Weeoo, weeoo, weeoo.
We can all breath a sigh of relief that the foreign demand in part driving Sydney and Melbourne prices to un-affordable extremes is coming to end. From The Pascometer:
It would be both sad and funny if Australia rejected a renewable, $10 billion-a-year, foreign-exchange-earning, non-outsource-able, employment-rich business opportunity just because a mixture of xenophobes and myopic protectionists collectively chanted: “I don’t like it.”
It would be sad because of the quality local employment opportunities foregone and because the nation would miss a chance to be richer in several senses of the word.
It would be funny, in a perverted sort of way, because many of the people chanting against foreigners buying Australian housing – something we’re obviously better than anyone else at providing – also bewail the demise of protected industries that we’ve proven to be not so good at.
Given The Pascometer’s spectacular recent record of counter-contrarian calls, I really see no need to go on. Foreign investors, run for your lives!!
Weeooo, weeoo, weeoo.
