It no longer matters where you live in Australia.
Whether you’re a young person enjoying the beach in Sydney, the machetes in Melbourne, the boredom in Adelaide, the terrible driving in Perth, or any paddock in between, you can forget about owning your own home.
The latest Cotality affordability report, out late last year, is a total social disaster.
This is the source of Australia’s social disintegration. There is nothing for Australian youth to aspire to at home.
- Their wages don’t grow.
- Social services deteriorate year in, year out, owing to crush-loading.
- Accommodation is fast becoming a privilege.
Houses are worse than units, but nto by much.
There is no difference between city and country.
As Cotality says: short-term market corrections or cyclical fluctuations cannot be used to create sustained home affordability.
The economy is now so immigration/housing-dependent that the slightest price downturn, such as that in Sydney and Melbourne today, triggers monetary easing and rising prices.
The data now show that we cannot assume people priced out of expensive housing will simply relocate to the “next most affordable market.”
The history of midsized capitals, regional Australia, and, more recently, Darwin shows that when prices rise, demand for areas that are comparatively inexpensive for some purchasers spreads, making affordability issues more widespread.
Prices and rents in these locations quickly catch up when demand changes, undermining the benefits that had made them appealing substitutes.
Why anybody would expect to have social “cohesion” while this ribald class war is prosecuted on youth is beyond my comprehension.
The mass-immigration-led economy simply offers no psychological base upon which to build it.
