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pietillidie
Joined: 07 Jan 2005
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Post subject: Aussie home prices world's most-overpriced | |
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Aussie home prices world's most-overpriced: survey
Simon Johanson
March 4, 2011 - 4:09PM
"Australian house prices remain the most overvalued in the world, according to the latest quarterly ranking of global house prices by The Economist magazine.
Based on a historical gauge of home prices to rents between 1975-2010, the magazine estimates that Australian residences are 56 per cent over-valued, exceeding the 54 per cent over-priced rate in Hong Kong and 48 per cent in France.
"There may be good reasons for Australian prices to have risen so far, but people made similar, and ultimately incorrect, arguments for the run-up in prices in the West," The Economist said in a statement accompanying the survey's release."
http://www.theage.com.au/business/aussie-home-prices-worlds-mostoverpriced-survey-20110304-1bhhy.html _________________ In the end the rain comes down, washes clean the streets of a blue sky town.
Help Nick's: http://www.magpies.net/nick/bb/fundraising.htm |
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Tannin
Can't remember
Joined: 06 Aug 2006 Location: Huon Valley Tasmania
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This is not news. It is, of course, absolutely correct, but it's been obvious for many years.
There are several causes: relentless population increase through unrestricted migration; further population increase through massive subsidies for bogans having babies, coupled with unfair higher tax rates for those that do not; huge taxation anomalies for both home owners and investors; and lack of appropriate control on foreigners buying residential property.
No government has the courage to do anything about it, though. Most of our our children will never own a home. _________________ �Let's eat Grandma.� Commas save lives! |
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boofa
Joined: 13 Oct 2010
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If you want to buy in the northern or western suburbs, there is plenty of cheap affordable housing. I am told land is about a dollar an acre...... _________________ "i told you not to touch it" |
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stui magpie
Prepare for the worst, hope for the best.
Joined: 03 May 2005 Location: In flagrante delicto
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boofa wrote: | If you want to buy in the northern or western suburbs, there is plenty of cheap affordable housing. I am told land is about a dollar an acre...... |
How far north or west I'm thinking you were told wrong. _________________ Every dead body on Mt Everest was once a highly motivated person, so maybe just calm the **** down. |
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Tannin
Can't remember
Joined: 06 Aug 2006 Location: Huon Valley Tasmania
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North-west Venus or southern Jupiter. Nowhere in this country. Nowhere on this planet, in fact. _________________ �Let's eat Grandma.� Commas save lives! |
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boofa
Joined: 13 Oct 2010
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Northern or Western suburb of Melbourne.
I.E. Doreen, Craigieburn, Hoppers Crossing,Melton, Etc,Etc..... _________________ "i told you not to touch it" |
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Tannin
Can't remember
Joined: 06 Aug 2006 Location: Huon Valley Tasmania
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Yeah, right. In your dreams. Let's take Melton - which is about as unpleasant an outer suburb as you could hope to find anywhere in Victoria. I mean, we are talking serious Boganville now.
The cheapest block in Melton advertised for sale on Domain today is $120,000 land only - and that is for an anemic little postage-stamp measuring 0.07 acres. Your absurd $1 per acre figure is a little out. The correct price is 1.7 million dollars per acre - and this is for a block 50 kilometres out in Bogan City. _________________ �Let's eat Grandma.� Commas save lives! |
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woftam
I used to be undecided, but now I'm not so sure.
Joined: 28 Jul 2008 Location: Carum Downs, Vic
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I don't know why anyone would be surprised that we are the most ripped off country in the world. I would have thought that would be obvious by now. |
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Nick - Pie Man
Joined: 04 Aug 2010
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There's plenty of land up for grabs up north if you don't mind being 500km away from the nearest town |
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Peter Griffin
Joined: 27 Apr 2010
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It's a joke, what are they going to do when the next generation can barely afford to rent let alone buy?? Ugh.. It just makes me so mad and sad for the young ones. _________________ Coles should sponsor Essendon because they're down and staying down! |
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Culprit
Joined: 06 Feb 2003 Location: Port Melbourne
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It's not rocket science, To many people not enough houses. What we will have is generational debt where a Couple buy a house and when they die their children inherit the debt and so on. Gone will be the days of 30 year loans, it will be 100 years. |
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Nick - Pie Man
Joined: 04 Aug 2010
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So what you're saying is .. good news for those of us that already own property? |
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Culprit
Joined: 06 Feb 2003 Location: Port Melbourne
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If you own yes, if you have a mortgage and you still owe are fair chunk on that mortgage no. Reason for that is your house may have increased by 50% in value and if you sell it you still have to buy in the same market where the house prices have increased. Unless you buy a shack out the back of Bourke. |
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annewilo
Joined: 22 Mar 2003 Location: Victoria Park
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boofa wrote: | Northern or Western suburb of Melbourne.
I.E. Doreen, Craigieburn, Hoppers Crossing,Melton, Etc,Etc..... |
I can assure you my land was hardly cheap. Obviously you are not familiar with the area and the types of properties up here!!!
Room for a pony et al! _________________ The Knights of Abbotsford
Last edited by annewilo on Tue Oct 04, 2011 2:04 pm; edited 1 time in total |
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Pied Piper
Joined: 20 May 2003 Location: Pig City
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Tannin wrote: | This is not news. It is, of course, absolutely correct, but it's been obvious for many years.
There are several causes: relentless population increase through unrestricted migration; further population increase through massive subsidies for bogans having babies, coupled with unfair higher tax rates for those that do not; huge taxation anomalies for both home owners and investors; and lack of appropriate control on foreigners buying residential property.
No government has the courage to do anything about it, though. Most of our our children will never own a home. |
There are other possibly more important factors you haven't mentioned, namely a chronic shortage of skilled tradesmen, and the fact that our cities are already at their outer limits due to our tendency to build out rather than up - hence suburbs 50km or more from town. _________________ "The greatest thing that could happen to the nation is when we get rid of all the media. Then we could live in peace and tranquillity, and no one would know anything." - Sir Joh Bjelke-Petersen |
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