Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Affordability is a big problem that many under thirty cannot afford or undertake massive debt to do so. The term Generation Rent has come into use in recent times as a result of the massively over inflated housing market.
Most sales in recent times are going to investors both domestic and overseas and it is creating a number of issues on the domestic front. One thing is foreign, usually Chinese out bidding locals in order to park money into real estate away from authorities there.
Even developers are being outbid for land by up to 25% by Chinese developers building apartments to sell abroad. With high land prices on top it is resulting in Australia being the third most expensive in the world the last time I looked.
Keep in mind that Australia has more than 5x the population of Ireland, the 90,000 dwellings the Irish constructed in 2006, would be the equivalent of Australia constructing almost 500,000 dwellings in a single year, about 125,000 a quarter.
Keep in mind that Australia has more than 5x the population of Ireland, the 90,000 dwellings the Irish constructed in 2006, would be the equivalent of Australia constructing almost 500,000 dwellings in a single year, about 125,000 a quarter.
At one point in Ireland housing starts were higher than for the UK. A country with ~15x it's population. The effect of the house shortages are visually observable in Sydney with young families queuing for hours when new land is released. The point is made from that chart from MB that you posted. Housing starts in Australia are lower now than they were in 1988.
Further to my previous post, the point was that Australia's housing bubble is different from that in Ireland and Spain, in that both of them had a large increase in prices at the same time their was also a large increase in supply. Australia has had it's increase in prices without adjustment on the supply side, which might go part of the way to explaining why we have not seen a downward movement in prices that Spain and Ireland experienced.
I don't believe Australia has a national shortage as such, just a shortage in certain parts of the country.
Last edited by danielsa1775; 11-23-2014 at 07:10 PM..
I don't believe Australia has a national shortage as such, just a shortage in certain parts of the country.
Sydney is undersupplied. Melbourne has a glut of apartments. Part of the problem is Sydney's super restrictive planning laws. Why is Centrepoint still considered the height ceiling for all other buildings in Sydney?
Sydney is undersupplied. Melbourne has a glut of apartments. Part of the problem is Sydney's super restrictive planning laws. Why is Centrepoint still considered the height ceiling for all other buildings in Sydney?
I think we are likely to see a glut of apartments up here soon as well.
In Brisbane the height limit is 275m the airport claims anything above that will interfere with it's radar.
No doubt the location of Sydney's airport has something to do with the cities height limit as well. Tullamarine airport of course is a good distance further from the CBD than both the Sydney and Brisbane Airports.
Last edited by danielsa1775; 11-23-2014 at 07:48 PM..
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
