Sam Dastyari pops Sydney housing bubble

By Leith van Onselen

Labor Senator Sam Dastyari has posted the above video on Facebook that mocks the high cost of housing in Sydney. The video profiles various run-down and poorly-located houses across Western Sydney that have a price tag over $1 million, and is an effort to show just how ridiculously expensive Sydney housing has become.

Dastyari’s video has been attacked this morning in The Australian, with the families that own the houses calling Dastyari a “snob” over the video:

The western Sydney family whose home was mocked by Labor sen­ator Sam Dastyari have labelled him a “snob” after the politician filmed a bizarre foul-mouthed video on housing affordability…

Leanne and Bob Carabetta bought the Ryde property feat­ured in the video for $245,000 in 1999, as a young couple with a baby on the way.

The house had previously sold for $92,500 in July 1987, $108,000 in July 1995, and $187,000 in August­ 1996.

On Saturday, the three-bedroom­ home on Lane Cove Road, which had been listed for between $1.05m and $1.1m, sold for $1.3m at auction…

Ms Carabetta, 46, said she had taken “great offence” at Senator Dastyari’s comment about the securit­y shutters, and “snobbery” about the house…

Coalition frontbencher, Angus Taylor, has also attacked Dastyari:

Coalition frontbencher Angus Taylor says the mocking of a western Sydney family home by Sam Dastyari is “tasteless” and a “shocking indictment on the state of the modern Labor Party”…

“In typical Labor fashion, this is headline grabbing with no practical solutions in the whole video, not once in the two minutes does Sam … mention a way forward.

“Labor independent of that has offered one way forward, which is to raise taxes, which of course is their solution to every problem”.

I am no fan of Sino Sam, but he is right on this issue. According to recent data from CoreLogic, there are more suburbs in Sydney where the median house value is above $2 million than there are suburbs valued below $600,000:

ScreenHunter_17558 Feb. 20 16.43

And there are few suburbs in Sydney within 50 kilometres of the CBD where houses are valued below $1 million (left panel below):

ScreenHunter_16947 Jan. 18 15.38

As reported in Domain over the weekend, the number of suburbs with a median house price below $500,000 has also shrunk from 159 in 2012 to just four currently:

There are now only four Sydney suburbs where the median house price is below $500,000, new data shows. And they’re all more than 45 kilometres west of the CBD.

Five years ago, there were more than 150 suburbs out of 467 in Sydney that could make this claim. This included areas like Auburn, South Granville, Westmead and Campbelltown.

Now, the only areas with median house prices under half a million dollars are the City of Blacktown’s Willmot, Tregear, Lethbridge Park and Blackett…

Bottom line: Dastyari is correct.

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Comments

  1. Know IdeaMEMBER

    What a snob, indeed. We demand to live in run down second rate accommodation … so long as it is valued at over $1m. Who cares that it is a dog box, or in a high crime area, or anything else about quality of life. That is not what is important. What is important is that I AM A MILLIONAIRE MATE. Get that up ya!

    • The Patrician

      Does Sam Dastyari support Scott Morrison’s approval of the sale of thousands of existing Sydney dwellings to foreign nationals?

      • If foreign nationals pay for Sam’s expenses then of course he does.
        Sam has a north shore investment property I recall its in the Mosman-Netural Bay area. Why does he care about housing affordability now? ….Scumbag.

  2. I was Channel Nine Life yesterday (not by choice) and there was an episode of “International House Hunters” where an American family was attempting to rent in Western Sydney. When they told the Real Estate agent that they had budgeted $2000 a week for a four bedroom house, the agents cringed. Lucky they weren’t looking to buy because the shock would have been even worse.

    • Know IdeaMEMBER

      Sydney is exceedingly expensive for what you get, but I found London to be much worse. Not that one would typically cross shop between the two admittedly. For one, the commute would be a killer.

      • Just because there are idiocy peaks in the world, doesn’t mean we should aspire to become one, nor does it justify our own idiocy.

      • At least London is a fun city. Drinking pints on the pavement outside the pub, no problem. Imagine trying to do that in Sydney, security would break your arms.

      • Yeah, but one means you are living in one of the worlds greatest cities, with spectacular job prospects, amazing cultural facilities, some of the worlds best public transport, with amazing interconnections with the rest of the globe, and the other is Sydney.

      • DominicMEMBER

        Just to add to the other comments: Sydney is geographically and economically inconsequential in global trade and markets terms whereas London is about as close to dead centre as you can get, situated as it is between the two most important trading blocs on the planet. It’s this fact that makes the bubble in Sydney all the more scary …

    • >(…)they told the Real Estate agent that they had budgeted $2000 a week for a four bedroom house(…)
      That, right there is reason enough for deportation… not enough money, not conforming to the Australian Values, not being good citizens…

      >Lucky they weren’t looking to buy because the shock would have been even worse.
      Yeah – they would have had to be summarily shot, and then deported.

      • Ronin8317MEMBER

        4 bedroom house in Western Sydney @500 per week is either run down, or far away from everything.

      • That makes more sense, I rent at $2,600 per month, inner west but it’s a dump, no air con, old kitchen (from the 70s), no heating, 2 bedrooms, massive lawn to maintain, toilet won’t accommodate fat people because it’s wedged between the old school bath tub, the wall and the door. But we make it comfortable for what it is and I view it as temporary.

    • I’ve always thought that the prices they quote on that show are in USD, as that’s the primary market for the show, could anyone confirm?

    • I think in the end they rented somewhere for about $2600 a month but it lack features that they wanted.

      • Like “a complete floor”, “a complete roof”, “windows and doors that seal around the jamb”, “no mould maps of lost worlds on your walls” and so on and so forth…

      • Just put in an application for $3000 a month for a fucking 2 bedder tiny POS. Fun times.

    • I love HHI. It’s hilarious. They’ve done a few in Australia and they’ve been good value.

      There was the gay couple looking to rent a place in Wagga (one of them was doing a postdoc at the uni there). At least the housing was affordable but it wasn’t very high quality. But their budget wasn’t much.

      There was the family from the US looking at a place on the Northern Beaches. One of the places was a unit at Collaroy (they didn’t take it) which I guess has been washed away now.

      There was the dude who wanted a place on Magnetic Island. The three places he got showed were shitty unit developments near the ferry terminal (there are much, much nicer spots in Maggie).

      And it looked like the three choices in the Western Sydney episode were somewhere around Fairfield. Two out of the three were new builds on tiny blocks. (2k and 2.1k a month). The slightly older (and best of the bunch) was 2.6k a month.

      Most of these shows are American and the reno programs are often set in Texas where block (and house) prices are cheap. And despite land prices being cheap must of them have underground power too which Australia just can’t seem to cope with.

  3. Say what you like about him – so far he is the only pollie who has been prepared to say the most taboo secret of housing affordability – the only way it improves is that house prices come down.

    • Nope. I have spoken to a highly qualified oldie and a young unqualified idiot and they both only look at the nominal price – not the price in gold or USD.

      I know another man who made a US$50k loss from buying and selling a house – but in AUD terms, he thinks he made A$100k!

      You could halve the value of the AUD, raise the minimum wage to $40/hour, and cut house prices by 30% (in USD) and most voters will think that house prices have gone up!

      Winston Churchill said that most voters are stupid and that is true today.

      • HadronCollision

        Why does the buy/sell need to be in terms of USD or gold?

        To take into account inflation?

    • Yep. “Housing affordability” shits me. “Cheaper houses” is what we need and want.
      Just like we want cheaper everything else.

      • +1 exactly, housing affordability is a furphym – it’s all about creative new ways to let people into the market. But what is needed is cheaper housing and that means lower prices. Not something your average punter wants to hear.

    • Jumping jack flash

      “so far he is the only pollie who has been prepared to say the most taboo secret of housing affordability – the only way it improves is that house prices come down.”

      Exactly!

      Banks can’t have this happen.
      Pollies will fight to prevent it happening to their death.

      There is just no way. Everything that is implemented in the name of “affordability” will never actually contain anything that has even the slightest possibility that prices could come down because of it.

    • DodgydamoMEMBER

      OK then: Sam Dastyari is possibly the most corrupt treasonous cretin in the entire parliament. Ah that feels better.

  4. Ha ha ha that is brilliant. That’s salesmanship. The Greens could learn a thing or two there.

    • Baruch Spinoza

      Imagine if you could buy hospital beds, use capital gains tax concessions and even negative gearing to leverage into buying them.

      So when you are sick you have a hospital bed. But since the value is going up – you buy lots of hospital beds, and the price keeps going up. If anyone else needs a hospital bed – you rent them out at sky high prices – telling them even though they have to stay in hospital for a week they need to leave within half an hour because you have a buyer interested. Oh – and absolutely no visitors. And no – you will not fix the wheels, side rails, supply blankets, or anything else.

      You sell hospital beds to overseas buyers who don’t bother renting them out. Limiting supply and increasing rental prices for the young who all need to share a hospital bed – 5 or six at a time.

      And when you say can’t afford a hospital bed because they have been turned from essential aspect of human survival to a commodity your political leaders scoff at you and tell you to get a better job. Meanwhile you bring in more, and more and more foreign buyers of hospital beds.

      ….I see no difference – and nether do most LNP voters.

      .

      • Jumping jack flash

        fantastic analogy..

        shhhh!! Don’t give them any ideas.
        The government will very soon have a massive deficit to pay for and nothing left to sell.

      • TailorTrashMEMBER

        Spot on ………now, come to think of it, are we not about to start selling Hospital beds dressed up as $10,000 elderly parent visas ?…………
        ………….what ever is this government thinking ? ………..they should be decimated at the next election .

      • “If anyone else needs a hospital bed – you rent them out at sky high prices”

        Except the rental yield in housing is pathetically low.

      • You have great wisdom, Baruch Spinoza. Become my apprentice. Learn to use the Moron Side of the Force….

        Every single hospital bed, including the one which may one day be occupied by one of your sick relatives, must now be collateralized and sold to the retail investors from ’round the world. The prices of CHBOs must be bid up to the stratosphere so that we can plug our fucked up budget holes and fund our runaway Medicare bills. Do what must be done, Lord Spinoza. Do not hesitate. Show no mercy. Only then you will be strong enough in the Moron Side to save your portfolio….

  5. BrentonMEMBER

    I take solace in the fact that Ms Carabetta has probably bought into a slightly less dilapidated house for 1.6 mil….she’s a self made millionaire after all and can afford these types of things now.

  6. billriskasMEMBER

    about time someone got real on this sh!t. best video of the year so far.

    • The Patrician

      Ok, lets get real.
      Does Sam support the requirement of purchaser’s proof of FIRB compliant residency status/approval to register the transfer of title of an existing Sydney dwelling?

  7. DamienMEMBER

    Did Sam offer any practical tips on getting a rich Chinese lobbyist to help with the deposit?

    • ErmingtonPlumbingMEMBER

      Yes,…I was kinda wondering if Sam might broach the Subject of the Chinese bidding up Sydney’s house prices, whilst watching that clip,…and then laughed at my self.

      • if he would have I would have forgive him all. But let’s be fair that would have been bad taste. After all it is not Chinese fault that our Gov let’s them do what they do. If you invite people in, you can’t blame them for coming.

    • That was paranoid and rambling. Time for Gotti to be put to the pasture instead of telling fibs about how he is being asked to add his perspective on “the yoof.”

    • Love the comments – that’s pure 24 carats gold right there!

      ‘Harry said “……..” signed Robert Gottahousingstory.’

  8. TailorTrashMEMBER

    Call it community work as repatriation for Sino Sam taking that dodgy Chinese money ………but good on him
    ……..keep this up Sam we need a federal politician to start talking about this bullshit ……..

    • if that is how we punish Fed Polies for their sins then Andrew Rob will have to clean the sewers for the next 100 years.

  9. SoMPLSBoyMEMBER

    It’s a very good video and many will ‘relate’.
    Meanwhile, back at the ranch, Division 4 of Mono bank ‘slays’ it again. It just doesn’t get any better this!

    Debt is love.

    Westpac has reported an interim cash profit of $4.02 billion, up 3 per cent on the half and in-line with market expectations, as mortgage lending grew by 6 per cent and the institutional bank improved although the net interest margin contracted.

    Read more: http://www.afr.com/business/banking-and-finance/financial-services/westpac-reports-cash-profit-of-402b-on-tighter-margins-20170507-gvzxqm#ixzz4gRMVTkrO
    Follow us: @FinancialReview on Twitter | financialreview on Facebook

  10. Sam said nothing about the cause or the way to manage the high house prices, only a description of what is. More is needed from a politician. Seems both Labor and Liberal Federal governments as well as State governments have largely caused the high prices. A mea culpa would be nice.

    • Actually Sam’s party has a quite credible policy involving limiting neg gearing to new developments and reducing the CGT discount, which would stop the increases without crashing the market.
      And credit where is due….it was the Howard Liberals who started this rollercoaster, and Hockey restarted it again when it stalled under Labor.

      • Stop now, you’re embarrassing yourself.

        maudlin
        [mawd-lin]
        adjective
        1.
        tearfully or weakly emotional; foolishly sentimental:
        a maudlin story of a little orphan and her lost dog.
        2.
        foolishly or mawkishly sentimental because of drunkenness.

  11. Hill Billy 55MEMBER

    The times they are a changin’. At last someone in politics is speaking the ugly truth. Thanks!

    • No no no… not so quick and not so easy boyo!… now fucking walk the talk – you sell-out. Walk that talk for a few years before your sino-sins are expiated.

  12. Sam should get the NSW Labor party to deregulate height limits in certain industrial suburbs.

    And tax them foreigners heavily.

    London has a 300 metre tall building now and getting a high speed railway to Birmingham.

  13. On Saturday, the three-bedroom­ home on Lane Cove Road, which had been listed for between $1.05m and $1.1m, sold for $1.3m at auction…

    Ms Carabetta, 46, said she had taken “great offence” at Senator Dastyari’s comment about the securit­y shutters, and “snobbery” about the house…

    I’m offended they are offended… in fact I believe I have a right to be offended. And offense is the worst thing that can happen.
    https://www.youtube.com/watch?v=ceS_jkKjIgo

    Seriously they bought it for $200k and now it’s 1.3M and they don’t find that offensive to other young people? Personally I think the shutters are horrendous.. Not to mention the underquote, listed at 1.0M and sold for 1.3M – I guess just a little bit off on that estimation hey?

    Sometimes I feel like I’m living in a parallel universe, just goes to show how out of touch folks are…Boo hoo we’re mocking your fucking ordinary homes that are selling at 1.3M get a grip. You have 1.3M reasons to smile and yet all you do is complain because some bell end on a red bus stood outside and called it for what it was, a… joke…

    • ErmingtonPlumbingMEMBER

      Any mention of who purchased this humble home.
      A SMSF investor?
      A young family?
      A student visa holder with a brief case full of Cash?
      What’s driving these high prices in Sydney and Melbourne, Sam?,…Sam?,…Sam?,…are you still there Sam?.

    • This is nothing, I registered for a auction with a price guide of 1.7m thinking I stand a chance in Concord West. It was sold for 2.3m and it was over my limit after the first two bids! Thats under quoting to the limit.

      • Ahh poor Amit, that was your first mistake, assuming you had a chance. I’ve been bolloxed on multiple auctions so far. When I factored in a 20% underquote too haha. 😀

    • Wrong Gavin, the joke in on them morons who pay for or finance such shitboxes to the tune of $1.3 mil. For that sort of moolah I can get 10, yes, T E N three bedder houses in Adelaide on decent blocks of land.

  14. Understand those in specialised careers sticking to Sydney but at what point does a barista / sales assistant say ‘fuck this’ to $500k homes (in the far outer suburbs), pack their shit up and move interstate or regional?

    • I am considering it… and I’m not a barista. There is no 500K homes in Sydney region that I’m aware of and if there are, there is no way to get to work that doesn’t involve at least 1.5 hour commute in peak hour. In which case the money spent on fuel and car maintenance negates the money saved on the mortgage over a 25 year period.

      • According to the Domain link above the are four whole suburbs of them (out of all the suburbs in Sydney)

      • HadronCollision

        Family and friends notwithstanding, do it.

        We left Melb for Northern Rivers

        Have not looked back – 500k for house on land.
        Out picking avos yesterday with son, before smashing golf balls to bottom of property and then picking pumpkins and mid May tomatoes

        Horses for courses of course

      • if there are suburbs in Sydney that have $500k houses then you need full time security guards to look after it while at work and to protect you while at home.

    • ErmingtonPlumbingMEMBER

      At the point that their parents sell up and retire to a sea or tree change. As long as there is cheap rent at mum and dads, they’ll be around.

      Its gona be a bit problematic another generation down the track though.

      ?

      • I saw one of those articles that pop up from time to time about how ‘kids these days’ aren’t moving out until 30 and beyond.

        Couldn’t help reflecting that the kids of the kids who aren’t moving out are going to have no choice, as their parents will still be renting, and won’t be able to accommodate them as adults.

    • During recessions people don’t buy $5 coffees, $20 smashed avo sandwich, $100 massage, or $30/week gym membership.

      There lies your answer. It will be the next recession and the decision will be made for them by consumers.

      • NikolaMEMBER

        Once we start to see coffee shops and gyms closures we know it is getting ugly. And that would be with the next interest rate hike – when Fed hikes .25% and our banks pass .13% to all.
        Lot of people will say that is nothing or not enough to push anyone over the cliff but lot of people underestimate the amount of debt lot of these fools have taken. I know number of individuals that if they lose Saturday Overtime they will have to sell.

    • We already know a few families who have done just that, the ones that never bought a house more than 5+ years ago are bailing out. One couple we know were fortunate enough to carries their jobs up to sunshine coast, working from home/Brisbane office.

      Sydney is a lot cause for any new families, you will have a much better quality of life in another capital even though you’ll earn potentially less, for some careers the differences aren’t pretty small.

    • I doubt a Barista would be the first to move, after all someone has to buy his/her $6 lattes and those people are not in regional towns.

  15. St JacquesMEMBER

    I think we give Dastyari a second chance. He at least declared the finance coming to him from foreign sources and didn’t attempt to hide them through local shell companies like others probably do. I was incensed too, and also incensed he didn’t understand why it was wrong, but young Sam has learnt he cannot represent Australians and foreigners interests. He has to choose. For a while he grated as a sore loser, but his behaviour did expose the utter hypocrisy of the other politicians. In this video he is doing the young of the country, who are being betrayed by the powers that be, a service. He’s learning. Let’s hope others learn too

    • ErmingtonPlumbingMEMBER

      I find it hard to take ANYONEs lament about housing affordability in Sydney and Melbourne, seriously, if they are unprepared to even discuss, the Yearly immigration intake to our Country.

      • St JacquesMEMBER

        edit: You got me there. Let’s see if he – and the ALP – will admit that. Until then, it’s all obfuscation.

    • I’m all for the message in this video, but this Sahand ‘Sam’ Dastyari and the shady NSW Labor senator/machine man who rather recently resigned from shadow cabinet in disgrace for suspect Chinese financing, are one and the same. Don’t confuse the message with the messenger.
      Well done to him for making the video. Spiffing of him to feed the chooks kids some crumbs. It doesn’t mean anyone should trust him to do anything about it.

  16. HadronCollision

    What a peculiar fellow is Sino Sam.

    Can’t work him out.

    Is he talking housing down so his Chinese overlords can buy up Aus Inc cheaper?

    Or does he actually care.

    Good on him but

    • St JacquesMEMBER

      edit in view of EP’s excellent comment: He’s motivation is simply political survival.

      • +1 these blokes would sell their own mothers if they thought there was political gain in it. Don’t trust em!

      • St JacquesMEMBER

        Really, frustrating, along with the work visas s#&t. But it is a step in the right direction.

    • “Is he talking housing down so his Chinese overlords can buy up Aus Inc cheaper?”
      If you want the Chinese to buy, you have to talk it up. They are in it for the profit.

  17. The Patrician

    Does Sam support the sale of existing Sydney dwellings to foreign nationals?

  18. So where are the “Working class” suburbs of today located?
    If everything is a million dollars, where do they live?

    • They either live in cramped housing sharing the house with 2 other couples somewhere in Ryde itself or renting a dog box 1 bedder in Parramatta or trying to get on the housing ladder by buying in Richmond or even further.

  19. Wow – quoting China-Sam. He has the ethics and integrity of a buzzfeed article in a post-Hillary world.
    Trying to ply his way back into being a “cool” poli that cares.
    Good luck China-Sam. Who spotted you lunch this time?

  20. I AM SAM. I AM SAM. SAM I AM.

    THAT SAM-I-AM! THAT SAM-I-AM! I DO NOT LIKE THAT SAM-I-AM!

  21. ‘I’m not doing this any more’: the rush to escape Sydney’s mad house prices … The Guardian

    https://www.theguardian.com/australia-news/2017/may/07/im-not-doing-this-any-more-the-rush-to-escape-sydneys-mad-house-prices?CMP=Share_iOSApp_Other

    Paul Mitry moved to Canberra with his wife and three daughters – aged nine, seven and three – at the end of last year. It had been a long time coming, he admits. “For five years my wife had been going, ‘Have you thought about Canberra?’”

    The capital city was her hometown; Mitry’s was Sydney. His “whole life” is there, he says – his ageing parents, extended family, old friends – and he was reluctant to leave.

    The tipping point came when the couple went to trade the two-bedroom townhouse they had bought in Riverwood in 2006 for something more spacious. Even with hundreds of thousands of dollars of equity, they were quickly forced to compromise on quality and location. … read more via hyperlink above …

    • Australia’s housing crisis means even wealthy millennials plan to stay put with their parents … Business Insider

      https://www.businessinsider.com.au/australias-housing-crisis-means-even-wealthy-millennials-plan-to-stay-put-with-their-parents-2017-5

      Housing affordability remains a central concern in Australia, and it means that millennials are staying home for longer.

      That’s one of the findings from CoreLogic’s “Perception of Housing Affordability Survey” conducted by Galaxy Research, and beneath the headline data there’s some interesting insight into how Australians feel about property.

      Almost 9 out of 10 non-property owners are concerned about being able to afford their first home, and 58% of people think it will be even harder next year.

      Ahead of the federal budget tomorrow, CoreLogic’s report highlights the struggles Australians face from expensive housing, and said a fix to the problem would take co-operation from all forms of government. … read more via hyperlink above …

  22. The Patrician

    Does Sam support an audit of Sydney residential land titles for FIRB compliance?

  23. Poor Sam is tainted dog meat really.
    Whats needed is a credible well respected politician to produce videos like this … wait what am i saying !!!

    Maybe Sam can do a video series on how to get wealthy Chinese to pay your bills ?
    Im sure he would get plenty of hits on youtube for that.

  24. Lots of anti-Sam comments in the last 2 hours.
    Understandable, I guess. If you can’t attack his message then attack the man.

    • What was his message? All I heard was: 1. Houses are expensive. 2. Vote Labor, because.. you know, like, stuff.
      Did I miss something?

      • This. Given Labors massive boost to the bubble during the Rudd and Gillard years they have no credibility on this issue. Still they don’t need to most people are clueless about it and are enjoying the lefty Labor feel good which is understandable and a nice break from the toxic criminals in the pro property parasite camps and the private school ponces in the Lib camp.

      • Jumping jack flash

        Liblabs are powerless to oppose the mighty debt bubble. In fact I would wager that any political party would be equally as powerless. They may initially boldly say they will do something, but as soon as they learn the ugly truth they’ll quickly change their minds.

        Conduct a simple thought experiment about what would happen if house prices fell, taking into consideration LVR, equity, risk, the banks, the economy, wealth effect, equitymate, interest only loans, foreign investors, etc, etc, etc.

        It wouldn’t be pretty.

      • ErmingtonPlumbingMEMBER

        No it won’t be pretty,…but when it happens anyway, that’s the chance to usher in change.
        Problem is the last few times it has happened, the plutocrats got to structure the system better for themselves, than they had it before.

        Gotta organise people, to prevent it happening again.

        A reformed left wing party (Labor for us) is the only solution.

        https://youtu.be/38JNg210L24

        https://youtu.be/38JNg210L24

  25. The houses in North Ryde are easily getting rented out as shared houses bringing in almost $1200/week for the owners on a $1.6 million house. I guess they make the shortfall through negative gearing and hoping for a capital appreciation. Lot of renters there because of Mac Uni and Mac Office Park. I used to pay almost $270 for a room. Ofcourse if majority of jobs are related to real estate or housing industry then we are in a vicious cycle and if the jobs go, then i am not quite sure who would be renting at those prices.

  26. A good follow-through action now for Labor would be what?
    How about declare that on the day it wins the next election, it will:
    1. grandfather all NG claims (except new build)
    2. cut CGT discounts even further
    3. reverse the rules allowing temporary residents & students to buy property.

    It’s a risky strategy but the longer Labor pretends distortions to the market cannot be fixed, the less leverage they have to destroy the LNP now.
    Whichever govt is in power when the Ponzi self-destructs will be out of office for a generation. Labor has less than 12 months to spoke the horses.

  27. Looking at Oz from offshore, property might be expensive to earnings, but it’s reasonable value compared to London or Singapore where I live. For a 4 bed house in the burbs, I pay $16k/mth rent, to buy would be over $40m. In London, I get $8k/mth rent on a 5 bed house and it would be worth $3m. US is different. Just saying if the dollar slides, demand from o/s will rise more so bring on budget changes for o/s buyers.

  28. you pay jack all tax in Singapore. after tax/house price ratio is hopelessly out of wack in Sydney. Compare a 2 bedroom unit in Green Square to a 2 bedroom unit in Redhill, Similiar distance to downtown for both for people on 100k+/yr.

  29. Australia’s housing affordability crisis creating ‘dependent generation’ – study … The Guardian

    https://www.theguardian.com/australia-news/2017/may/08/australias-housing-affordability-crisis-creating-dependent-generation-study

    Unaffordable housing has led to an “increasingly dependent generation” of young people, a new study has found, with many Australians resigned to living with their parents for longer as they save for a deposit.

    The Perceptions of Housing Affordability report by property data analysts Core Logic found almost two-thirds (62%) of respondents who were living with their parents said they did so because they could not afford to move out.

    Twenty-seven per cent of those aged 18 or over and living in the family home were saving towards a deposit, while 21% expected to remain with their parents until they were at least 30 years old. … read more via hyperlink above …

    http://www.news.com.au/finance/real-estate/buying/millennials-facing-cubby-house-syndrome/news-story/a70a08e6dc087d352e2e816f596947c9

    http://www.theaustralian.com.au/business/property/housing-tipped-to-become-less-affordable-corelogic/news-story/42795b4cd58f806a9b52d9210d116c5a