It was the unwritten rule of Australian politics – house prices must rise. But a new poll shows that’s no longer how everyone thinks.
Had the city’s property market merely kept pace with inflation,median house prices would be unimaginably low by today’s standards.
House prices have risen at three times the rate of wages over the past 30 years,hurting the young,their job chances and family plans,a productivity expert has said.
NSW property investors borrowed $40 billion more than first home buyers during the past year.
Everyone wants a better life. But young people have lost confidence that it’s within reach.
His critics suggest he’s on a similar trajectory to Karl Stefanovic,but the comedian staunchly denies he’s a mouthpiece for Pauline Hanson’s One Nation party.
Australian mortgages are so large that the nation’s interest bill is higher than when official interest rates were almost 20 per cent.
Last year,disaster was coming from higher house prices. Now it’s disaster as prices fall. Australia needs to find some consistency.
Rate rises,unaffordable homes and the government’s tax changes are behind another fall in value of the nation’s homes.
The PM displays a new optimism – in both the rationality of Australians and his government’s ability to convince them what must change.