Get rid of foreign investors, only Australian citizens should be able to buy house and land in Australia. Limit negative gearing to one investment property and the Australian dream will return to reality for our young people starting out. The current situation is unattainable and is creating poor mental health in our young people.
"Only Australian citizens should be able to buy house and land" you mean, Aborigines are only Australian citizens, the rest are immigrants and your ancestors aswell.
That will not make any difference. Foreign investors make up less than 1% of home ownership in this country and most of their investments are concentrated in luxury housing that are mostly out of reach for the majority of Aussies anyway.
I don’t know where you got the figure of 1% from my friend, but that’s a gross underestimation. However, along with limiting negative gearing for one investment property only, this would make a big difference for young people trying to get into their first home. The current situation is putting so much strain on our young people starting out in life in this country. Young people are losing hope, and this is creating a mental health crisis amongst our younger generation. The Australian dream is dead for them…
@@deco5159 The data is everywhere, doing a little bit of research instead of listening to the media all day will tell you those figures are accurate. The current situation was created and voted by the same people who had benefited from negative gearing over the last 30+ years... We only have ourselves to blame.
The average house in Sydney was $300,000 in 2000. Now it’s 1.2 million in 2024. 4x in 20 some years. And average wages hasn’t gone 4 times in those years.
@thegreatpyramidrevelations Let's say your house could go for 5 million, but you sell it for 2 million. Effectively means you just gave a 2 million gift to some rich guy. Nobody sensible in any country is gonna do that. Not warping the market towards property investment is probably smarter than just hoping everyone's gonna start giving each other gifts worth millions or hundreds of thousands.
@@buildingthegreatpyramid Pointless to blame individuals, you would do exactly the same thing. If someone came along and offered you a massive number for your house, and someone offered you a lower number, I bet you would take the higher number.
"The lucky country" was not a compliment - it was a brilliantly targeted insult, more true today than when Donald Horne created it in 1964. "Australia is a lucky country run mainly by second rate people who share its luck. It lives on other people's ideas, and, although its ordinary people are adaptable, most of its leaders (in all fields) so lack curiosity about the events that surround them that they are often taken by surprise." This situation is a direct result of decades of neoliberal government.
I am thrilled beyond belief to see another Aussie talk about Donald Horne 🤠 🇦🇺 🎉 sadly enough, I got so sick of my stupid fellow countrymen & women that I left for good.
I have told my 2 son's to get out of Australia while they still can. After Cvd I realised that if they lock us down ( for whatever reason) there is nowhere to escape to, we are an island surrounded by shark infested waters! Thing is, is there any safe country to flee to? This NWO stuff is global. 😢
@@krugmeup2162 basically australia is run by a bunch of communists disguised as socialists and call themselves “neo liberal”. Give it 10yrs it’ll become blatantly apparent
Australia could have been a self sustaining paradise many years ago but government wanted foreign investment riches and mass migration for band aide fixes.
It would be interesting to obtain statistics of the per capita residential floor space in Australia. I suspect that it has grown with time despite the per capita residences possibly declining. Part of the supply problem is the “Mac mansion” trend.
I've known of local couples who can't afford to buy a house at the huge prices that they're now going for. So they do an alternative. The whole extended family pools their money and buys an older home on a large block of land. They then demolish that home and build a much bigger one to house the whole extended family from grandparents to parents to children and grand children. No need to put the grandparents in a nursing home for there's always someone at home to look after them. By pooling their money they can easily afford to pay off the new home because every adult in the new larger home has a stake in it. I saw it back in the 70's when Italian extended families all lived under the one roof. Italian grandparents lived with the family until the day they died. There was none of this putting them in a nursing home for there was no need too as there was always someone at home to look after them. They didn't suffer loneliness for they were always a part of the family unit not an embarrassment to be shifted out of the way as soon as possible like it is in so many Anglo families.
Yeah it's better for everyone. Pooling is also how normal people can accumulate wealth generationally. Paying for everything individually, only investing individually with your own money, makes you all poorer. People need to drop the individualism because it's not only faulty socially and financially, but actually now a luxury from a different era.
Very true. Intelligent immigrant families are able to pull this off. Its been true in America for more than a century. People need to plan better but amassing wealth and comfort is still available to everyone if they plan their families and work smart for 30 or 40 years. There's enough in the larger pie for everyone that knows how to plan and work. Australia and the US are wide open economies for entrepreneurs and small businesses. Success is merely haggling over the price you have to pay. In America you show me someone that doesn't have anything and I'll show you someone that hasn't worked for anything.
@@skyworm8006 This only works if your family members have brains and are open to discussion and considering different ideas without letting emotions get in the way of critical thinking.
@hocuspocus9713 yep, you hit the nail on the head, without a strong and capable leader to make such decisions the concept of pooling is as realistic as all people banding together to stop poverty.
A lot of wealthy people from overseas seem to be at auctions and sink the hopes of the locals who cannot compete and the governments seem to not care. Its like they are owned by overseas interests.
1980 Average salary: $9,360 Average house price: $40,000 Percentage of salary to house price: 23.4% 2000 (Estimated) Average salary: Approximately $35,000 Average house price: Approximately $200,000 Percentage of salary to house price: Approximately 17.5% 2024 Average salary: $89,000 Average house price: $891,000 . Percentage of salary to house price: 10% Yep, we're doomed
Yep and that’s using the average! Median Sydney dwellings (inc units) as of November 2023 was $1.12m. Median salary was approx $70k/pa (Aug 2023, all NSW, so likely a bit more for Sydney). So yeah it’s pretty bad! Anywhere up to 20 years to save for a deposit!
The problem is not a shortage of supply. It is overwhelming demand from mass migration. Adding 1.2 million people in a year naturally enough requires more homes, hospitals, roads, electricity, schools etc. Who asked for this migration? None of Australia's citizens. Some corporations, farmers, real estate industry. The government is absolutely incompetent.
@@GelsonHalmenschlager Australians. The problem is that states are investing massively in infrastructure to keep up with the flood of migrants meaning that tradies are not available to build houses. Cut off the migration and that infrastructure demand goes away, then Aussies can build more houses.
It's only going to be worse when you have a generation of people who couldn't get a mortgage until later in life or don't have a home at all, renting in their twilight years so more dependence on the pension. This will bite the government in the ass if they don't do something soon. Specifically in regards to housing affordability.
@@Gumardee_coins_and_banknotes Pensions are just enough to Starve on. It's called "Starvation by Attrition" to get rid of the useless eaters. Every Totalitarian Regime has done this.
@@Gumardee_coins_and_banknotes I've been on the pension for 19 years and it's not that bad. The problem is that most pensioners don't know how to manage money, and no amount of pension increases would help them, they would spend to the limit of their pension each fortnight. I don't own a car; cars are a huge cost that most pensioners don't need. Public transport baby. I eat fresh food, not processed food, lowers the cost no end. Learn to cook. I buy good quality clothes, they last longer, cheap clothes are a waste of money. I don't heat or cool my house excessively, some people live with their heater on in winter and their AC on in summer, foolish and excessive. I walk 8kms at minimum each morning, good health lowers costs, exercise baby, do weights, stretch. Plus, buy quality footwear for long walks, saves on health costs. In the past 15 years on the pension I have given away over $50 000 to family, because I just don't spend all of my pension. I am a gamer, so I have an enthusiast level PC, I own two and have really good sound systems and TVs as well as monitors. I go on holidays, not to Bali, why would I? I go on bushwalking holidays with friends and have a lot of fun. Anyway, that's enough from me, just some views of mine on living on the pension. I don't smoke, drink, do drugs or gamble. Plenty of other things to do without those things draining your finances.
It’s mass immigration, not available homes. Take the large number of people coming here out of the equation, houses would reduce in price and wages rise.
It's also the most generous tax incentives for property investors in the OECD. In regards to immigration (and Australia has the highest per capita immigration rate in the freakin world), because the right wing are so anti-imigration, we can't have a conversation about immigration levels without being branded a racist. I would note the right wing aren't so much anti-imigration, as anti any migrants that aren't exactly like them! Three-quarters of Australian voters want immigration levels substantially reduced or stopped. But the political duopoly in Australia want a "big Australia". Do you really think you live in a democracy in Australia? Do you really think the major political parties represent your views? Good luck.
Yeah, I love that our culture is a mix from all over the world. But with over 30% of current Aussies having been born overseas (1st generation), the obvious easy fix is to slow immigration until there's enough homes for those that are already here (unless they're builders, more the merrier!).
This is the end result of 30 years of mediocre governments, populated by mediocre politicians with no vision. Australia had better start to solve its various issues quickly or it will end up being at risk of becoming the “poor white trash of Asia” all over again. Lee Kwan Yew made this comment in 1980, just before the Hawke/Keating governments made the reforms that led to 30 years of economic growth. Unfortunately for the country, the risk adverse politicians we now have, are only a reflection to the population, which has its head stuck in the ground trying to ignore the reality of the situation. Tinkering around the edges of our various problems is not going to cut it any more and radical reform will come, along with the bitter medicine that has to be taken with it. The bottom line is that you can’t tell future generations that they can’t have a home of their own, this will lead to a breakdown of the social compact and the probable rise of populist politics/leaders.
Making it about race as soon as you can huh? Youre eager to share in white peoples success but when hard times come youre even quicker to bite the hand that feeds. Typical of your kind.
Hawke/Keating were a disgrace who ran-up debt and allowed rich people's rorts to get out of control. The "reforms" and "growth" did no good at all for ordinary people. It is mythology.
Fully agree. We should be thinking about solutions, and a risk averse government doesn't help. Investment instead of spending, temporarily limit migration, support building new industries, temporarily halt transition to green energy, renegotiate export agreements of raw minerals etc. Can be done.
To save enough for a house deposit in Sydney now takes 48 years! A guy I know rents an older house in inner city Melbourne (Fitzroy) and it sets him back $7000 a month! Housing costs are ridiculous in Australia sadly
Yes, trendy Fitzroy can be an expensive place. Of the 33 properties currently available for rent in Fitzroy, the highest asking rent is $6.5k a month, with 1/3rd of them under $2.5k a month.
Yes. I've left Australia and moved to Phnom Penh, Cambodia where I bought a condo outright, with no mortgage. Better weather, culture, food, cost of living. People are friendly, country is really safe and the health system very modern.
I have a disabled friend who is about to become homeless 😢 none of his people's can help, and the government won't. There are tent cities everywhere, most of them maimed in one way or another. This is Australia...
@@gardenpixie20 I'm aware of some in Caboolture and Ipswich. The fact that anyone in power can sleep at night knowing what they are doing to other human beings is sickening, and gives you an idea of who is leading us.
I saw this coming and cashed out a year ago. Now I live in Indonesia. Cost of living after housing is about $10,000 AUD this is living really well. Housing can be as low as $1,200 a year. I will not live in Australia again my quality of life is much much better. Do the research and live(:-)
Hey its pretty funny to me because when I talk to my Indonesia friend, she said house prices in Indonesia are ridiculous for her and ppl earning normal wages. You are only enjoying the preveilege because you earn AUD and live there. I think you probably won't even bother to learn local language. People like you sickens me everytime when I see ppl telling other online to go live in Southeast Asia with their western countries money lmao. Sounds kinda familar huh??
@@w87g8765 we employ 3 people constantly. We employ 6 more intermittently and all get paid well above the usual rate. Oh and I'm well on the way to conversation bahasa. Maybe you should try to be kind before insults? (:-)
@@w87g8765I agree with you it is so tough for the locals in South East Asia . These ex Aussies move to South East Asia but still earn money from Australia . I have no respect for those type of people !
@@w87g8765 some assumptions there re not learning the language but what your talking about is cause and effect similar thing happening in other parts of the world Baja California is a prime example so many US citizens have moved in there price of property increasing and on it goes.
In 1964, a brilliant Aussie named Donald Horne sadly wrote in his book, “Australia is a lucky country, run by half-rate people who share its luck”. 60 years later, his words ring truer than ever. the Australian Government just ordered 3000 refugee PR visas for Palestinians and intelligence agencies in Australia have increased the national threat level from ‘possible’ to ‘probable’. Australia celebrates mediocrity and has paid dearly for its backward attitude. I’m an Aussie who left home for good. I sure hope my homeland sees better days ahead.
What a snob he was. There's nothing "half-rate" about turning six remote, dry, infertile, undeveloped convict colonies into one of the world's best countries.
This hits it on the head. I'm on 120k a year working multiple jobs almost 60 hours a week. And the maximum loan I can get is 400k. When the average house price is 1m. This country's fucked. My parents offered re financing their house to allow me to buy a house. But I refuse to let them because I would never be able to pay them off
@@user-ep3ck5re4osuper is not the answer either. 50 years ago a few hundred thousand dollars sounded like fortune, not so much today. Like today a few million sounds like a small fortune, in 50 years it would not be .
Yikes, I know it's rough but I'm earning way less and got a 300k approval. Need a $500k deposit for a detached home 1 hour from downtown Melbourne CBD, it's quite the nut-punch. I'm guessing the banks aren't offering more because they think the 2 jobs is unsustainable? Last time I checked, borrowing calculators yield a $500k loan if on $100k a year.
i was earning $60 an hour, 50 hours per week ($3k per week) and i still couldn't get into a rental here in Australia. i ended up becoming homeless for 2 years while i had to try and live a normal life, it was beyond a joke. yeah, great country i live in...
I earn $2500-$3000k per week and it was more than enough to buy a 4 bedroom house in the outer suburbs of Melbourne. Mortgage is around $3200 per month and I’ve got a heap of money left over to live comfortably. Not sure how you ended up homeless on a wage like that considering that $3k a week is far higher than the average Australian.
@@AB_883 seeing these numbers gives my combined 2 job 6 day week of roughly $1000 even less of a chance for ever owning. time to go west to the mines i suppose
I am Irish born and lived in Australia from 1988 to 2021 when I retired and began travelling to find a better place to live, Spain ticks all the boxes with the cost of living 107% less than Sydney, I still want to return to Sydney but rental opportunities are thin on the ground and costs way too much. Long gone are the Paul Keating’s who actually worked to make Australia a good place to live.
Spain being 100% less than Sydney, would mean everything is free, your 107% would actually mean getting paid to be there on top of having everything free...
The biggest problem with housing IS NOT supply. The problem is almost exclusively DEMAND. When you firehose that many new migrants into major capital cities, where are they going to live? There's been a 40% increase in materials costs for housing since Covid. We also seem to have huge amounts of Indians pouring into the country who all want to drive Uber and think bricklaying is for untouchables, and yet they're all taking up the housing stock. Secondly we also subsidise property investors to allow them to reduce their taxable income when losing money on an investment property- meaning people are scrambling into the property market, speculating on real estate because it's state sponsored.
I reckon we should just start doing that now, my mate almost lost a house to a foreign investor coz they offered 50k more. The agent luckily wanted the deal done quickly
Same here , most of my family are thankfully out of Australia and I’m looking to help the last of them , especially since Australia doesn’t really have safe healthcare anymore
@@Benjamin-howdytigerso you're just making Bali more expensive for the locals. Would love to know what they say in Balinese about you behind your back.
Too many people, not enough housing, too many incentives for property investors to sit on empty houses, construction companies collapsing left and right, COVID making supply of building materials difficult. Many factors that all came together at once to screw us over.
Starting salary for jobs in my profession was about $60-65k per annum ten years ago, and now it's about $70k. It's barely grown. Meanwhile housing and most other expenses such as food and insurance has almost doubled in price.
We were a penal colony once. We're closer to that now than a lucky country. But where do we go? America, Canada and the UK are experiencing their own difficulties.
I work full time and have been investing in non australian assets in order to propel myself out of the country. My folks are absolutely livid that I'm not trying to hop onto the inflated property market.
I own my property, just don’t own the overpriced and poor quality rubbish in Australia, not to mention that any level of government in Australia can take it off you , had it done once , never again
The long extended and over the top authoritarian covid lockdowns made things much worse. Australian politicians went mad with power and our states and territories acted like hostile independent countries. After it was finally over, inflation went through the roof, compounding the problems that already existed. Now as I travel around Australia, I see so many poor people living in tents and sleeping on the streets. I never thought I would see my wealthy country in such a mess, but it's reality and our politicians (local, state and federal) continue to bring in new laws and regulations that drive up the cost of living, even more. They are truely incompetent and we are vastly over governed.
Yep, absolutely disgusting, I can't AFFORD to see a dentist let alone have children, I live in a tent because DV connect just wants my money and refuses to help me or consider my situation, I expect I'll die before I have a place to call home, about 10 year wait on social housing, those who died to protect us would be turning in their graves to see the garbage fire this once beautiful country has fallen to.
A 3 bedroom, 1 bathroom and 2 car garage house on a 500sqm block near me just sold for $1.2M - No air-conditioning, no solar, no water tanks, no views not even a garden. Pre-covid that house was $400k!!
Politicians obsessed with social issues, oppressed minorities, misinformation…….we have taken our eyes off the ball and wonder why productivity is down. Governments need to get back to basics and have some vision to bring us out of this mess. Just one error of fact that often gets repeated and needs to be corrected. Howard didn’t cut tax cuts on capital gains - in fact capital gains were untaxed until the 1980’s. Later they were taxed at profits above the inflation rate, then for simplicity it was on 50% of the raw gain which tends to equate to about the same as the former.
Negative gearing is not a factor. Has been in place for Decades when prices weren’t going anywhere. Sole factor is immigration which is the highest in the western world. Halt immigration and house prices will stagnate.
IKR! People are so stupid. It's literally supply and demand. I mean what do people think when the PM talks about a supply issue, while overseeing a massive increase in the already way too high immigration numbers?
Halt immigration and watch your capacity to pay for affordable housing vanish. If the solution was so easy as to just stop people from coming in we would have done it long ago.
All sorts of other things have exacerbated this. - Real estate agents were totally deregulated in all but name in the early 2000s - Real estate agents now own most storage units and charge staggering amounts for storage. Renters constantly get hit by unseen costs that all seem to flow money back to the real estate industry. Add this to you may have to move every lease as house values skyrocket and unaffordable rents go up to match them and then you find yourself being hit by cleaning, storage, movers or truck rental, short term rent and travel costs and you can see why so many people end up living in tents. Once the renters go under there's no getting back and heaven help you if you lose access to a car.
That's true and I would add that many of those Real Estate Agents, later on, became politicians and when you look at the policies the government has been pushing in the last 20 years, those policies mostly favor property developers. Remenber when the GFC in 2009, the Government started to Offer 20K for First Home Buyers, well, the developers put the prices up by 50K. If the Australian government wants to fix this crisis, it will build more affordable housing for people in big cities, but instead, they rely on the Private sector which is pretty much as you said unregulated.
Money actually grow on trees but only on trees that was planted by you!! These tress are referred to as investments. How you diversify your investment portfolio matters..
Diversification is the key. My portfolio is well diversified with the help of a financial adviser. This helps me make more than +400% monthly on my investments.
I'm intrigued by this. I've searched for financial advisers online but it's kind of hard to get in touch with one. Okay if I ask you for a recommendation??
Australia is in a ridiculous housing bubble. See all the investment house idiots cry when it collapses soon. There are several failures here attributed to mainly the national government; over-immigration, under funding public housing, rural depopulation and small town services starving (by private enterprise like banks as well as the government), oppertunistic house buying by foreign nationals (where the governments should only allow freeholder title to foreign nationals to commercial and industrial properties) and so on.
1:55 in and this video is already ignoring the problem. "Shortage of supply". Australia builds the highest amount of new houses per capita globally. It's a demand issue, not supply.
@@hamesparde9888 its no accident, import people from the third world and the expectations of what the cost of living, government and services provide dramatically lowers. we get less and the government get away with diluting our country into a neo feudal system all while funding the housing ponzy market.
As a 29 year old Australian I can confirm the housing crisis is OUT OF CONTROL. I’m very privileged to work in the construction industry under the union which will put me in a position to own a house in the next 5 years but most people my age will never come close to owning a property.
As some one descended from bush rangers and has traveled all over the world I'd still rather live here in Australia because there's nothing going on today that we can't fix tomorrow. Aussie Aussie Aussie!
Accurate. Anyone moving here now is playing life on 'Nightmare' mode - be prepared to work 60 hours a week for 30 years so you ca own a nice house and car. And you won't get any grandchildren because your kids won't be buying a house before they turn 40.
Yes , much of Asia offers a really good quality of life these days, my gp in Australia actually told me that if you get sick try to go to either Singapore or Malaysia for care , his hospital care in Australia matched my families, never again
I feel anywhere in the so called developed world is totally unaffordable... including New Zealand, Ireland, England... nearly everyone out there will highlight cost of living pressures...
Well I managed to build a house about 5 years ago and the value has double since. So I’m not complaining. The answer is to build in a town, not a city.
@ not necessarily. I bought in the middle of nowhere where it was cheap. It gained the value because as the area built up, it became much more desirable. The trick is to purchase land where there’s no other houses (but you know there will be soon). Get in early and it’s much cheaper.
I had a neg geared property for many years.. When I sold it my tax bill was $180,000 ..so the govt got far more back than what I saved on my tax over the years, This is rarely mentioned
@@glens0r I wish. Nothing like that .If you take inflation into account the profit was modest and costs of keeping the property were fairly high. Plus delinquent tenants etc. My situation would be fairly normal for small time investors
@johnpro2847 So true mate. The tax incentives only slightly help the rich middle class. Gina Rinehart is making not making her immense wealth in the property sector through negative gearing. We should have a tax on luxury houses. 10% would be good it can go to helping the poor get into housing.
As a 31y/o and about to buy my first house, my wife and I have spent years trying to save and only just have a 5% deposit. We have to buy in a country town rather than in Brisbane where we have lived for almost 10 years. Our household income is now $200k per year and still we feel the squeeze trying balance a quality of life and affording a house
You're so accurate and well informed, I'm going to link this video in the description of one of the videos on my fledgling channel. It's so hard to live here, let alone try to produce anything and get something self-sufficient off the ground. Relentless government corruption conspiring with unchecked corporate greed has changed the country I loved into one I feel like I need to leave before they find a way to tax that too. At least maybe if enough of us flee to other parts of the world, there might be some homes left for those that remain. How long before "Australian economic refugee" becomes common parlance?
Capital Gains Tax discount, and negative gearing tax reducing strategies, ultimately makes it easier for an investor to get a bigger loan than a first home buyer or owner occupier.
At 57, I’ve had to move back with my pensioner parents. How embarrassing. I’ve supported myself since I was 17. I don’t drink, smoke, gamble or do drugs. I’m not a big shopper & I’m careful, if not a bit stingy & I can’t afford to rent where I live…Gold Coast. It is also partly because at this age, I haven’t been able to find full time work (yet), so I’ve been trying to live on a casual wage. Not possible.
Another thing of note, with the list of 10 most expensive cities in the world and 3 of them being Australians. Other cities on that list their countries has cheaper cities offering wide range for differing economic situations, or even within those cities itself there are cheaper parts and it is specific neighbourhoods that are gathering points for high net worths which pulls the average up. In Australia, those 3 cities makes up half of the country's entire population and the other cities in the country are not far behind in their costs. Effectively the entire country is expensive to live in, those 3 cities are not that abnormally expensive compared to the rest of the country.
Most of the problems caused resulted from Liberals' trickle-down policy - give everything to the rich, and it will trickle down to the poor. Bwhahahah yeah, right!! The rich kept it all for themselves. Now, Labour is desperately trying to fix it, but it will take decades. Unfortunately, Liberals will probably be voted back again, and the mess will continue.
Australia's growth is slowing because workers are getting fed up with being given a raw deal with little opportunity to enact change - housing too high, likelihood of promotion too low, and they're "quiet quitting".
Despite saying the government has under invested in homes, we still have one of the highest rates of home building in the world, as indicated by the far higher ratio of cranes per head of population. But when you bring in almost 1,000,000 people in a couple of years to a country with only 25 or 26 million, there's no way you can ever keep up.
@@Ok-cr8cb Refugee Visas, specifically the sub class 200 refugee Visa where people have gone through the proper refugee system through the international community, is permanent. There’s a sub class for people who apply for protection after arriving, which are very often dodgy and need to be investigated from scratch on the Australian taxpayers dime, is a temporary protection Visa sub class 785. Once the war or whatever it is in their country is over, the people holding the temporary type should go home and they should be primed to go home. Don't get too comfortable fellas.There’s over a quarter of a million people here on temporary student visas, about 17% of all the international students IN THE ENTIRE WORLD are in Australia which is ridiculous…and the only people benefiting from them being here are the university board members. Once a temporary skilled employment or working holiday Visa expires, there should be no controversy in saying that they should go straight home.
The area of land that is within a reasonable commute of a CBD is fixed. So if you increase the population, every square metre of that land becomes more valuable and more expensive. Supply and demand. It is the increase in the number of people per square metre that is pushing up housing prices, not the building costs. To stuff more homes into a city, you have to build up, or out, or cover over your green spaces with roofs and roads. All three options are a drop in living standard: less living space, or long trips to employment and suburbs that were once leafy, turned into heat sinks by infill housing.
Shortage of housing supply isn't the main issue. The main issue is there is too much demand driven by negative gearing policies and too much red tape to get anything approved in this country. There are plenty of developing and developed countries out there that don't have a housing crisis with the same or lower number of dwellings per 1000 people as this country... Greed and nimbyism is the ultimate cause, there are over a million homes in this country that are sitting vacant at any given time. This is what happens when a government incentivises people to buy housing as a for profit financial investment.
Negative gearing adds to demand to purchase housing for investment but does not explain high rents. There is a shortage of housing - caused by government - which causes high rents. Negative gearing haters are barking up the wrong tree.
There are people in Australia who "own" dozens of houses and happily out-bid a first home buyer just to help their negative gearing position. A cap on investment properties is desperately needed.
The biggest problem for housing is the extremely high immigration numbers. Successive government have high immigrant policy to artificially prop up the economy.
I rebuilt my sailboat to a live-aboard bugout survival pod. My yearly cost of living is down to $3500 including everything even internet, they could do the same. 🇸🇪
The funniest thing is Australia by rights should be an affordable, ecnomic and energy producing powerhouse of a country. But corrupt/self serving (or foreign serving) politicians putting in bad policy for short term gains only for those who stand to benefit and to appease foreign interests (primarily Coalition as they are in power majority of the time until their decisions catch up with them and everything is shit and a decade turnover to Labor happens, who then somehow cop the blame for a decade of decline - countries can't turn course in a few short years), lack of corporate competition across industries, zero manufacturing so ecnonmic diversity is non-existent and other factors is damning Australia right now. Its unaffordable, and just about ready to buckle and collapse.
My house near Sydney is worth about 2.4 million. However, my mum has 3 siblings, which means the money will be spilt between them, and we'll have to move quite far away. :( Both my mother and aunt work in Sydney, so the travel time won't be nice.
As an Australian born guy who grew up in the UK I like to think I'm broad minded for the experience. You are absolutely correct in everything you say. I've been living in Sydney for 35 years . I have a good grasp on what's happened. Australia is merely a quagmire of investment. There is no concern for housing for the disadvantaged. Australia has become a capitalist wet dream. It's now mean spirited, humourless, vicious and greedy. Which is why I bought a condo on a beach in Thailand. Our current socialist Labor government couldn't give a s#$t either about the state of housing and other very serious fissures on Australian society. It's very very serious. The priority now is setting this land mass up as a landing strip for the US military !!!!
Seems like you have no clue what socialism actually is. You've literally described capitalism. And you're living on Mars if you think the Liberals are going to be any better. Before Labor got voted in we have 12 years of the Liberals Coalition government. Can you explain what Scott Morrison did to address the housing crisis? You're utterly clueless if you can't understand that both the Liberals and Labor are two sides of the same corrupt coin.
How many houses in Sydney are empty? The market is kept high by creating artificial scarcity in available houses which stems from Howard turning homes into investments. Last part of vid was really good.
I am planning to go and live in Thailand 🇹🇭 after my dad dies because that is where my wife comes from don’t want to bring up my son in Australia because dating someone here is like training for the French foreign legion if you appear weak it is a downward spiral 🌀 And the high cost of living is not a problem in Thailand 🇹🇭!Dating in Australia is more for the wealthy people who have finished high school and have a university degree and a car that is road worthy and have a good social life! I never had any of these things when I was a young man but I do now!
Easy fix. 1. Tighten immigration with strict rules on who can get immigrate. Restrict it to professions that we need, and only allow PR if those people are still working in that profession at the end of their visa. 2. Remove negative gearing and CGT concessions on property with NO grandfathering. A complete crash in the market could be avoided by giving it a lengthy timeframe until it takes effect. A year or two f0r negative gearing and 4-5 years for CGT. That way investors won't all sell at once. This will make the market drop a fair bit, but Australia will still be a great place to live, so the market will still be OK. This will cause a reduction in speculative investors, lowering demand, so the price of building, through both labour and materials will decrease, meaning people can actually buy a home to live in. Keep CGT concessions for shares- but extend the time you have to hold to 2-3 years. This will mean people will invest money into shares over property. That's a good thing- shares are investment into businesses- IE things that actually produce goods and services, rather than housing, which provides e actly the same amount of shelter, regardless of how much its worth
While this is happening, Melbourne is building a tunnel called "the metro tunnel" and i dont see how its useful at all. it also added 1 billion dollars to our debt
Despite fitting in a negative Adelaide comment at 1:20, thanks for starting with such an accurate map of Australia which includes such important populations such as Dampier.
Sad thing is nothing is going to change. It will get too expensive to live here for most lower income people. Faced with the choice of homelessness or emigration. I think we will see a lot of emigration of younger Australians.
Yes. Also, cities will become increasingly unpleasant and struggle to function as essential workers won't be able to afford to live there or start families. This ends badly.
@@Boababa-fn3mr The coming demographic crisis in almost every country in the world irrespective of the cost of living or local conditions is already going to end badly.
Problem is, this is not problem for Australia only. It’s worldwide. Everything is so expensive, salary are not great and home situation is same. I’m from Europe and we got same problems as my part of family in Sydney. I guess it’s worldwide crisis.
Disappointed to see no mention of Airbnb's impact on the housing crisis. People and companies using private dwellings to LARP as hotel owners brings a large number of houses out of the long-term rental market.
Absolutely. Our local councils are adamant that farmland next to houses CANNOT be rezoned residential unless it has been planned for many years, allowed to be mostly bought up by cronies, and is then developed and tricked-out at high prices and windfall profits to well-connected people. However these same local councils are very happy to allow an unlimited number of residential zoned dwellings to be converted to tourist accommodation.
There's so many empty houses or plots of land where I live in the city, they should be rented, sold or built on. Not sitting idle for accumulating wealth.
Not that opening shot completely overlooking Adelaide, the capital of South Australia, but including Dampier, a town in Western Australia that 98% of Australians don't know exist :X
"Stunning scenery" - only if you never seen anywhere else. It's no NZ, nor China. It's a flat dusty waste land. Lack of housing has been about raising the GDP, on which most govts are judged on economically.
I have seen similar videos for other countries which follow the exact same patterns. So a trend is developing in 1st world countries, hazard to guess that its due to political parties focussing on short term projects because anything long term does not benefit any party currently in power.
Yeah, good point about international students. The govt allowed thousands of them to come into the country, driving up local rental prices, JUST to make Universities (which are now run like corporations) to get rich, while Aussies get poor. These policies have made Sydney, where I grew up, completely unaffordable, to either buy OR rent. Everyone is leaving. My advice - if you don't already own a house in Sydney, LEAVE, because you NEVER WILL. Sadly, I did own a house in Sydney, in the inner city, before NG and old it in 1999, just before the prices skyrocketed. The govt screwed me.
About to turn 21 don’t think I’ll own a house until I’m at least 25 and I have almost 30k saved for a deposit but the pricing and repayments are just way above my earning capacity and not attainable
You're literally case and point. 21 and thinking about a deposit for a house instead of starting a business. Even when Australia has already had its run in real estate and its clearly out of reach for most, as well as a bad deal.
This housing crisis was predicted when negative gearing was extended to existing housing in the 1980's. Then compounded when John Howard halved capital gains tax on the same of those negatively geared houses. (Because advantaged people need more advantage, right..?) When Bill Shorten campaigned on the principle of restricting this awful policy, the Liberal Party (who are actually a conservative party) did what they do best and lied through their teeth about the terrible things that would follow. Our Labor-flavoured party has been too gun shy to approach it ever since.
I think the capital gains tax was changed because it used to allow for inflation and you’d pay full tax on the profit after inflation was taken into account. It was messy so now it’s not indexed, you just pay your nominal rate on 50% of the profit.
A shortage in supply you say? You know our population has gone from under 20 million to over 28 million purely through immigration since 2000! It's mass immigration thats the number one problem! Yes negative gearing is a problem, but we can't act like the "supply" (demamd) isn't the big issue. Even if we get ride of negative gearing it's not going to fix the long term trend if we don't stop importing so many people.
@@Will5353_ What you're talking about is basically a pyramid scheme where we need to keep bringing people in to support the welfare state. We could actually try to come up with another solution. Secondly by that logic we'd basically just replace everyone that's here with foreigners over time. What you're talking about is basically demographic suicide. And did you ever consider that if there were less people and houses were cheaper and wages were less suppressed that it actually might make people more likely to want to have kids. Also We don't need to bring in over 8 million people. Do we need 8 million "skilled" people. How many of them are actually "skilled". I've got a bachelors degree and I can't get a good job. Did you ever consider that companies will always complain about not having enough skilled workers? I mean how is it that we can import over 8 million people who are supposedly "skilled" in less than 25 years and companies can still be complaining about not having enough "skilled" workers? I'm sorry but I'd actually rather have a slightly worse overall economy if it meant that I could actually afford a house.
Anyone with a good mindset should move to a rural town with a WFH job or just move out for cheaper living. Houses are way cheaper, your money gets you way further and no where near as many ways to waste your money on clubbing etc
I'd move rural if the Government has actually done a half decent job of creating infastructure. Half the properties past outer Western Sydney don't even have basic access to internet...
I live in Australia and it is an absolute joke. Filled with people who have no ambition, no drive, tall poppy syndrome, greedy incompetent governments, and turns a literal blind eye to what the rest of the world is doing. On top of all that, we only care about ourselves. We get taxed to the bone with nothing to show for it. The first opportunity I get, I am leaving.
Just a note: Brisbane is now more expensive the Melbourne. But thanks for mentioning at the start that Australia is mostly arid, uninhabitable rubbish land and cannot support a huge population like Europe or Brazil or the United States. You should spend more time discussing energy price inflation in Australia ( around 30% per year). But this is still a great summary of the situation in Australia now. Housing is highly desirably for many reasons in Australia, but one is simply because it isn't included in the assets test for welfare entitlements. You can get a full pension is you own a 5 million dollar house mansion on the coast or a river, but won't get a cent if you have 1 million in a bank or in shares. Profoundly unfair. All politicians in Australia are #$%^. All they care about is helping the affluent (those who own multiple properties) become even richer. Democracy is plutocracy.
Aussies will whinge about stopping foreigners owning property, while they themselves own multiple! It's not foreigners Aus needs to be concerned about, it's the excessive greed and consumerism of its own citizens!
It's the older generation that have become hooked on having younger people pay their investment mortgages, then paying less taxes compared to working because of the capital gains exemption.
![[MV] A leap of faith...ความเชื่อใจครั้งสุดท้าย (From "Petrichor the series")](http://i.ytimg.com/vi/U1piZH2CNXA/mqdefault.jpg)
Get rid of foreign investors, only Australian citizens should be able to buy house and land in Australia. Limit negative gearing to one investment property and the Australian dream will return to reality for our young people starting out. The current situation is unattainable and is creating poor mental health in our young people.
"Only Australian citizens should be able to buy house and land" you mean, Aborigines are only Australian citizens, the rest are immigrants and your ancestors aswell.
That dream will never return. Australian Govts have completely fucked over current and future generations.
That will not make any difference. Foreign investors make up less than 1% of home ownership in this country and most of their investments are concentrated in luxury housing that are mostly out of reach for the majority of Aussies anyway.
I don’t know where you got the figure of 1% from my friend, but that’s a gross underestimation. However, along with limiting negative gearing for one investment property only, this would make a big difference for young people trying to get into their first home. The current situation is putting so much strain on our young people starting out in life in this country. Young people are losing hope, and this is creating a mental health crisis amongst our younger generation. The Australian dream is dead for them…
@@deco5159 The data is everywhere, doing a little bit of research instead of listening to the media all day will tell you those figures are accurate. The current situation was created and voted by the same people who had benefited from negative gearing over the last 30+ years... We only have ourselves to blame.
The average house in Sydney was $300,000 in 2000. Now it’s 1.2 million in 2024. 4x in 20 some years. And average wages hasn’t gone 4 times in those years.
Anywhere within 7km of Sydney average house is now prices 2.5 million AUD and in any decent suburbs houses cost way above 3 million, some 15 million
Blame the millions of immigrants over the last 20 years. Blame the lower interest rates and blame the GST.
@thegreatpyramidrevelations Let's say your house could go for 5 million, but you sell it for 2 million. Effectively means you just gave a 2 million gift to some rich guy. Nobody sensible in any country is gonna do that.
Not warping the market towards property investment is probably smarter than just hoping everyone's gonna start giving each other gifts worth millions or hundreds of thousands.
@@buildingthegreatpyramid Pointless to blame individuals, you would do exactly the same thing. If someone came along and offered you a massive number for your house, and someone offered you a lower number, I bet you would take the higher number.
I think it is 2.5 million dollar in Sydney
"The lucky country" was not a compliment - it was a brilliantly targeted insult, more true today than when Donald Horne created it in 1964. "Australia is a lucky country run mainly by second rate people who share its luck. It lives on other people's ideas, and, although its ordinary people are adaptable, most of its leaders (in all fields) so lack curiosity about the events that surround them that they are often taken by surprise."
This situation is a direct result of decades of neoliberal government.
I am thrilled beyond belief to see another Aussie talk about Donald Horne 🤠 🇦🇺 🎉 sadly enough, I got so sick of my stupid fellow countrymen & women that I left for good.
I am Australian and I approve this message.
I have told my 2 son's to get out of Australia while they still can. After Cvd I realised that if they lock us down ( for whatever reason) there is nowhere to escape to, we are an island surrounded by shark infested waters!
Thing is, is there any safe country to flee to? This NWO stuff is global. 😢
Neo liberal ? What do you mean by that label?
@@krugmeup2162 basically australia is run by a bunch of communists disguised as socialists and call themselves “neo liberal”. Give it 10yrs it’ll become blatantly apparent
Australia isn't the Australia i loved, knew or grew up in anymore.
Yeah, it's going to be called New India one day. They're bloody taking over everything.
Feels just like prison tbh
Aussies seem to be mean-hearted small people now.
At least you get fed and housed in prison
@@James-j1t7e definitely, the Australia I see now is a joke.
Australia could have been a self sustaining paradise many years ago but government wanted foreign investment riches and mass migration for band aide fixes.
@@xshadowscreamx they completely ruined it
yeah no one mentions the 800k immigrants a year
And failed to properly tax resources companies.
@ we all know this is a my reason and we never wanted them
The government is you, but you do nothing with it. Cry me a river 😢
Australia is the now the most expensive place in the world to live. If you take into account population per capita.
What is population per capita? Is that like miles per kilometer?
@@DiscoFang xD
@@DiscoFang 🤣
It would be interesting to obtain statistics of the per capita residential floor space in Australia. I suspect that it has grown with time despite the per capita residences possibly declining. Part of the supply problem is the “Mac mansion” trend.
@@johngraham245It’s grown everywhere hasn’t it? Not just macmansions but the trend to solo living and reduced sharing.
The fact that over half the country is struggling and politicians still aren’t doing anything is crazzzyyyy
I've known of local couples who can't afford to buy a house at the huge prices that they're now going for. So they do an alternative. The whole extended family pools their money and buys an older home on a large block of land. They then demolish that home and build a much bigger one to house the whole extended family from grandparents to parents to children and grand children. No need to put the grandparents in a nursing home for there's always someone at home to look after them. By pooling their money they can easily afford to pay off the new home because every adult in the new larger home has a stake in it. I saw it back in the 70's when Italian extended families all lived under the one roof. Italian grandparents lived with the family until the day they died. There was none of this putting them in a nursing home for there was no need too as there was always someone at home to look after them. They didn't suffer loneliness for they were always a part of the family unit not an embarrassment to be shifted out of the way as soon as possible like it is in so many Anglo families.
Yeah it's better for everyone. Pooling is also how normal people can accumulate wealth generationally. Paying for everything individually, only investing individually with your own money, makes you all poorer. People need to drop the individualism because it's not only faulty socially and financially, but actually now a luxury from a different era.
@@skyworm8006 tell boomers that.
Very true. Intelligent immigrant families are able to pull this off. Its been true in America for more than a century. People need to plan better but amassing wealth and comfort is still available to everyone if they plan their families and work smart for 30 or 40 years. There's enough in the larger pie for everyone that knows how to plan and work. Australia and the US are wide open economies for entrepreneurs and small businesses. Success is merely haggling over the price you have to pay. In America you show me someone that doesn't have anything and I'll show you someone that hasn't worked for anything.
@@skyworm8006 This only works if your family members have brains and are open to discussion and considering different ideas without letting emotions get in the way of critical thinking.
@hocuspocus9713 yep, you hit the nail on the head, without a strong and capable leader to make such decisions the concept of pooling is as realistic as all people banding together to stop poverty.
A lot of wealthy people from overseas seem to be at auctions and sink the hopes of the locals who cannot compete and the governments seem to not care. Its like they are owned by overseas interests.
Hi Bigot.
1980
Average salary: $9,360
Average house price: $40,000
Percentage of salary to house price: 23.4%
2000 (Estimated)
Average salary: Approximately $35,000 Average house price: Approximately $200,000
Percentage of salary to house price: Approximately 17.5%
2024
Average salary: $89,000
Average house price: $891,000 . Percentage of salary to house price: 10%
Yep, we're doomed
Yep and that’s using the average! Median Sydney dwellings (inc units) as of November 2023 was $1.12m. Median salary was approx $70k/pa (Aug 2023, all NSW, so likely a bit more for Sydney). So yeah it’s pretty bad! Anywhere up to 20 years to save for a deposit!
@@ThePenguinface it's ridiculous!
The problem is not a shortage of supply. It is overwhelming demand from mass migration. Adding 1.2 million people in a year naturally enough requires more homes, hospitals, roads, electricity, schools etc. Who asked for this migration? None of Australia's citizens. Some corporations, farmers, real estate industry. The government is absolutely incompetent.
Not to mention whenever anyone suggests that we stop doing that, they get labelled "RaCiSt"
Excess demand. Yep.
But who builds the houses mate?
@@GelsonHalmenschlager Australians. The problem is that states are investing massively in infrastructure to keep up with the flood of migrants meaning that tradies are not available to build houses. Cut off the migration and that infrastructure demand goes away, then Aussies can build more houses.
@@keepitreal2902 and why the government is taking so many immigrants?
Yes, rent is expensive, food also expensive, also petrol,
Pensioners having a hard time to get by.
Everything has gone up.
Pensioners always struggle as the money is just so they survive, not party.
It's only going to be worse when you have a generation of people who couldn't get a mortgage until later in life or don't have a home at all, renting in their twilight years so more dependence on the pension. This will bite the government in the ass if they don't do something soon. Specifically in regards to housing affordability.
@@Gumardee_coins_and_banknotes
Pensions are just enough to Starve on. It's called "Starvation by Attrition" to get rid of the useless eaters. Every Totalitarian Regime has done this.
@@Gumardee_coins_and_banknotes I've been on the pension for 19 years and it's not that bad. The problem is that most pensioners don't know how to manage money, and no amount of pension increases would help them, they would spend to the limit of their pension each fortnight.
I don't own a car; cars are a huge cost that most pensioners don't need. Public transport baby.
I eat fresh food, not processed food, lowers the cost no end. Learn to cook.
I buy good quality clothes, they last longer, cheap clothes are a waste of money.
I don't heat or cool my house excessively, some people live with their heater on in winter and their AC on in summer, foolish and excessive.
I walk 8kms at minimum each morning, good health lowers costs, exercise baby, do weights, stretch. Plus, buy quality footwear for long walks, saves on health costs.
In the past 15 years on the pension I have given away over $50 000 to family, because I just don't spend all of my pension.
I am a gamer, so I have an enthusiast level PC, I own two and have really good sound systems and TVs as well as monitors.
I go on holidays, not to Bali, why would I? I go on bushwalking holidays with friends and have a lot of fun. Anyway, that's enough from me, just some views of mine on living on the pension.
I don't smoke, drink, do drugs or gamble. Plenty of other things to do without those things draining your finances.
Nah, pensioners are too busy throwing money away at the pokies in every pub and club.@@Gumardee_coins_and_banknotes
It’s mass immigration, not available homes. Take the large number of people coming here out of the equation, houses would reduce in price and wages rise.
It's also the most generous tax incentives for property investors in the OECD.
In regards to immigration (and Australia has the highest per capita immigration rate in the freakin world), because the right wing are so anti-imigration, we can't have a conversation about immigration levels without being branded a racist. I would note the right wing aren't so much anti-imigration, as anti any migrants that aren't exactly like them!
Three-quarters of Australian voters want immigration levels substantially reduced or stopped.
But the political duopoly in Australia want a "big Australia".
Do you really think you live in a democracy in Australia? Do you really think the major political parties represent your views?
Good luck.
If you believe that you’re a fucking moron
@@andrewwright6898 nope, some know, but still vote for the same fools
They want wages to stay low, that's why they import cheap labour
Yeah, I love that our culture is a mix from all over the world.
But with over 30% of current Aussies having been born overseas (1st generation), the obvious easy fix is to slow immigration until there's enough homes for those that are already here (unless they're builders, more the merrier!).
This is the end result of 30 years of mediocre governments, populated by mediocre politicians with no vision. Australia had better start to solve its various issues quickly or it will end up being at risk of becoming the “poor white trash of Asia” all over again. Lee Kwan Yew made this comment in 1980, just before the Hawke/Keating governments made the reforms that led to 30 years of economic growth. Unfortunately for the country, the risk adverse politicians we now have, are only a reflection to the population, which has its head stuck in the ground trying to ignore the reality of the situation. Tinkering around the edges of our various problems is not going to cut it any more and radical reform will come, along with the bitter medicine that has to be taken with it. The bottom line is that you can’t tell future generations that they can’t have a home of their own, this will lead to a breakdown of the social compact and the probable rise of populist politics/leaders.
A government is only as competent as their people.
Making it about race as soon as you can huh? Youre eager to share in white peoples success but when hard times come youre even quicker to bite the hand that feeds. Typical of your kind.
Hawke/Keating were a disgrace who ran-up debt and allowed rich people's rorts to get out of control. The "reforms" and "growth" did no good at all for ordinary people. It is mythology.
Australia desperately needs its own Javier Milei or Donald Trump. It's the only way to reverse course our way out of this mess.
Fully agree. We should be thinking about solutions, and a risk averse government doesn't help.
Investment instead of spending, temporarily limit migration, support building new industries, temporarily halt transition to green energy, renegotiate export agreements of raw minerals etc.
Can be done.
To save enough for a house deposit in Sydney now takes 48 years! A guy I know rents an older house in inner city Melbourne (Fitzroy) and it sets him back $7000 a month! Housing costs are ridiculous in Australia sadly
he must have a good job,, best he buy a unit out of town a bit .he could easily afford it at that rent amount
Why does he spend that much a month on rent? That's just ridiculous.
That’s just nonsense. Which pub did you meet this guy in, and how late was it?
If it takes 48 years to save a deposit, how is there even a property market? More like 48 months.
Yes, trendy Fitzroy can be an expensive place. Of the 33 properties currently available for rent in Fitzroy, the highest asking rent is $6.5k a month, with 1/3rd of them under $2.5k a month.
Yes. I've left Australia and moved to Phnom Penh, Cambodia where I bought a condo outright, with no mortgage. Better weather, culture, food, cost of living. People are friendly, country is really safe and the health system very modern.
I have a disabled friend who is about to become homeless 😢 none of his people's can help, and the government won't. There are tent cities everywhere, most of them maimed in one way or another.
This is Australia...
Sleep outside the home of the local politician, insta home found
Tent city's where?
@@gardenpixie20 I'm aware of some in Caboolture and Ipswich. The fact that anyone in power can sleep at night knowing what they are doing to other human beings is sickening, and gives you an idea of who is leading us.
I saw this coming and cashed out a year ago. Now I live in Indonesia. Cost of living after housing is about $10,000 AUD this is living really well. Housing can be as low as $1,200 a year.
I will not live in Australia again my quality of life is much much better.
Do the research and live(:-)
Well that's nice if you want to have a meaningless life of bludging off the third world
Hey its pretty funny to me because when I talk to my Indonesia friend, she said house prices in Indonesia are ridiculous for her and ppl earning normal wages. You are only enjoying the preveilege because you earn AUD and live there. I think you probably won't even bother to learn local language. People like you sickens me everytime when I see ppl telling other online to go live in Southeast Asia with their western countries money lmao. Sounds kinda familar huh??
@@w87g8765 we employ 3 people constantly. We employ 6 more intermittently and all get paid well above the usual rate. Oh and I'm well on the way to conversation bahasa. Maybe you should try to be kind before insults? (:-)
@@w87g8765I agree with you it is so tough for the locals in South East Asia . These ex Aussies move to South East Asia but still earn money from Australia . I have no respect for those type of people !
@@w87g8765 some assumptions there re not learning the language but what your talking about is cause and effect similar thing happening in other parts of the world Baja California is a prime example so many US citizens have moved in there price of property increasing and on it goes.
In 1964, a brilliant Aussie named Donald Horne sadly wrote in his book, “Australia is a lucky country, run by half-rate people who share its luck”. 60 years later, his words ring truer than ever. the Australian Government just ordered 3000 refugee PR visas for Palestinians and intelligence agencies in Australia have increased the national threat level from ‘possible’ to ‘probable’. Australia celebrates mediocrity and has paid dearly for its backward attitude. I’m an Aussie who left home for good. I sure hope my homeland sees better days ahead.
Let's not even think about Sir Joh?
It's the banks, you dolt
What a snob he was. There's nothing "half-rate" about turning six remote, dry, infertile, undeveloped convict colonies into one of the world's best countries.
@@maddyg3208Australia with the vast resource can be much better. Not a run away house price.
Where did you go
This hits it on the head.
I'm on 120k a year working multiple jobs almost 60 hours a week. And the maximum loan I can get is 400k. When the average house price is 1m.
This country's fucked. My parents offered re financing their house to allow me to buy a house. But I refuse to let them because I would never be able to pay them off
Your metrics says it all - put your money in super and rent - even renting is challenging - my advice - pack up and move to SE Asia
@@user-ep3ck5re4osuper is not the answer either.
50 years ago a few hundred thousand dollars sounded like fortune, not so much today.
Like today a few million sounds like a small fortune, in 50 years it would not be .
Not wrong, it's out of control. The politicians have fucked it by bringing to many people in
Live with them, or in their backyard ( caravan, done up shed ) bank the rent
Yikes, I know it's rough but I'm earning way less and got a 300k approval. Need a $500k deposit for a detached home 1 hour from downtown Melbourne CBD, it's quite the nut-punch.
I'm guessing the banks aren't offering more because they think the 2 jobs is unsustainable?
Last time I checked, borrowing calculators yield a $500k loan if on $100k a year.
i was earning $60 an hour, 50 hours per week ($3k per week) and i still couldn't get into a rental here in Australia. i ended up becoming homeless for 2 years while i had to try and live a normal life, it was beyond a joke.
yeah, great country i live in...
I'm sorry to hear this. I hope things improved for you eventually?
You must have been spending your income on coke. Otherwise your post is total BS.
I earn $2500-$3000k per week and it was more than enough to buy a 4 bedroom house in the outer suburbs of Melbourne. Mortgage is around $3200 per month and I’ve got a heap of money left over to live comfortably. Not sure how you ended up homeless on a wage like that considering that $3k a week is far higher than the average Australian.
@@AB_883 seeing these numbers gives my combined 2 job 6 day week of roughly $1000 even less of a chance for ever owning. time to go west to the mines i suppose
@@AB_883probably gambling cocaine beer
I am Irish born and lived in Australia from 1988 to 2021 when I retired and began travelling to find a better place to live, Spain ticks all the boxes with the cost of living 107% less than Sydney, I still want to return to Sydney but rental opportunities are thin on the ground and costs way too much.
Long gone are the Paul Keating’s who actually worked to make Australia a good place to live.
Wow Spain pay you to live.
Great math lesson
Spain being 100% less than Sydney, would mean everything is free, your 107% would actually mean getting paid to be there on top of having everything free...
@@AdamSahr-cj4kf 😂
@@AdamSahr-cj4kf or what you pay $207 for in Aust would only cost you $100 in Spain, another way of looking at it.🙏🏻
@@michaelmarmion648 $100 is not 107% less than $207...
The biggest problem with housing IS NOT supply. The problem is almost exclusively DEMAND. When you firehose that many new migrants into major capital cities, where are they going to live? There's been a 40% increase in materials costs for housing since Covid. We also seem to have huge amounts of Indians pouring into the country who all want to drive Uber and think bricklaying is for untouchables, and yet they're all taking up the housing stock.
Secondly we also subsidise property investors to allow them to reduce their taxable income when losing money on an investment property- meaning people are scrambling into the property market, speculating on real estate because it's state sponsored.
Seems like you have a grudge against Indians. Australia's immigrants don't just come from India.
Only Australian citizens should be allowed to buy the house
In most Asian countries, foreigners can't own land or buy homes. You need to be a citizen, and even that is near impossible to obtain.
I reckon we should just start doing that now, my mate almost lost a house to a foreign investor coz they offered 50k more. The agent luckily wanted the deal done quickly
Exactly why I left Australia as an Austrian born citizen.
Where to?
Austria
Bali for me
Same here , most of my family are thankfully out of Australia and I’m looking to help the last of them , especially since Australia doesn’t really have safe healthcare anymore
@@Benjamin-howdytigerso you're just making Bali more expensive for the locals. Would love to know what they say in Balinese about you behind your back.
Too much red tape & bureaucracy which massively adds to building costs. Incompetent Govt with zero vision and self interest has not helped.
Too many people, not enough housing, too many incentives for property investors to sit on empty houses, construction companies collapsing left and right, COVID making supply of building materials difficult. Many factors that all came together at once to screw us over.
Would you support appartment construction?
@Ok-cr8cb Yup, Australia (or at least WA) needs more vertical construction rather than making every property a subdivision
@ I think it’d be safe to say that not just WA needs more appartments; all of Australia does
Starting salary for jobs in my profession was about $60-65k per annum ten years ago, and now it's about $70k. It's barely grown. Meanwhile housing and most other expenses such as food and insurance has almost doubled in price.
We were a penal colony once. We're closer to that now than a lucky country. But where do we go? America, Canada and the UK are experiencing their own difficulties.
Keep voting for the Coles/Woolworths politics and you will get what you have always got!
I work full time and have been investing in non australian assets in order to propel myself out of the country. My folks are absolutely livid that I'm not trying to hop onto the inflated property market.
I own my property, just don’t own the overpriced and poor quality rubbish in Australia, not to mention that any level of government in Australia can take it off you , had it done once , never again
8 million people in 20 years increases prices for food, housing,medical care, and all other expenses for living in Australia. Too much migration.
The long extended and over the top authoritarian covid lockdowns made things much worse. Australian politicians went mad with power and our states and territories acted like hostile independent countries. After it was finally over, inflation went through the roof, compounding the problems that already existed. Now as I travel around Australia, I see so many poor people living in tents and sleeping on the streets. I never thought I would see my wealthy country in such a mess, but it's reality and our politicians (local, state and federal) continue to bring in new laws and regulations that drive up the cost of living, even more. They are truely incompetent and we are vastly over governed.
Yep, absolutely disgusting, I can't AFFORD to see a dentist let alone have children, I live in a tent because DV connect just wants my money and refuses to help me or consider my situation, I expect I'll die before I have a place to call home, about 10 year wait on social housing, those who died to protect us would be turning in their graves to see the garbage fire this once beautiful country has fallen to.
Stop relying on social housing and look after yourself..
@danielread8549 Damn Daniel, I hope you get to experience having nothing very soon! 🤓 maybe your grow a heart, inhuman filth ❤️.
@danielread8549 You are extremely emotionally deficient, get help you narcissist wanker.
@@danielread8549another tone deaf fool
I feel any free standing houses anywhere within 100km of an ocean in australia will be $1 million easily in the future...
A 3 bedroom, 1 bathroom and 2 car garage house on a 500sqm block near me just sold for $1.2M - No air-conditioning, no solar, no water tanks, no views not even a garden. Pre-covid that house was $400k!!
Politicians obsessed with social issues, oppressed minorities, misinformation…….we have taken our eyes off the ball and wonder why productivity is down. Governments need to get back to basics and have some vision to bring us out of this mess. Just one error of fact that often gets repeated and needs to be corrected. Howard didn’t cut tax cuts on capital gains - in fact capital gains were untaxed until the 1980’s. Later they were taxed at profits above the inflation rate, then for simplicity it was on 50% of the raw gain which tends to equate to about the same as the former.
Negative gearing is not a factor. Has been in place for Decades when prices weren’t going anywhere. Sole factor is immigration which is the highest in the western world. Halt immigration and house prices will stagnate.
IKR! People are so stupid. It's literally supply and demand. I mean what do people think when the PM talks about a supply issue, while overseeing a massive increase in the already way too high immigration numbers?
Halt immigration and watch your capacity to pay for affordable housing vanish. If the solution was so easy as to just stop people from coming in we would have done it long ago.
@@Scooter-sp7kj and who will build the new houses?
Always this dumb answer. @@GelsonHalmenschlager
Negative gearing is the problem
Supply isn’t the problem. Swelling our relatively small population with millions of foreigners in is, most which move to Sydney and Melbourne
All sorts of other things have exacerbated this.
- Real estate agents were totally deregulated in all but name in the early 2000s
- Real estate agents now own most storage units and charge staggering amounts for storage.
Renters constantly get hit by unseen costs that all seem to flow money back to the real estate industry. Add this to you may have to move every lease as house values skyrocket and unaffordable rents go up to match them and then you find yourself being hit by cleaning, storage, movers or truck rental, short term rent and travel costs and you can see why so many people end up living in tents. Once the renters go under there's no getting back and heaven help you if you lose access to a car.
That's true and I would add that many of those Real Estate Agents, later on, became politicians and when you look at the policies the government has been pushing in the last 20 years, those policies mostly favor property developers. Remenber when the GFC in 2009, the Government started to Offer 20K for First Home Buyers, well, the developers put the prices up by 50K. If the Australian government wants to fix this crisis, it will build more affordable housing for people in big cities, but instead, they rely on the Private sector which is pretty much as you said unregulated.
Money actually grow on trees but only on trees that was planted by you!! These tress are referred to as investments. How you diversify your investment portfolio matters..
The BIGGEST LIE You've Been Told About Money is that it doesn't grow on TREES!! 😆
Diversification is the key. My portfolio is well diversified with the help of a financial adviser. This helps me make more than +400% monthly on my investments.
I'm intrigued by this. I've searched for financial advisers online but it's kind of hard to get in touch with one. Okay if I ask you for a recommendation??
JULIANNE IWERSEN NIEMANN
I just googled her and I'm really impressed with her credentials; I reached out to her since I need all the assistance I can get.
Australia is in a ridiculous housing bubble. See all the investment house idiots cry when it collapses soon. There are several failures here attributed to mainly the national government; over-immigration, under funding public housing, rural depopulation and small town services starving (by private enterprise like banks as well as the government), oppertunistic house buying by foreign nationals (where the governments should only allow freeholder title to foreign nationals to commercial and industrial properties) and so on.
1:55 in and this video is already ignoring the problem. "Shortage of supply". Australia builds the highest amount of new houses per capita globally. It's a demand issue, not supply.
I know! I'm so sick of this argument. The government imported over 600,000 people this last financial year!
@@hamesparde9888 its no accident, import people from the third world and the expectations of what the cost of living, government and services provide dramatically lowers. we get less and the government get away with diluting our country into a neo feudal system all while funding the housing ponzy market.
The supply argument is run by the spruikers trying to control the narrative. In other words, look over here; don't look at the real problem (demand).
@@hamesparde9888 it's the biggest gaslight way of talking about the problem
@@CryptoKiwi and why Australia is bringing so many immigrants?
As a 29 year old Australian I can confirm the housing crisis is OUT OF CONTROL. I’m very privileged to work in the construction industry under the union which will put me in a position to own a house in the next 5 years but most people my age will never come close to owning a property.
As some one descended from bush rangers and has traveled all over the world I'd still rather live here in Australia because there's nothing going on today that we can't fix tomorrow. Aussie Aussie Aussie!
Accurate. Anyone moving here now is playing life on 'Nightmare' mode - be prepared to work 60 hours a week for 30 years so you ca own a nice house and car. And you won't get any grandchildren because your kids won't be buying a house before they turn 40.
Cheaper to go Thailand or Bali
Go please
Do you make money there or here?
Yes , much of Asia offers a really good quality of life these days, my gp in Australia actually told me that if you get sick try to go to either Singapore or Malaysia for care , his hospital care in Australia matched my families, never again
@@vinhnguyen4357 He just said he was going. You don't have to sell it even more.
I've seen houses in the middle of nowhere go for a quarter million MINIMUM, even if dilapidated! it's beyond insane!
I feel anywhere in the so called developed world is totally unaffordable... including New Zealand, Ireland, England... nearly everyone out there will highlight cost of living pressures...
It’s same problem worldwide. Australia is not alone in this. Europe is also not affordable rn. I guess we are in crisis what we don’t spoke of.
@@dinotalovic6188I have a property in Spain and no , it’s not like Australia
@@dinotalovic6188 Incorrect. Australia is the worst by a fair margin, and our country is the most expensive to live in the world
Yes isn’t it funny how every capitalist nation is suffering from the exact same issues… hmmmm…
Well I managed to build a house about 5 years ago and the value has double since. So I’m not complaining. The answer is to build in a town, not a city.
doubling in 5 years may be good for your personally but is an absolutely devastating sign for the society as a whole.
@ not necessarily. I bought in the middle of nowhere where it was cheap. It gained the value because as the area built up, it became much more desirable. The trick is to purchase land where there’s no other houses (but you know there will be soon). Get in early and it’s much cheaper.
I had a neg geared property for many years.. When I sold it my tax bill was $180,000 ..so the govt got far more back than what I saved on my tax over the years, This is rarely mentioned
And how much TAX did you AVOID? Thats rarely mentioned parasite
CGT would have been 15% so you made a massive profit of 1.2M
@@glens0r I wish. Nothing like that .If you take inflation into account the profit was modest and costs of keeping the property were fairly high. Plus delinquent tenants etc. My situation would be fairly normal for small time investors
@@johnpro2847 I do apologise for not taking inflation into account
@johnpro2847 So true mate. The tax incentives only slightly help the rich middle class. Gina Rinehart is making not making her immense wealth in the property sector through negative gearing.
We should have a tax on luxury houses. 10% would be good it can go to helping the poor get into housing.
As a 31y/o and about to buy my first house, my wife and I have spent years trying to save and only just have a 5% deposit. We have to buy in a country town rather than in Brisbane where we have lived for almost 10 years. Our household income is now $200k per year and still we feel the squeeze trying balance a quality of life and affording a house
Rent a studio move OUT to Philippines Thailand and get remote jobs...
Actually, as of the 4th of Sept 2024, there has been six quarters of negative per capita growth, not the four quarters you stated.
Seven of the last eight quarters had negative gdp per capita results.
@@InfinitePlain Yes, I should have said six consecutive quarters, as opposed to his mentioned four consecutive quarters.
Haliluhjah, no depression. 🎉🎉🎉
You're so accurate and well informed, I'm going to link this video in the description of one of the videos on my fledgling channel. It's so hard to live here, let alone try to produce anything and get something self-sufficient off the ground. Relentless government corruption conspiring with unchecked corporate greed has changed the country I loved into one I feel like I need to leave before they find a way to tax that too. At least maybe if enough of us flee to other parts of the world, there might be some homes left for those that remain. How long before "Australian economic refugee" becomes common parlance?
Capital Gains Tax discount, and negative gearing tax reducing strategies, ultimately makes it easier for an investor to get a bigger loan than a first home buyer or owner occupier.
but do not explain the overall shortage of housing
At 57, I’ve had to move back with my pensioner parents. How embarrassing. I’ve supported myself since I was 17. I don’t drink, smoke, gamble or do drugs. I’m not a big shopper & I’m careful, if not a bit stingy & I can’t afford to rent where I live…Gold Coast. It is also partly because at this age, I haven’t been able to find full time work (yet), so I’ve been trying to live on a casual wage. Not possible.
This is sad. It sounds exactly like what is going on here in the UK.
Its late stage capitalism. Time to change the economic system to something more sustainable and equitable.
Another thing of note, with the list of 10 most expensive cities in the world and 3 of them being Australians. Other cities on that list their countries has cheaper cities offering wide range for differing economic situations, or even within those cities itself there are cheaper parts and it is specific neighbourhoods that are gathering points for high net worths which pulls the average up. In Australia, those 3 cities makes up half of the country's entire population and the other cities in the country are not far behind in their costs. Effectively the entire country is expensive to live in, those 3 cities are not that abnormally expensive compared to the rest of the country.
Yeah, Albo. Australia's worst PM in history. End Immagration.
Let the deportations begin! 😂
Bad but not worst …remember the onion munching Tony “knight a prince” Abbot?
@@helixator3975 at least he didn't import 1.2 million people in two years! Not that he didn't oversee any mass immigration.
@@helixator3975Tony bad?
You are special if you think that.
Ablo is the biggest left woke dick riding pussy of a president Australia has ever had.
Most of the problems caused resulted from Liberals' trickle-down policy - give everything to the rich, and it will trickle down to the poor. Bwhahahah yeah, right!! The rich kept it all for themselves. Now, Labour is desperately trying to fix it, but it will take decades. Unfortunately, Liberals will probably be voted back again, and the mess will continue.
Average house price near me is almost $1.8m
Not so lucky anymore. It's all gone down the toilet. Don't bother coming here.
Australia's growth is slowing because workers are getting fed up with being given a raw deal with little opportunity to enact change - housing too high, likelihood of promotion too low, and they're "quiet quitting".
Despite saying the government has under invested in homes, we still have one of the highest rates of home building in the world, as indicated by the far higher ratio of cranes per head of population. But when you bring in almost 1,000,000 people in a couple of years to a country with only 25 or 26 million, there's no way you can ever keep up.
So you suggest kicking them out?
@ certainly the temporary visas need not to be renewed, yes
@@wombatusmaximus1788 what about refugees fleeing war-torn lands?
@@Ok-cr8cb Refugee Visas, specifically the sub class 200 refugee Visa where people have gone through the proper refugee system through the international community, is permanent. There’s a sub class for people who apply for protection after arriving, which are very often dodgy and need to be investigated from scratch on the Australian taxpayers dime, is a temporary protection Visa sub class 785. Once the war or whatever it is in their country is over, the people holding the temporary type should go home and they should be primed to go home. Don't get too comfortable fellas.There’s over a quarter of a million people here on temporary student visas, about 17% of all the international students IN THE ENTIRE WORLD are in Australia which is ridiculous…and the only people benefiting from them being here are the university board members. Once a temporary skilled employment or working holiday Visa expires, there should be no controversy in saying that they should go straight home.
@@Ok-cr8cb did my response just get deleted
The area of land that is within a reasonable commute of a CBD is fixed. So if you increase the population, every square metre of that land becomes more valuable and more expensive. Supply and demand.
It is the increase in the number of people per square metre that is pushing up housing prices, not the building costs.
To stuff more homes into a city, you have to build up, or out, or cover over your green spaces with roofs and roads. All three options are a drop in living standard: less living space, or long trips to employment and suburbs that were once leafy, turned into heat sinks by infill housing.
Shortage of housing supply isn't the main issue. The main issue is there is too much demand driven by negative gearing policies and too much red tape to get anything approved in this country. There are plenty of developing and developed countries out there that don't have a housing crisis with the same or lower number of dwellings per 1000 people as this country... Greed and nimbyism is the ultimate cause, there are over a million homes in this country that are sitting vacant at any given time. This is what happens when a government incentivises people to buy housing as a for profit financial investment.
Negative gearing adds to demand to purchase housing for investment but does not explain high rents.
There is a shortage of housing - caused by government - which causes high rents.
Negative gearing haters are barking up the wrong tree.
There are people in Australia who "own" dozens of houses and happily out-bid a first home buyer just to help their negative gearing position. A cap on investment properties is desperately needed.
The biggest problem for housing is the extremely high immigration numbers. Successive government have high immigrant policy to artificially prop up the economy.
Yes. Millions of voters each election will vote for one of the two high-immigration parties. Why do they keep doing it?
@@davidvanderklauwYep. Cluelesd Australians. They think Dutton will fix anything. He'll do fck all. He's elitist af.
I rebuilt my sailboat to a live-aboard bugout survival pod. My yearly cost of living is down to $3500 including everything even internet, they could do the same. 🇸🇪
The funniest thing is Australia by rights should be an affordable, ecnomic and energy producing powerhouse of a country.
But corrupt/self serving (or foreign serving) politicians putting in bad policy for short term gains only for those who stand to benefit and to appease foreign interests (primarily Coalition as they are in power majority of the time until their decisions catch up with them and everything is shit and a decade turnover to Labor happens, who then somehow cop the blame for a decade of decline - countries can't turn course in a few short years),
lack of corporate competition across industries, zero manufacturing so ecnonmic diversity is non-existent and other factors is damning Australia right now.
Its unaffordable, and just about ready to buckle and collapse.
My house near Sydney is worth about 2.4 million. However, my mum has 3 siblings, which means the money will be spilt between them, and we'll have to move quite far away. :( Both my mother and aunt work in Sydney, so the travel time won't be nice.
As an Australian born guy who grew up in the UK I like to think I'm broad minded for the experience. You are absolutely correct in everything you say. I've been living in Sydney for 35 years . I have a good grasp on what's happened. Australia is merely a quagmire of investment. There is no concern for housing for the disadvantaged. Australia has become a capitalist wet dream. It's now mean spirited, humourless, vicious and greedy. Which is why I bought a condo on a beach in Thailand. Our current socialist Labor government couldn't give a s#$t either about the state of housing and other very serious fissures on Australian society. It's very very serious. The priority now is setting this land mass up as a landing strip for the US military !!!!
How does a socialist government not care about the people? That’s literally the point of socialism. Think you misspelled capitalist yeah?
@nicolajane7389 I agree , it's a contradiction in terms, yes. But it's a contradiction Australia is happy with apparently
Seems like you have no clue what socialism actually is. You've literally described capitalism. And you're living on Mars if you think the Liberals are going to be any better. Before Labor got voted in we have 12 years of the Liberals Coalition government. Can you explain what Scott Morrison did to address the housing crisis? You're utterly clueless if you can't understand that both the Liberals and Labor are two sides of the same corrupt coin.
How many houses in Sydney are empty?
The market is kept high by creating artificial scarcity in available houses which stems from Howard turning homes into investments.
Last part of vid was really good.
I am planning to go and live in Thailand 🇹🇭 after my dad dies because that is where my wife comes from don’t want to bring up my son in Australia because dating someone here is like training for the French foreign legion if you appear weak it is a downward spiral 🌀 And the high cost of living is not a problem in Thailand 🇹🇭!Dating in Australia is more for the wealthy people who have finished high school and have a university degree and a car that is road worthy and have a good social life! I never had any of these things when I was a young man but I do now!
Are you going to give up your Australian passport …. absolutely NOT, hypocrite!!
Easy fix.
1. Tighten immigration with strict rules on who can get immigrate. Restrict it to professions that we need, and only allow PR if those people are still working in that profession at the end of their visa.
2. Remove negative gearing and CGT concessions on property with NO grandfathering. A complete crash in the market could be avoided by giving it a lengthy timeframe until it takes effect. A year or two f0r negative gearing and 4-5 years for CGT. That way investors won't all sell at once. This will make the market drop a fair bit, but Australia will still be a great place to live, so the market will still be OK. This will cause a reduction in speculative investors, lowering demand, so the price of building, through both labour and materials will decrease, meaning people can actually buy a home to live in.
Keep CGT concessions for shares- but extend the time you have to hold to 2-3 years. This will mean people will invest money into shares over property. That's a good thing- shares are investment into businesses- IE things that actually produce goods and services, rather than housing, which provides e actly the same amount of shelter, regardless of how much its worth
100%
The AU government consists of landlords. What policies could you expect?
While this is happening, Melbourne is building a tunnel called "the metro tunnel" and i dont see how its useful at all. it also added 1 billion dollars to our debt
and a suburban rail loop
@@mkf628 Rail loop? you mean city loop which is already finished?
@@JacksVictorianTrains suburban rail loop
Despite fitting in a negative Adelaide comment at 1:20, thanks for starting with such an accurate map of Australia which includes such important populations such as Dampier.
Sad thing is nothing is going to change. It will get too expensive to live here for most lower income people. Faced with the choice of homelessness or emigration. I think we will see a lot of emigration of younger Australians.
Yes.
Also, cities will become increasingly unpleasant and struggle to function as essential workers won't be able to afford to live there or start families. This ends badly.
@@Boababa-fn3mr The coming demographic crisis in almost every country in the world irrespective of the cost of living or local conditions is already going to end badly.
Problem is, this is not problem for Australia only. It’s worldwide. Everything is so expensive, salary are not great and home situation is same. I’m from Europe and we got same problems as my part of family in Sydney. I guess it’s worldwide crisis.
@@skyworm8006 Australia's demographic crisis began in 1977.
Disappointed to see no mention of Airbnb's impact on the housing crisis.
People and companies using private dwellings to LARP as hotel owners brings a large number of houses out of the long-term rental market.
Absolutely.
Our local councils are adamant that farmland next to houses CANNOT be rezoned residential unless it has been planned for many years, allowed to be mostly bought up by cronies, and is then developed and tricked-out at high prices and windfall profits to well-connected people.
However these same local councils are very happy to allow an unlimited number of residential zoned dwellings to be converted to tourist accommodation.
We need 1 person 1 property policy
Not really. If government allows us to build 1 house for every 2 people then this would probably be enough. We don't need 1 house for every person.
It was tried. This was a policy in the USSR. USSR collapsed, one of the reason was an excessive regulation of everything.
There's so many empty houses or plots of land where I live in the city, they should be rented, sold or built on. Not sitting idle for accumulating wealth.
Not that opening shot completely overlooking Adelaide, the capital of South Australia, but including Dampier, a town in Western Australia that 98% of Australians don't know exist :X
"Stunning scenery" - only if you never seen anywhere else. It's no NZ, nor China. It's a flat dusty waste land. Lack of housing has been about raising the GDP, on which most govts are judged on economically.
I bought a house in 2008, i pity what young kids are faced with now, despite earning decent salaries. 😢
I have seen similar videos for other countries which follow the exact same patterns. So a trend is developing in 1st world countries, hazard to guess that its due to political parties focussing on short term projects because anything long term does not benefit any party currently in power.
It is a world trend though Australia is the worst in this field and the whole economy relies on China which could lead to a catastrophic crash
Yeah, good point about international students. The govt allowed thousands of them to come into the country, driving up local rental prices, JUST to make Universities (which are now run like corporations) to get rich, while Aussies get poor. These policies have made Sydney, where I grew up, completely unaffordable, to either buy OR rent. Everyone is leaving. My advice - if you don't already own a house in Sydney, LEAVE, because you NEVER WILL. Sadly, I did own a house in Sydney, in the inner city, before NG and old it in 1999, just before the prices skyrocketed. The govt screwed me.
About to turn 21 don’t think I’ll own a house until I’m at least 25 and I have almost 30k saved for a deposit but the pricing and repayments are just way above my earning capacity and not attainable
Most people won’t own by 25. And need way over 100k deposit
You're literally case and point. 21 and thinking about a deposit for a house instead of starting a business. Even when Australia has already had its run in real estate and its clearly out of reach for most, as well as a bad deal.
Why do you think you deserve a house at 25 lol
This housing crisis was predicted when negative gearing was extended to existing housing in the 1980's. Then compounded when John Howard halved capital gains tax on the same of those negatively geared houses. (Because advantaged people need more advantage, right..?)
When Bill Shorten campaigned on the principle of restricting this awful policy, the Liberal Party (who are actually a conservative party) did what they do best and lied through their teeth about the terrible things that would follow. Our Labor-flavoured party has been too gun shy to approach it ever since.
That does not explain the shortage of houses. Why talk nonsense about tax where there is a serious physical shortage at play?
I think the capital gains tax was changed because it used to allow for inflation and you’d pay full tax on the profit after inflation was taken into account. It was messy so now it’s not indexed, you just pay your nominal rate on 50% of the profit.
@@stephenhadley2490 Pre 1980 there was zero capital gains tax, and zero housing shortage.
A shortage in supply you say? You know our population has gone from under 20 million to over 28 million purely through immigration since 2000! It's mass immigration thats the number one problem! Yes negative gearing is a problem, but we can't act like the "supply" (demamd) isn't the big issue. Even if we get ride of negative gearing it's not going to fix the long term trend if we don't stop importing so many people.
People aren’t having kids we have to bring skilled people in
@@Will5353_ No we actually don't.
@@Will5353_ What you're talking about is basically a pyramid scheme where we need to keep bringing people in to support the welfare state. We could actually try to come up with another solution. Secondly by that logic we'd basically just replace everyone that's here with foreigners over time. What you're talking about is basically demographic suicide. And did you ever consider that if there were less people and houses were cheaper and wages were less suppressed that it actually might make people more likely to want to have kids. Also We don't need to bring in over 8 million people. Do we need 8 million "skilled" people. How many of them are actually "skilled". I've got a bachelors degree and I can't get a good job. Did you ever consider that companies will always complain about not having enough skilled workers? I mean how is it that we can import over 8 million people who are supposedly "skilled" in less than 25 years and companies can still be complaining about not having enough "skilled" workers?
I'm sorry but I'd actually rather have a slightly worse overall economy if it meant that I could actually afford a house.
@@Will5353_ You know that people in Europe became very wealthy after the plague right?
These migrants are getting out of control
Why does everyone blame migrant ? What do they do? I thought it was piss poor governing
The government plan.
In about 50 years, white Australians will be a minority group. The way it's going, Australia will be home to more Indians than any other nationally.
so much for those 'fk off we're full' bumper stickers.
Great video. Thanks, mate.
Anyone with a good mindset should move to a rural town with a WFH job or just move out for cheaper living. Houses are way cheaper, your money gets you way further and no where near as many ways to waste your money on clubbing etc
Most rural towns are also choking the supply of extra housing even though they are surrounded by vast tracts of poorly-used land.
City people belong in the city
I'd move rural if the Government has actually done a half decent job of creating infastructure. Half the properties past outer Western Sydney don't even have basic access to internet...
@@Luke-nv1hm Government has created a shortage of decent housing via many means. You mention one of them.
@Luke-nv1hm regional hubs are the best for internet compared to rural towns. Im in dubbo nsw and pptus and telstra work great guns out here
I live in Australia and it is an absolute joke. Filled with people who have no ambition, no drive, tall poppy syndrome, greedy incompetent governments, and turns a literal blind eye to what the rest of the world is doing. On top of all that, we only care about ourselves. We get taxed to the bone with nothing to show for it. The first opportunity I get, I am leaving.
It would be interesting to see a comparison to Canada. The 2 countries are quite similar.
Just a note: Brisbane is now more expensive the Melbourne. But thanks for mentioning at the start that Australia is mostly arid, uninhabitable rubbish land and cannot support a huge population like Europe or Brazil or the United States. You should spend more time discussing energy price inflation in Australia ( around 30% per year). But this is still a great summary of the situation in Australia now.
Housing is highly desirably for many reasons in Australia, but one is simply because it isn't included in the assets test for welfare entitlements. You can get a full pension is you own a 5 million dollar house mansion on the coast or a river, but won't get a cent if you have 1 million in a bank or in shares. Profoundly unfair. All politicians in Australia are #$%^. All they care about is helping the affluent (those who own multiple properties) become even richer. Democracy is plutocracy.
West is doomed ..
We're importing 500,000 people a year into the country! It is crazy!
Aussies will whinge about stopping foreigners owning property, while they themselves own multiple!
It's not foreigners Aus needs to be concerned about, it's the excessive greed and consumerism of its own citizens!
No, it's BOTH.
It's the older generation that have become hooked on having younger people pay their investment mortgages, then paying less taxes compared to working because of the capital gains exemption.
@@IntrigueAvenueBingo!!!!!! You just nailed the root cause. Cashed up boomers are Australia's biggest problem.
I agree with all of this and it doesn't surprise me but what to do? I"m really stuck....
Thanks for your insights.
In Europe the pension is given to people at 55 , that shows you how Disgusting our Government IS.
No it's not. I don't know a single country here in Europe that does that. The vast majority is 60-66.