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I think we are likely to see a glut of apartments up here soon as well.
In Brisbane that 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 is of course is a good distance further from the CBD than both the Sydney are Brisbane Airports.
I don't think the airport's location makes much of a difference. The approaches are well to west of the CBD. You'd be a pretty bad pilot if you can't miss the CBD! That 205ft building at the middle marker (MM) (I'm trying to think what that it) would be more likely to cause trouble than Centrepoint.
It's just a silly rule that no one has bothered to change.
The tendency to smaller households actually increase demand for housing.
I agree with you there, one only has to see the number of one bed apartments being built to see that. With low interests rates it is cheaper to buy than rent.
Lots sizes are decreasing too. There are homes being built up here with only a single garage and there are masses of town house developments where a few years ago they would have built detached homes on 500-600 sqm(we'd call them semis and terraces homes in the UK). It's good to see so many first time buyers getting into the market.
I don't know what to say , 2.5 people per dwelling is a pretty good indicator
A good indicator of what? Unless we start living in some sort of Communist utopia where the government orders people to live in houses together to fill bedrooms then, in terms of whether there is a shortage, it's neither here nor there what the number of occupants of a dwelling are or how large houses are.
Quote:
Originally Posted by Battleneter
The Housing shortage myth is largely BS, it played out in Ireland, USA, Japan, Spain, Greece, they all had the media running the same stories.
Banking regulations are the problem for inflated prices.
You should read up about confirmation bias, you've got it in spades.
Quote:
Confirmation bias, also called myside bias, is the tendency to search for, interpret, or prioritize information in a way that confirms one's beliefs or hypotheses.[Note 1][1] It is a type of cognitive bias and a systematic error of inductive reasoning. People display this bias when they gather or remember information selectively, or when they interpret it in a biased way. The effect is stronger for emotionally charged issues and for deeply entrenched beliefs. People also tend to interpret ambiguous evidence as supporting their existing position. Biased search, interpretation and memory have been invoked to explain attitude polarization (when a disagreement becomes more extreme even though the different parties are exposed to the same evidence), belief perseverance (when beliefs persist after the evidence for them is shown to be false), the irrational primacy effect (a greater reliance on information encountered early in a series) and illusory correlation (when people falsely perceive an association between two events or situations).
Lets forget what you hear throughout the Aus media and look elsewhere. As you can see the price explosion throughout these countries and most of the OECD started at the same time!
The UK has had very low population growth so what caused that late 90's price explosion?, the US only had long term trend population growth so what happened there?, neither had a mining boom :P
The root of this problem is banking regulation changes in the late 90's throughout the OECD allowing people to leverage to ridiculous levels and speculative buy investment properties.
Australia is continuing to see first home buyers entering the market at record low levels, the banking industry needs to be rebalanced. Remove the ability to loan 2 mil on 100K income based on speculative valuations, less buyers = lower prices.
As for Aus banks they are heavily exposed to the residential property market and a not half as safe as many believe.
You should read up about confirmation bias, you've got it in spades.
Quote:
Confirmation bias, also called myside bias, is the tendency to search for, interpret, or prioritize information in a way that confirms one's beliefs or hypotheses.[Note 1][1] It is a type of cognitive bias and a systematic error of inductive reasoning. People display this bias when they gather or remember information selectively, or when they interpret it in a biased way. The effect is stronger for emotionally charged issues and for deeply entrenched beliefs. People also tend to interpret ambiguous evidence as supporting their existing position. Biased search, interpretation and memory have been invoked to explain attitude polarization (when a disagreement becomes more extreme even though the different parties are exposed to the same evidence), belief perseverance (when beliefs persist after the evidence for them is shown to be false), the irrational primacy effect (a greater reliance on information encountered early in a series) and illusory correlation (when people falsely perceive an association between two events or situations).
I want to make it clear that I'm talking about rental properties. Rental vacancies were once (in my city) around 5% and now they are at 1.8% roughly. This provides property owners with a premium rent and has no doubt contributed to people thing "what the hell, let's just buy"! Both situations are a boon for the government. This is Australia, there's no shortage of land.
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?
This is true. I would also say that apartment living seems to attract high rents because of the novelty value and because there is simply not enough of them. In most cases you can pay almost the same for an apartment as you would for 2/3 of a house. Flats here in Adelaide are expensive, the closer you get to the city and you forgo a parking space.
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That 205ft building at the middle marker (MM) (I'm trying to think what that it) would be more likely to cause trouble than Centrepoint.
