remains, the more people will find themselves in need of social housing, making that 100,000 figure quoted far larger by the time they get around to actually building the homes.
I feel for the students who come the Australia (Melbourne specifically) and expect to live comfortably working as a barista for 25 hours a week.
Here's an idea make the education institutions build accommodation for the students after all they are racking in the money
immigrants get more from centrelink than a aussie on disability support pension.
How do I know? Simple, my friend is a legal immigrant and I am an aussie on disability pension due to my autism and other mental health problems.
They even provided him funding for a $50k car and a "rent untill you own" deal on his government housing. I have to take the bus and my government housing costs more than his yet I dont get to own it after x amount of years of renting like he does?
Yep, seems fair
@@FustFPVso you're angry at your "friend"? Do they decide the benefits they get or the Centrelink processing officer who assesses the needs of recipients? Sounds like you're finding a rubbish excuse to be racist.
Also since youre on Centrelink - how much longer are you planning to be a drain to the country?
My brother also has autism. He works as a developer. What's your excuse other than laziness?
@@HyperIndian you have misinterpreted my point wrong.
He is my friend and there is no anger towards him at all.
Why would I be angry at someone for taking advantage of a system set up to be used just because I can't use it the same way?
The anger is at the government, not my friend.
We joke about it all the time.
The problem is that the students that need to support themselves by taking work from the locals should not be pitied. They should be able to demonstrate that they can financially support the duration of their studies. Overseas study was always a luxury.
This is not Singapore or Hong Kong. This is the least densely populated continent barring Antarctica. This is entirely a structural issue that is caused by enormous mismanagement and greed at the municipal level and exacerbated by state and federal policies. Talk about an enormous government failure.
only 20% home ownership in the countries you mentioned
@@coopsnz1Singapore has the highest home ownership in the world. It's over 90%.
Australia used to have the same level of home ownership before 40 years of unneeded mass migration. This is unsustainable and will continue to lower our living standards until we are a backward 3rd world country.
@@PennyEv4 The mass migration started in the 1800s not 40 years ago. Just ask the Aborigines.
@@vmoses1979 Except importing the 1st world made it the 1st world and Aboriginals benefited with healthcare and a doubling of life expectancy. Now we import the 3rd world and it will turn Australia into a 3rd world country.
If UK didn't come, Asia would have...
analysis has shown that housing creation is directly connected to the profitability of the land bankers. they don't release build houses or build more houses unless the current ones meet levels of profitability. protecting their investment and maximizing profits.
so if houses are not being built it's because the demand is not meeting this requirement. all this crap about incentivising more housing is useless unless this dynamic is broken.
but then again the government does not want to break this dynamic as it would put huge downward pressure on house prices. and they would be voted out.
there is no easy solution. I expect a minority government next election as that the only way common sense over greed is likely to float to the surface.
spot on. I remember when Labor wanted to get rid of negative gearing and they were voted out. Sometimes you need an educated populace with critical thought to be able to successfully run a democracy.
No one does anything unless there is a profit because they would be losing money they could save by doing nothing. Government red and green tape is one of the biggest problems making it so expensive to do anything. Lack of government planning is also a major factor. Stop politicians being able to own more than their home if you want to stop them purposely limiting supply.
generally a person who looks at all options when voting, I made the mistake of putting Abbot in charge because my family said so. Never going to make that mistake again. Labor's problem is exactly this. The people who currently have the majority vote hold these investments. Until they become the minority, this will continue indefinitely. the ALP Genuinely need to bring these changes in slowly to not spook the voters, so they wont get voted out in or before the next election. This is a really fucking slow process, and if im honest im not even sure if they ever will touch Negative gearing, and other factors that make housing expensive.
As for the new houses their building, im betting all its going to do is add to the vacancy rate. Perhaps im pessimistic or dont fully understand, but I do not see it panning out the way they envision it. What I do see is that the management of those properties will be passed off to private companies, Those private companies will gouge the fuck out of the property and potential tennants, exploit every loophole they can to make a few bucks on the governments dime. We seen this with Jobkeeper and airlines. Okay now im being pessimistic, but we do have examples of this kind of thing happening in other areas, what makes housing any different? especially when its treated as an investment, rather than a necessity
there is 1 really easy way to fix the property market. Make it illegal for politicians to own rental properties
I'm not Australian, but you guys are not wrong to limit immigration. That is not a comment about immigrants, but a recognition of how your economy works.
Coal exports, iron ore exports, LNG exports, and food exports are about 30 percent of your economy. You enjoy a high standard of living to a large degree because the ratio of easy to sell natural resources to population is high.
If you double your population iron ore reserves stay the same. Australia msyybe able to keep growing the pie so that living standards remain the same or increase, but it will be mucn more difficult than getting rich off the Pilbara.
Australia is a services based economy with a mining on top. Services are constant while mining is cyclical. We need to flood the economy with migrants to stimulate our services economy. From cleaners to high end medical, property, finance, insurance, real estate, business services. Progress, progress, progress. Who will pay for the new roads, infrastructure, taxes, schools, military, teachers, nurses, New hungry and numerous tax paying immigrants from overseas.
@@anthonyszy7191 I'm American, so I certainly won't argue with you about your own economy. I was just impressed when I saw the level of Australia's exports relative to the size of its economy. GDP $1.7 trillion, iron exports ~$130 billion, coal exports~$50-$110 billion, LNG exports ~$90 billion, agriculture exports ~$70 billion. This level of resource exports relative to the size of the economy makes Australia an outlier in the G20. Saudi Arabia GDP is about $1.1 trillion and they export about $250 billion of oil annually. This is not far from the ratio for Australia.
I agree the majority of jobs in Australia are mostly in the service sector, however; I suspect the balance of payments in trade is supported by resource exports. This allows Australia to maintain a higher standard of living than most of Western Europe.
Don't worry you have it right, that guy is just can't see the reality playing out right in front of his own eyes.
Immigration to fill a short fall in one area only creates strain on other existing services..so we bring in more immigrants to fill the gaps in those, which puts further strain on others, and around and round we go.
We can't sustain these levels and a vast majority of Aussies wanted immigration cut even years before this housing shortage started.
We had a truly great quality of life here. Not so anymore.
@anthonyszy7191
"Progress progress progress"
To the benefit of who exactly? Literally just everyone with the means to get here?
Nah you're right actually, screw it. Who even cares about born and bred Aussies with no other country to call home? We can just import newer, better, wealthier Australians!
👍😀
@@adamoliver4094most jobs in Australia are government jobs the biggest problem in Sydney is countries near us can move here and are in huge numbers
I'm all for skilled workers coming to Australia, but if you ask anyone in the trades, these workers are not skilled mate.
Not only are they unskilled and provide poor workmanship, they undercut your local mum and dad businesses (because they're happy to make pennies for the work) and drive them out of the market.
Disgusting what is happening to this country, it's not what it once was.
Mate I agree. My dads a sparky and he says the same thing. I'm a software engineer graduated uni last year and work with a few foreigners, mainly Indians. A few are really good but many I have to reject their code that they write as it's shit. So many people have no work ethic now mate it's sad as.
Yup it’s happening here in Toronto Canada too, and it’s a real nightmare for people who don’t own their own home.
As someone once said "Landlords and Real Estate Agents all have locations and addresses, Homeless? take theirs, then we'll see how fast the rental market changes"
Regarding the issue of building new homes, many are holding off on building due to the highly publicised insolvency of large building companies over the past couple of years, coupled with highly publicised and common defects on new builds. People are scared to put down their deposits as they feel they might never get the house they're paying for, or if they do, it will have significant issues that will cost them more to fix.
The housing industry & in fact all industries are broken. Faulty workmanship caused by workers suffering too much stress & lack of respect from their bosses. Bosses who don't give a shit anyway. As long as they can put away enough cash to feather their own nests & retire before their products fail. Corrupt actors who start companies, run them to the ground & then run off with the money while everyone else suffers. Welcome to the future.
Why not buy a prefab home?
@@jamesdeegan7365 nah just build it from scratch by yourself foath brother
Spot on Bender
@@jamesdeegan7365 I believe the same concerns apply. just because its prefab doesnt mean corners wouldn't be cut
If you think about it, a rental shortage is a great way to limit people's freedom. Or at least their sense of freedom. It makes you feel constricted & unable to shift environments when you wish. It's that much harder to just change locales for the sake of change. It becomes harder to get out of unpleasant or dangerous living situations. If you feel rent is too high, you are more likely to put up with it because the alternative is homelessness. The housing crisis is a many pronged attack by the economic elites on your quality of life. This is just one of the prongs.
This seems like the worst period.
Even the market are now very unpredictable. Started investing recently when the market prices were a bit high,today I am more than 60% down!
I agree just reached my goal of $500k monthly trade earnings. Setting realistic goals is an essential part of trading
Please educate me, i'm willing to make consultations to improve my situation,
Yeah, 123k from catherine adriana. , looking up to acquire a new House, blessings
...
Please how do I find this financial counselor?
I'd love to know this mentor of yours
The bubble will bust spectacularly and can’t wait to laugh at greedy landlords buried in debt
No it won't. Stop wasting your energy waiting for others to make things nice for you. Go and buy your own place.
The bubble won't burst they will keep inflating it.
Hi there! Thank you for putting out this video! I can attest to what you have to said in this video. I was there some time around 2015, and someone told me that the rent is going out of control.
I really appreciate someone telling me that advice.
I stopped listening at 1.17 this crisis is a direct result of mass immigration most of it from India and other developing nations. No matter how much denial one wants to believe when you bring in a million which include incoming students without housing or services to cope, and for no rational purpose this is what happens - blaming supply or house building or anything else is gaslighting, and an insult to genuine Australians trying to find a place to live.
To be more direct and brutal - this manufactured housing stress and mass immigration will end Australia.
So you don't buy the dog chasing it's tail immigration policy and trick-le down economics...
Using gas is bad for the environment but exporting gas including gaslighting is good for the environment didn't you know...
@@ponzitizen Good luck with that comment. Australia's economy is a bastardised version of Dutch disease, As others swap to renewables our exports will fall in popularity, we export gas to China cheaply and they on-sell it at a profit, yet as a transition fuel to renewables we can't afford it. If you gaslight it or not Au is not a clever country, when water becomes a problem, we have a 50 million population, mostly Indian and temperatures rise further guess what.
@@woodliceworm4565 I'm on your side 😅 Apparently I couldnt get the sarcasm accross to your neck of the woods...
So mass immigration only started in the last 5 years with Indians. Funny that.
So immigration from the UK and Europe is perfectly alright then?
Why?
I can tell you why you've specifically called out India. Ignorance and racism is why.
Europeans are white like you yet you've conveniently omitted them even though the largest migrant group in Australia are British citizens.
But I guess only brown people only matter and will be called out because they stand out from the majority. Convenient.
If immigrants and Indians in particular as you say are to blame, why do politicians (the vast majority who are white Aussies) allow this?
Why did they allow 500K people into the country DURING an existing housing crisis?
Why do they allow the CFMEU prevent skilled tradies from developed countries from being prioritised to come into Australia to alleviate the labour shortages in trades we need?
Why do they allow negative gearing? Why do they allow property investors take advantage of the system and make it harder and harder for first home buyers.
Anyone who bought in the past 10 years didn't have such a difficult time compared to anyone today seeking to borrow.
Why do they allow REAs to completely rip buyers off? Underquote? Pass over? Refuse to disclose the reserve? To only benefit the seller and themselves?
Why do they allow such rife corruption and poor workmanship amongst tradies? Families building often are out of pocket because some donut builder doesn't know how to do basic math.
Why is any of that fair?
Your ignorance and straight up racism is shocking. You rather point the finger at brown people when in reality, it's your own countrymen (and the richest and powerful) that have stuffed this country badly.
On behalf of brown people, we ain't your damn scapegoat.
Crazy how we have the exact SAME problems in Canada.
I can attest to that having moved from one to the other within the past month.
It's hilarious that the media and politicians are blaming immigration.
I lived through the pandemic in Australia. The cycle went from closed borders to high unemployment to JobKeeper+JobSeeker (forcing anyone on visas that lost their jobs to return to their countries) to low interest rates to super withdrawals. It caused a spike in housing due to demand, businesses screaming for talent and pay rises happening. Inflation occurred and afterwards, Australia being heavily reliant on international students, allowed them to come back in because Unis and businesses were lobbying hard.
Those articles you see of 550K "migrants" that entered Aus in FY23? 80% of them are students. It's only shocking because of the sheer number allowed to enter. The permanent migration cap is 190K per year and in case you aren't aware, has been difficult and is even more difficult to obtain these days.
The combo of low interest rates, super withdrawals, WFH, borders locked, government grants and excess household savings led to house prices going up by the end of 2022!
Then the government opens borders and takes in so many people to make up for lost time (from an economic perspective). And guess what? It worked. House prices skyrocketed because they forced demand when they already knew theres not enough houses currently.
But the numbers are out: Australia avoided a technical recession literally because of immigration. That's a lot better than mass unemployment.
But the big question you should be mad at is why do politicians allow housing supply to be so low?
Why are skilled tradies from developed countries(US,UK,Europe, Japan) not being prioritised when we're in a housing crisis?
Why are REAs allowed to inflate prices for the benefit of the seller and themselves?
Why is negative gearing allowed?
Australia is the 6th LARGEST country by land mass with an absurdly tiny population compared to size. It's an absolute joke that we have a housing crisis. When neighbouring Indonesia with a smaller land mass and a whopping 278 MILLION people don't have issues with housing.
It only shows how corrupt Australia is. They would rather allow a cost of living crisis, housing crisis, homelessness crisis and now crime is rising so fast than actually fix the housing crisis.
You do that but disincentivising property investment, you make housing affordable to all first home buyers, you speed up land title release, you deny NIMBYs and their nonsensical queries against social housing on their suburbs.
Stop making property ownership a game. That's how you fix shelter, a basic right
Because we need more Uber drivers and DoorDashers
Basic right, the basic right is that you can work to earn your place and income or be in a socialist structure like you suggest disincentivising as you put it, my guess is you haven't worked to invest in your own future and bought property but expect it to be provided because it's " your basic right" lol😂😂😂
stop voting for LNP LABOR and Greens. THAT FUKIN EASY
The 10yrs of liberals stopped social housing investment causing us to be well behind when we need it the most
So true. Too many people are profiting form this crisis trying to point the finger somewhere else.
Australian housing is overpriced and way laden under debt. The bubble has been brewing for decades, and most people assume the highest price sold for a property applies to all properties in the area. It's this thinking plus real estate agents encouraging such thoughts that drive the prices. Supply and demand, fair enough, but the psychology of people has been so engrained with the highest price thinking it's quite psychologically sick. Australia, the bubble is here.
ban foreign purchase of property for fucks sake
I have a theory that the Australian government/powers that be are trying thier damndest to create a caste system. Most new FOB migrants are coming from India and China, 2 countries that view how many people it is acceptable to live under the same 2 bedroom roof and they're right to privacy very differently to Australians. My theory would extend to a Indian finding a rental then have as many family/freinds live there as they deem confortable. In China its similar and the norm to have grandparents living with thier sons/daughters/grandchildren.
I've seen first hand a huge Australia wide telecomunications company hire people for sales+complaints+changing account details, we were given 2 WEEKS for training but they taught us next to nothing about how to use thier multitude of programs/webportals, it was all about very basic manners and phone etiquette. When we started taking calls we had 2 staff to help the 30+ of us while we were not allowed to put the customer on hold and could only hang up if they started swearing or using slurs, after 2 days we were on our own essentially. It was a disaster. By week 3 at least half of us left, I needed the money so I quite quit until they fired me week 5. The only new employees willing to stay were all migrants who lose thier visas quickly if they aren't working a certian number of hours a week.
We see these small tent towns popping up since Australians value our privacy even at the expense of creature comforts. I think tiny home/pod townships will be a reality soon enough.
ps: Ofc I didn't mention the rich (local and foreign) buying real estate and leaving it vacant. Maybe we need a law that prooves the property is being used for a certian percentage of time a year or there is some kind a consequence. Housing is for being lived in, not to make money off of.
Excellent theory i bet its on the money honey too🙌☠🥴
I've thought along these lines w what is unfolding n what we r seeing!
“Higher skill workers” yet so many people will finish uni and all “entry level jobs” require you to have 2 years minimum experience, it’s a joke
uni is a waste of time, effort and money.
fake the experience man, everybody does it. Just know the real world never plays by the rules.
That place in Sydney is an absolute shocker and disgraceful of owners - pure greed
Terrible to advertise that place for rent, but from a supply and demand standpoint, there is not much on offer so this landlord will try their luck to rent out something that shouldn't have.
it Aurburn you know what a new home sold in the area 2.7 million
The agents are the ones that suggest it to the owners and they mostly agree. It's not all owners.
I am a 71 year old pensioner who spends 80% of my pension goes on rent and power bill and I only eat one meal a day because I don't have enough money to buy a lot of food
I may not be a pensioner, but I understand, mate. Its not like you can move somewhere else either, because then you'd need more money to even initiate the move. Savings? what savings? all I know are spendings
Can’t move until I find another place to live. I’m ok atm, but eventually I’ll have to move. It’s only going to get worse.
It's cheap in Dongara (4 hours away from Perth)
High density housing is the best tool we have. Look at the rest of the world
Ew
Not everyone wants to build upwards. I prefer my standalone house here in the suburbs.
We could solve this by.......limiting immigration? Letting infrastructure catch up?
Nah! Just build upwards! High rises everywhere! Fuck the skyline am I right?
9:40: It's pretty mental that housing has increased in price by 68% in Brisbane, yet the "market" has responded by REDUCING supply. Mental hey? That's a broken market system.
Affordable government supplied housing has always underpinned the rental market. That system got broken by the LNP which also broke down the public service so that it's incapable of doing anything unless they have consultants. This tragic situation has not been reformed.
Australia is so screwed the prices of houses have the go down they are not worth half the price they say they are. It’s no the supply it the money taxpayers are giving the landlords who are paying less then rent prices for a house at the end of the day the negative gearing has to stop it’s so stupid I other countries have it and have houses for thousands or dollars like car prices here in Australia 🇦🇺 such a joke
The people who have the ability to reduce prices are the ones who would be hurt most by housing losing value as an investment. Funny that.
Yeah funny that
The suggestion that we're importing skilled tradespeople to build houses is kinda stupid. Most new migrants are relatively unskilled, and they're not from nations known for their skilled tradespeople regardless.
Developers/Builders are already paying a ridiculous $30,000 Levy in most Sydney Councils for a small Dual Occupancy Development + increasing building costs. Most builders are actually doing it tough with high materials costs, holding costs etc. ATM on current housing valuations there are no profits if you buy develop and sell. There have never been more builders going bust as seen the past 24 months. Where is the incentive for an increase in the supply of housing ? and by the way, we can't just rely on big corporate builders to satisfy the housing needs. The smaller builder market is a great contributor and should be acknowledged and incentivized too in order to meet the needs of the current housing crisis which will only get worse if ignored!
Hope your stimulus checks were worth it. We were warned about this in 2020 by many economists but people chose to have temporary relief for long term pain.
Also all central banks drop there rates to 0% or 0.10%
I saw this coming.
My wife and I own an investment property in Sydney and a house that my family live in outside of Sydney. The only reason we raised the rent on the investment property was because of interest rates, we kept the rent price down for our tenant as long as we could but it gets to a point were we end up struggling.
As a renter, I just want to say thank you for keeping the price down for your tenant as long as you could.
This is exactly the problem. It's not the renters problem that you can't fucking service your loan on your investment. You landlords are entitled pricks.
I know people who have to look for a house to rent. Their landlord passed away and his daughter has put the house up for sale.
They can't get public housing because they don't have any they need. These stupid looking governments, both state and federal, won't build any new f***ing houses, yet the federal government has opened the flood gates for more immigrants.
We can't house the people we currently have. Why let more people in? where are they going to live? Albo and co has to go. Let's vote them out.
Fantastic report Hamish!
It concisely explores the nuances and complexity of the factors at play in this drastic increase in price.
That’s the kind of information our governments should rely on when making decisions to improve the situation.
Congrats!
his report is OK but it misses a few key issues and it appears he is believing some of the hype and has not yet done his homework to a deep enough level. especially on the housing creation front and the dynamics of why it's so low and what to do about it.
there was a guy on Martin north channel who did a doctorate on the topic. he had all the data and explained it in detail over 1h that clearly explains how at the end of the day the land bankers control the availability of houses and they only release houses to the market if demand meets the high profits they expect. having more builder means nothing. we actually have more builders per population than most Western countries. so you need to break the land banking behavior. but that would then put downward pressure on house prices. so I guess the gov isn't going to do anything about that are they. lower house prices = voted out. as long as the boomers are such a strong constituency.
There are allegedly many more vacant homes than the official number; kept vacant to limit supply and increase prices. It should be made illegal to own a home that isn’t occupied at least 10 months of the year, with extreme repercussions for people that break that law
How much of the issue is due to ABnB? Do you think banning short term rental units is a solution, I see many other larger cities like NY are starting to ban short term rentals. Not that it's getting better but it might when it starts to come into effect.
I don’t think it would have a massive effect, but anything would help at this point so I’m certainly in favour. Rather than a ban, introduce a vacancy tax so unless it’s booked out often, it won’t be profitable and so they’ll either sell or put it on the long term rental market. While we’re at it, ban foreign ownership of real estate and greatly overhaul capital gains & negative gearing for housing. None will be an instant fix, but all together would have a noticeable impact (in my opinion)
@@Nikkska They have a Vacancy tax here in Canada. People avoid it BY LISTING it as an Air BnB. This way it's a "short term rental business" and not a "home". I think NY was going through something similar too .. that's why a "vacancy" tax doesn't work as well as you'd think. As for why they don't rent out ... sometimes they just let the valuation of the home appreciate ... and it'll cover their "losses" they can always borrow more when the valuation goes up!
I can't afford the next couple of years and you want me to think longer than a decade?
and they want us to join the military and shit when they treat us like this 😂
Hamish, good report/ video as usual, but maybe missing the very significant influence of cost of money (interest rates) on rental prices. If getting a new home loan is now over 3x more expensive than a couple of years ago, it drives up the cost of the house and this in turn drives up cost of renting (as people would do a rent vs buy comparison, a lot of people would end up renting as they can't buy). Investors, many still with loans to be paid, are also incentivised to raise prices (as capital gains cannot be guaranteed and investors need to make the cash flow work for a 2%-4% gross annual return on real estate).
Again great video, thanks for the content you delivery!
Good research and well articulated
Every long term arrival places an immediate demand upon housing and other infrastructure. In the long run we benefit from their skills and labour, but in the short term they create a deficit in the supply of services and infrastructure.
What is the pay-off timeframe for the average arrival? Knowing that will help us understand what is a sustainable rate of population growth.
Assuming they have skills most do not.
Hilarious. Did Australia only bring immigrants over the last 5 years or for more than 40 years since White Australia policy was dismantled? So if immigration is the issue - it should have been the issue 40 years ago too. And the number of 'immigrants' comprises many students who pay ridiculous fees and subsidize native incomes and consumption.
no my friend im from greece and a tell you isnt 51% but 130% increase to the rent houses, for one house before the rent it was 350€ and now is 590-650€...and 2010 the average income was 900€ and until a few months ago the salarys it was 560€ , now 730€
Its like the game Monopoly....and we all now how that ends .One person ( corporation ) owns it all and the bank....everyone else is struggling to continue jn the game.
And yet so many caravans everywhere with no one in them.. and no caravan parks with reasonable prices..
me and my son regularly spend time in our tent, we are dreading winter.. our "house improvements" are car maintenance and good camping gear
In the 40’s Australia had a housing/rental/homeless crisis, the Australian government at the time estimated a shortage of 200 000 dwellings, with another 82 000 considered unfit for habitation and 155 000 to be of poor quality. Relying on the private construction industry didn’t work then and cant be our only serious option now.
Let's have more government to fix the problems of government intervention. Great idea.
More housing isn't the solution. In fact it will just encourage us to waste housing - more so than we already do.
@@dano6845 Who said anything about more government? I’m stating that we have been in this situation before and throwing money at the building industry wasn’t the solution.
I totally agree that government policies has led us to this problem but I also think the private building industry has had its hands involved in making the problem worse as well. The owner builder was a thing for generations but the building industry lobbyists put a stop to that.
Can build as many houses as you want mate. The people that need them can't afford them anyway
@@gamingsuperun There is cheap housing all over the country. I saw a place last week selling for $110k. Rent for a similar house was $150 a week. You can pay that on social security, easily. Rent assistance covers half of it!
If someone insists on living in Sydney or Melbourne, but says they can't afford housing, they're not serious.
This is by far the most researched video I've seen on this topic. Awesome work dude!
This is not making sense, if there is lines for rentals then you don’t have a pricing issue you have a inventory issue
We are a family of 4 in QLD living in a 1brd studio apartment that has an outside bathroom, no laundry and a sink for a kitchen. Its all we could afford and that is 450 a week. Our kids are young but growing fast and we need to move into a bigger place, but open home after open home our hopes are diminishing. We didnt want to renew our lease here and im lucky to have a roof to call home, but the 400 dollars used to get a beautiful 3-4 bedroom family home and now it gets you nothing. We always said accepting this rental was until we could find something more suitable but it feels like it's only getting worse.
You can get skilled trade workers from Canada. There's no shortage here according to every domestic forum I've read. The government just says it because they want an excuse to import warm bodies. But why would anybody from Canada want to move to Australia to face all the exact same issues present in Canada.
Ive had to move in with my mate who works full time because he cant afford the 540 dollars a week in rent....
When Daniel Andrews announced a rental cap here in Victoria rents went up significantly ...Ours went up $70 per week and we are considered regional Victoria...Its sickening the situation our politicians have put Australia in...Are they deliberately trying to destroy this country?
This guys misses some big holes in the data.
It's way too expansive in Perth, I live with my parents in a rental house for 10+ years and the rental crisis is such a disaster
Crazy times! Really great sharing my dear friend❤️. Hope you have a happy and healthy week. 👍👍👍👍
Urban migration also continues to be a problem for Australia, the government needs to find a way to incentive a rural migration trend to help declining and suffering rural towns, especially in the new digital world people and mainly the companies that employ them no longer need their staff to be based in major cities and incentives could be given to those companies that move office based employment out of major cities and to rural communities that are struggling with employment options and the resulting population decline
Urbanization is a major cause of the problem. Or rather, too many of us demanding an urban lifestyle.
Being from the country we say keep your urban blight in the cities🤢
I appreciate your view, but as someone from a regional area, people migrating from cities to regional towns only push prices up more. Where I am from, post pandemic prices for housing skyrocketed because lots of people from Metro areas were buying up the cheap land in regional areas. I guess you could argue why didn't those local buy locally? because they cant afford it due to low work opportunities in a corrupt and nepotistic community (you'll find in most regional hubs, corruption is rampart as is nepotism). So you're forced to move to the city, and then this loop of rising house prices starts until everyone but high income earners have been pushed out of the community they've built up.
@@ZawZaw-yb3nf Of course ... in every change and new era, there are casualties. The folk who couldn't or wouldn't adapt fast enough, and got left behind. There were casualties in the post war years, there were casualties going into and out of the great depression, etc etc. It was ever thus, and will ever be thus.
It's absurd to make that the point.
Limit immigration. Ban non-residents from purchasing property. Decommidify housing by raising the capital gains tax by 500% on properties not occupied by the owner. Limit investment properties to one dwelling per owner, with a one year grace period to sell any excess dwellings they currently own.
This would crash the property market overnight, and may even spark a recession. However, it's a necessary move to fix this horror that PM Howard put us in.
Limiting immigration is tricky. I’m a skill migrant who was moved to North Queensland due to skill shortages. I can confirm that there is a demand for pick packers, skilled labour and international uni students. A lot of money the unis make is from international students as we pay twice the price of the same course and not from HECS, it’s money coming from outside the country. Farmers have boards all over NQ requesting for backpackers to work. I don’t disagree with you on limiting it but due to current policies you mentioned, limiting immigration will only lead to more purchasing by people who already are well off. I see it happen here in NQ as people from southern states are buying houses due to cheap prices and not even living in them, just investing resell.
@@manipei I agree, immigration is a complex issue. However, an annual influx of 660k immigrants is entirely unsustainable; most move to population hubs and strain the housing market further. Immigration is a net positive for the Australian economy and future progress, but in the current housing commodification climate we reside in, it's just another factor exacerbating the issue. International students are less of an issue, as many reduce their impact on the market through share-housing. Although, even with this fact, there's still a comfortable maximum that can be accommodated.
Completly remove taxes for 1st home buyers.
Reduce taxes for new builds.
Reduce income taxes for < 150k
Reduce corporate tax
Increase taxes on 2nd homes, and increasing dependant on no of homes
Increase tax for spending on extremely unhealthy foods and drinks
Reduce fuel tax
Legalise nuclear power
Have better filters for immigration - young, working age, english speaking, in demand skills, science educated. And increase it if we can with those filters.
Be honest about the focus on renting in trendy suburbs.
Why the hell did the government let in so many immigrants, its just insane, l hope everyone votes them out at the next election
Governments are entirely detached from the electorate. Both parties answering to the same group, not you guys at the ballot box.
Did you forget what happened in the past 4 years?
It’s so good. Especially when you have rental properties. I say let it continue. I have 6 investment properties!! Need to buy more
All started with John Howard mate, Liberals are the problem no doubt about it
@@Therearealwayshiddenagendas good for you but bad for most of the population of australia
First of all I really respect that you've shown this is a complex multifaceted issue and there's lots of reasons for the housing crisis.
That said, we shouldn't underestimate the impact of high interest rates on the situation. High interest rates means...
1. Buyers are less likely to take out new loans to build new homes (impacting new supply)
2. Sellers on fixed term loans are less likely to refinance at a higher rate (impacting new supply)
3. Rents follow repayments. In other words, landlords are trying to cover their expenses (lowering the incentive to lower rents)
4. Renters are less likely to become buyers for the same reasons above (impacting the demand side)
So yes, while this is a supply and demand issue, a biggest factor in the supply and demand equation is interest rates and they are entirely controlled by central banks and governments.
House prices are dropping in Melbourne which means cashed up sellers are competing for rentals. Loans to buy are very hard to get.
I rented my last place, for 14 years.. in that time rent went up 100 dollars (actually it was 90, but big round numbers) 14 years ... 90 dollars. Ive been at the current house for 4.5 years and the rent has gone up 450 dollars. Greed is the only explanation. Real estate agents and landlords are the new lawyers.... who belong at the bottom of the ocean in large numbers.
Maximum rent should be indexed against the property value. Stamp out this profiteering bullshit of charging huge prices for slum level properties.
It needs not only stop getting worse, it needs to reverse. The current rent prices are impossible. The laws has a loop hole that allows ever increasing rent.
From what I've seen here in Canada it seems it happens to Australia, what are the odds? I think this is done on purpose to make these countries third world countries as soon as possible.
it surprises me how much we have in common with canada, kinda weird lmao not in a bad way (except in context of this video)
As a mum of young children I am so concerned what will be available for opportunities for the next generation.
I see first home buyers trying to get into the property Market in Melbourne saving money to buy home and the property prices increasing faster than what they are able to save.
It’s more common for parents to boost deposits to allow entry to the property market.
Affordable housing needs to be addressed urgently to avoid pricing out people out of housing.
We need to cut immigration, drastically.
We received 100,000 new people in Aus just last month.
It's unsustainable
I consider myself informed but had no idea about the student scam.
I knew about the student scam. The COVID vaccination was another scam to make the drug companies rich.
Yeh Raj Singh being dodgy n sneaky AGAIN!
Amazing article thank you . NEVER EVER at my age did I ever imagine our great country would be the state it’s in now. Melbourne is an absolute disaster & going down the drain at a rapid rate.
Workers are getting a bum deal.
I have to disagree that it is purely supply and demand. You can do your own calculations by putting in a 20% deposit into the mortgage calculator and then converting it to weekly repayments. Obviously this gets larger the more expensive the property is. But if you halved interest rates on that loan for an investment property rents would fall 20%.
Most people are struggling to get loans. Dream on about halving interest rates because the government owes a lot of money and it must have high interest rates to attract investment and this is just how things work.
So the properties are going to those who can pay cash. It's a criminal situation.
By the way you are way off about the skilled tradespeople moving here.
1 skilled tradesperson moving here, (IF) equals an entire house taken up. It's going to take a long time before that one individual has output one house worth of economical production into the housing market themselves.
How many skilled migrants are construction/builders tradesmen or TAFE graduates ?
House doubled with Howard bringing in the home buyers grant. Take away negative gearing and super benefits if you buy property.
How could you have read all of the reports and say that immigration is not one of the main problems? The gov wants to import low quality immigrants and students. It's time to stop Big Australia and the neverending immigration and train up Aussie kids. Three year working visas can fill the gap but they have to go home unless they can prove they are working in an exceptional field and are an asset to the country.
They need to subsidise or have a hecs style loan for mature age apprentices. I'd drop what I'm doing right now as a professional if I could make a living wage living on my own as an apprentice. Unless you are 17 no one except large companies are hiring older people and there is severe competition. Our country needs to plan for the future and not rely on skilled immigration.
Aus property to gdp ratio is 420%!!
Aus property to wages is 11-13x
All bubbles burst!! Property hyped up to the moon but wages and gdp are in the dumps.
It's not bursting right now because of INEQUALITY. There is a concentration of wealth going on and it's getting worse. Until Australians get politically active and become informed, nothing will change.
Exactly what I need to see as we've just been given a notice to vacate due to something I've been reporting for TWO years. As if I wasn't panicking enough as it was.
Don't worry, everyone
Remember albo promised his first day in office his main focus will be housing and building a strong economy
Hes still working on it
Thanks Labor
The solution is simple…
1. Approve developments rather than creat extensive red tape and slow approval processes.
2. Employ people to actually work full time and efficiently in councils
3. Stop making renters blame landlords whom many assume are high income earners when they are not. I know some landlords who live in shared rental accommodation just to sustain the cost of their investment property because rents often don’t cover the cost!
4. Why choose a time like now to impose the Land / Covid tax? It only makes renters think it’s the landlord’s fault when it’s the policy makers fault for mismanaging tax payer monies.
Tired of the media investigating WHY we have this issue when it’s obvious.
It’s worth investigating the increasing popularity of Build to Rent applications that are favouring institutional or corporate ownership of rental accommodation.
Why is that being encouraged while mum and dad investors are made to struggle.
I fear a future where most of us will be renting from a few large corporations.
You missed the bit where we have a currency crisis. The Australian Dollar is in the toilet from massive expansion of the money supply especially during covid and "JobKeeper". This is fuelling inflation across the economy including houses and rent. The Australian dollar isn't worth anything any more. Also we have to stop foreign ownership. If I have to get a loan locally for whatever our interest rate is here but a foreign investor may live in a country with negative interest rates or near zero there is no way to compete with the foreign buyers.
10:50: That 3 billion dollar performance bonus? Wow. That's about 1/10th of what's needed to touch the sides.
I believe vacancy rate is calculated by dividing the number of vacancies by the total number of properties in the suburb, not the total number of rental properties
I suppose the difference is one calculation includes houses that owners aren't offering for rent
There are no skilled laborers migrating from Somalia or Afghanistan. Migration needs to be limited a lot more
11:28 _“potentially limiting skilled workers in the construction industry”_ - I disagree they aren’t going there now anyway
As someone who typically supports the Greens I really appreciate the way you handled criticising their policy and statements. Good stuff.
3:05 - That doesnt mean that the last 10 years of rental increases were 'normal'. The recent increases could be the catchup from a decade of unusually flat rental price growth.
I’m on the DSP. A former work colleague who is now my wife’s boss has said due to my medical condition they could not employ me due to WHS laws. But due to my wife’s wage my DSP is reduced. Perhaps that reduction should be frozen till things have settled. If I lose my concession my medication costs skyrocket to unsustainable levels. So a freeze on my DSP reduction should be a part of any plan.
According to the statistics, one of Australia's major sources of income, amounting to $34 billion, comes from international students who work part-time as affordable labor, greatly benefiting small businesses. During the COVID-19 pandemic, with no migration, the country faced significant labor shortages. To address this, Australia opened its gates from 2020 to 2022 to clear the backlog. Similarly, the USA, Canada, and the UK also rely on international students as a source of instant revenue.