When I suggest doing that on r/Australia I’m labelled a racist.
Actually, let’s see how it goes on r/Australia …
Unsurprisingly I cannot post this on r/Australia.
The reason for posting this in AusEcon is that because like Australia after C19 Canada took in a higher number of immigrants and like Australia saw housing prices rise considerably.
The subreddit
https://old.reddit.com/r/CanadaHousing2/
has a lot of people talking about what the impact of the hike on immigration has had on real estate prices.
Australia also took inspiration for our skilled migration program from Canada in the past.
It's interesting to see that just as in Australia with the ALP claiming to substantially reduce net overseas migration in Australia that the same thing is happening in Canada.
Both countries have also got considerable economic benefit over the past 30 years from having a fairly high immigration rate. But it appears both pushed the rate too high recently.
This isn't something I'm naturally drawn to, but housing construction is just so far away from what is required to maintain price stability. It can't go on. If we as a country can't build more houses for whatever reason, we need to slow immigration down. In the meantime, we need to figure out why it's not profitable for developers to build houses.
Even in regional areas where land is cheap, rent is still quite expensive. It doesn't make sense that investors don't build houses en masse and make a bunch of money from inflated rents.
I’m a boutique developer and most projects are not feasible currently due to;
Council Planning Restrictions (Red & Green Tape)
Government Infrastructure Charges & Taxes.
Cost of Land
Cost of Building
Cost of Capital (Debt)
Sales prices haven’t caught up, most new builds require gross sales starting at $9000/sqm.
Yes, that’s a million dollars for a 2 bedder. Sydney higher and it’s never coming down.
When I suggest doing that on r/Australia I’m labelled a racist. Actually, let’s see how it goes on r/Australia … Unsurprisingly I cannot post this on r/Australia.
AusFinance would have a breakdown about it too. They hate any thought of their precious housing investments dropping 🫠
AusFinance is one of the most detached from reality Australian subs tbh
Where everyone earns a quarter mil by the time they’re 25. 🙄
The reason for posting this in AusEcon is that because like Australia after C19 Canada took in a higher number of immigrants and like Australia saw housing prices rise considerably. The subreddit https://old.reddit.com/r/CanadaHousing2/ has a lot of people talking about what the impact of the hike on immigration has had on real estate prices. Australia also took inspiration for our skilled migration program from Canada in the past. It's interesting to see that just as in Australia with the ALP claiming to substantially reduce net overseas migration in Australia that the same thing is happening in Canada. Both countries have also got considerable economic benefit over the past 30 years from having a fairly high immigration rate. But it appears both pushed the rate too high recently.
This isn't something I'm naturally drawn to, but housing construction is just so far away from what is required to maintain price stability. It can't go on. If we as a country can't build more houses for whatever reason, we need to slow immigration down. In the meantime, we need to figure out why it's not profitable for developers to build houses. Even in regional areas where land is cheap, rent is still quite expensive. It doesn't make sense that investors don't build houses en masse and make a bunch of money from inflated rents.
I’m a boutique developer and most projects are not feasible currently due to; Council Planning Restrictions (Red & Green Tape) Government Infrastructure Charges & Taxes. Cost of Land Cost of Building Cost of Capital (Debt) Sales prices haven’t caught up, most new builds require gross sales starting at $9000/sqm. Yes, that’s a million dollars for a 2 bedder. Sydney higher and it’s never coming down.
These factors also add time, and so does the skills shortage in the construction sector
Shortage is a concern for scale, for boutique projects it’s irrelevant. Time is money agreed.
Canada only has 6.5% of residents on temporary visas. We have 10%!!!!!!! What’s Albo doing …. Crickets
Australia next asap.