The Housing Crisis

[abc]

and the beat goes on...

https://x.com/7NewsAdelaide/status/1839961156221640793

[rev]

https://www.realestate.com.au/news/metr ... -forestry/

I guess somewhat related.

Japanese firm Sumitomo is potentially buying into Metricon by the end of the year.
At the very least it sures up the country's biggest home builder, which is critical obviously in a housing crisis & significant shortage.

[A-Town]

Adelaide house prices keep on rising

Adelaide house prices were among the most expensive in the nation in September, with one report saying housing was now “unaffordable across every metric”.

Adelaide property prices saw the country’s biggest monthly increase in September at 0.53 per cent, followed by Perth at 0.24 per cent, according to PropTrack’s Home Price Index released today.

However, a similar report from data provider CoreLogic said September growth in Perth had eclipsed Adelaide, seeing 1.6 per cent growth, compared to 1.3 per cent in Adelaide.

CoreLogic said Adelaide’s median dwelling price had grown above Melbourne, at $802,075, though PropTrack saw Adelaide remain slightly below Melbourne, with a median price of $778,000.

The CoreLogic report saw Adelaide’s annual house rental prices increase by 7.9 per cent to September 2024, second only to Perth, which saw 10.8 per cent growth. Unit rents were up 9.3 per cent, second again to Perth.

CoreLogic research director Tim Lawless said its metrics indicated “the median income household would require around a third of their income to service the median rent value across Australia in June”.

“It wouldn’t be surprising if the average household size has continued to increase as group households and multi-generational households become more common in the face of high rental costs.”

Both reports said Adelaide house prices were at their peak, above those of Perth, Hobart, and Darwin, with PropTrack recording a 15.5 per cent annual price growth.

CoreLogic said the “immediate outlook for housing markets is for further growth in housing values”.

“An ongoing under-supply of newly built homes will naturally keep a floor under housing prices and rents,” it said.

“Housing remains unaffordable across every metric. The portion of household income required to service a new mortgage for the median income household was at record highs in the June quarter at 50.3 per cent.

“It would take 10.6 years for a household on the median income to save a 20 per cent deposit to buy the median value dwelling (if they can save 15 per cent of their income each year).”

Both reports use a hedonic regression methodology, using recent sales data and information about individual property attributes to distinguish price increases attributed to changes to a property.

While both also assess repeat sales data, CoreLogic looks at the change in the price of individual properties sold during or around the time period.

However, PropTrack is understood to utilise a repeat sales regression model that matches transactions of non-identical but “closely related” properties when assessing price changes.

Both reports agreed on a national monthly increase of 0.4 per cent in dwelling prices, with PropTrack senior economist Eleanor Creagh saying prices were “expected to lift through the typically busier spring selling season”.

“Housing demand remains resilient, defying affordability constraints with prices lifting across much of the country in September,” she said.

“Though prices are rising, sustained high interest rates, cost of living pressures, weak consumer sentiment and affordability constraints are weighing. Uncertainty around the timing of interest rate cuts is likely also having an impact on the pace of growth.”

Regional housing prices saw an increase around the state, with CoreLogic reporting the Barossa, Yorke, and Mid North region saw a 3 per cent growth in house prices in September, reaching $455,311.

The South East saw the smallest regional increase at 0.2 per cent growth, to $515,049. Regional South Australia has seen a 66 per cent increase in house value since the onset of Covid 19.

https://www.indaily.com.au/business/pro ... coMmJt2wSw

[rev]

CoreLogic said Adelaide’s median dwelling price had grown above Melbourne, at $802,075, though PropTrack saw Adelaide remain slightly below Melbourne, with a median price of $778,000.

Wouldn't they be running in the same set of data?
What possibly could be the difference in how they count dwelling sales and prices passed in?

[A-Town]

Tech CEO says Australia ‘should be the richest country in the world’ in scathing assessment of policy failures

Outspoken Freelancer chief executive Matt Barrie appeared on the Equity Mates podcast last week for a wide-ranging discussion covering the housing market, mass immigration, energy policy and cost-of-living.

“The country is f**ked,” Mr Barrie told host Bryce Leske.

“It’s not a functional society anymore. You need people to be able to afford to buy housing and shelter in order to have a functional society. In Sydney now the median house price is about $1.8 million, which is mathematically impossible for the average person to buy the average house.”

Mr Barrie said the cost of housing “cascades into everything”, including wages and grocery prices.

“We have blown the mother of all bubbles, which has led to the mother of all cost-of-living crises, which has led to huge problems in a deterioration of society, culture and values of this country, through running the mother of all mass immigration programs,” he said.

“And the politicians have a lot to answer for, because it’s not really working out for people coming into the country, either.”

Australia’s population has ballooned to 27.1 million people with 388,000 net overseas migrants entering in the first nine months of the 2023-24 financial year, according to figures from the Australian Bureau of Statistics (ABS) last month.

The latest numbers guarantee the government will blow well past the 395,000 forecast from this year’s budget, after Prime Minister Anthony Albanese promised to wind back immigration to “sustainable” levels.

A record number of more than one million migrants have entered Australia since Mr Albanese took power in 2022, with India recently overtaking China as the top source.

Mr Barrie argued that given the declining birthrates “there is actually no demand for additional housing in this country”.
“Zero. Nothing. Zilch,” he said.

“Which is pretty shocking I think to most people given the fact they’re probably hanging on for dear life trying to rent or pay their mortgage. The demand is entirely from a completely out-of-control, unhinged and uncalibrated mass immigration program. A mass immigration program where some months we bring 100,000 people into the country … where in a country of 26 million people, there are 2.4 million people on temporary visas.”He accused Australia’s politicians on both sides of operating a long-running “Ponzi scheme”, where “house prices gently drift up and wages are gently suppressed” through immigration.

“Because the politicians don’t really know how to grow the economy and grow industry, or actually really do anything other than dig up raw materials out of the ground and ship them overseas,” he said.

“You’re running mass immigration into a country where there’s no jobs, other than working for the Ponzi or working for the NDIS.”

Almost one in three jobs created in the 12 months to February were linked to the $42 billion National Disability Insurance Scheme, research earlier this year found.

The federal government has sought to rein in the cost of the out-of-control scheme, which has been plagued with rorts and claims of inappropriate expenditure such as cuddle therapy, crystals, vapes, concert tickets and even African safari holidays.

“We’re in a situation right now where we should be the richest country in the world, and we were the richest country in the world in 1900,” Mr Barrie said.

“For a while, Australia was a great place to live and we had manufacturing, for example, as a substantial portion of the GDP of this country. We made cars, we made a bunch of different things. We had whole supply chains for various things. And then we went into this path of just easy relentless growth where it was just house prices drifting up and shipping iron ore, coal, gas and gold overseas.”

https://www.adelaidenow.com.au/business ... af91a61326

[abc]

Tech CEO says Australia ‘should be the richest country in the world’ in scathing assessment of policy failures

Outspoken Freelancer chief executive Matt Barrie appeared on the Equity Mates podcast last week for a wide-ranging discussion covering the housing market, mass immigration, energy policy and cost-of-living.

“The country is f**ked,” Mr Barrie told host Bryce Leske.

“It’s not a functional society anymore. You need people to be able to afford to buy housing and shelter in order to have a functional society. In Sydney now the median house price is about $1.8 million, which is mathematically impossible for the average person to buy the average house.”

Mr Barrie said the cost of housing “cascades into everything”, including wages and grocery prices.

“We have blown the mother of all bubbles, which has led to the mother of all cost-of-living crises, which has led to huge problems in a deterioration of society, culture and values of this country, through running the mother of all mass immigration programs,” he said.

“And the politicians have a lot to answer for, because it’s not really working out for people coming into the country, either.”

Australia’s population has ballooned to 27.1 million people with 388,000 net overseas migrants entering in the first nine months of the 2023-24 financial year, according to figures from the Australian Bureau of Statistics (ABS) last month.

The latest numbers guarantee the government will blow well past the 395,000 forecast from this year’s budget, after Prime Minister Anthony Albanese promised to wind back immigration to “sustainable” levels.

A record number of more than one million migrants have entered Australia since Mr Albanese took power in 2022, with India recently overtaking China as the top source.

Mr Barrie argued that given the declining birthrates “there is actually no demand for additional housing in this country”.
“Zero. Nothing. Zilch,” he said.

“Which is pretty shocking I think to most people given the fact they’re probably hanging on for dear life trying to rent or pay their mortgage. The demand is entirely from a completely out-of-control, unhinged and uncalibrated mass immigration program. A mass immigration program where some months we bring 100,000 people into the country … where in a country of 26 million people, there are 2.4 million people on temporary visas.”He accused Australia’s politicians on both sides of operating a long-running “Ponzi scheme”, where “house prices gently drift up and wages are gently suppressed” through immigration.

“Because the politicians don’t really know how to grow the economy and grow industry, or actually really do anything other than dig up raw materials out of the ground and ship them overseas,” he said.

“You’re running mass immigration into a country where there’s no jobs, other than working for the Ponzi or working for the NDIS.”

Almost one in three jobs created in the 12 months to February were linked to the $42 billion National Disability Insurance Scheme, research earlier this year found.

The federal government has sought to rein in the cost of the out-of-control scheme, which has been plagued with rorts and claims of inappropriate expenditure such as cuddle therapy, crystals, vapes, concert tickets and even African safari holidays.

“We’re in a situation right now where we should be the richest country in the world, and we were the richest country in the world in 1900,” Mr Barrie said.

“For a while, Australia was a great place to live and we had manufacturing, for example, as a substantial portion of the GDP of this country. We made cars, we made a bunch of different things. We had whole supply chains for various things. And then we went into this path of just easy relentless growth where it was just house prices drifting up and shipping iron ore, coal, gas and gold overseas.”

https://www.adelaidenow.com.au/business ... af91a61326

Australia is a vassal state and its political leadership does what its told by special interest lobbyists and foreign governments, chiefly the USA and Israel.
Its no coincidence one of the dumbest people in the country is the prime minister and another one of the dumbest people in the country is the leader of the opposition.

[rubberman]

Tech CEO says Australia ‘should be the richest country in the world’ in scathing assessment of policy failures

Outspoken Freelancer chief executive Matt Barrie appeared on the Equity Mates podcast last week for a wide-ranging discussion covering the housing market, mass immigration, energy policy and cost-of-living.

“The country is f**ked,” Mr Barrie told host Bryce Leske.

“It’s not a functional society anymore. You need people to be able to afford to buy housing and shelter in order to have a functional society. In Sydney now the median house price is about $1.8 million, which is mathematically impossible for the average person to buy the average house.”

Mr Barrie said the cost of housing “cascades into everything”, including wages and grocery prices.

“We have blown the mother of all bubbles, which has led to the mother of all cost-of-living crises, which has led to huge problems in a deterioration of society, culture and values of this country, through running the mother of all mass immigration programs,” he said.

“And the politicians have a lot to answer for, because it’s not really working out for people coming into the country, either.”

Australia’s population has ballooned to 27.1 million people with 388,000 net overseas migrants entering in the first nine months of the 2023-24 financial year, according to figures from the Australian Bureau of Statistics (ABS) last month.

The latest numbers guarantee the government will blow well past the 395,000 forecast from this year’s budget, after Prime Minister Anthony Albanese promised to wind back immigration to “sustainable” levels.

A record number of more than one million migrants have entered Australia since Mr Albanese took power in 2022, with India recently overtaking China as the top source.

Mr Barrie argued that given the declining birthrates “there is actually no demand for additional housing in this country”.
“Zero. Nothing. Zilch,” he said.

“Which is pretty shocking I think to most people given the fact they’re probably hanging on for dear life trying to rent or pay their mortgage. The demand is entirely from a completely out-of-control, unhinged and uncalibrated mass immigration program. A mass immigration program where some months we bring 100,000 people into the country … where in a country of 26 million people, there are 2.4 million people on temporary visas.”He accused Australia’s politicians on both sides of operating a long-running “Ponzi scheme”, where “house prices gently drift up and wages are gently suppressed” through immigration.

“Because the politicians don’t really know how to grow the economy and grow industry, or actually really do anything other than dig up raw materials out of the ground and ship them overseas,” he said.

“You’re running mass immigration into a country where there’s no jobs, other than working for the Ponzi or working for the NDIS.”

Almost one in three jobs created in the 12 months to February were linked to the $42 billion National Disability Insurance Scheme, research earlier this year found.

The federal government has sought to rein in the cost of the out-of-control scheme, which has been plagued with rorts and claims of inappropriate expenditure such as cuddle therapy, crystals, vapes, concert tickets and even African safari holidays.

“We’re in a situation right now where we should be the richest country in the world, and we were the richest country in the world in 1900,” Mr Barrie said.

“For a while, Australia was a great place to live and we had manufacturing, for example, as a substantial portion of the GDP of this country. We made cars, we made a bunch of different things. We had whole supply chains for various things. And then we went into this path of just easy relentless growth where it was just house prices drifting up and shipping iron ore, coal, gas and gold overseas.”

https://www.adelaidenow.com.au/business ... af91a61326

Australia is a vassal state and its political leadership does what its told by special interest lobbyists and foreign governments, chiefly the USA and Israel.
Its no coincidence one of the dumbest people in the country is the prime minister and another one of the dumbest people in the country is the leader of the opposition.

Absolutely zero to do with the topic.

[abc]

Tech CEO says Australia ‘should be the richest country in the world’ in scathing assessment of policy failures



https://www.adelaidenow.com.au/business ... af91a61326

Australia is a vassal state and its political leadership does what its told by special interest lobbyists and foreign governments, chiefly the USA and Israel.
Its no coincidence one of the dumbest people in the country is the prime minister and another one of the dumbest people in the country is the leader of the opposition.

Absolutely zero to do with the topic.

take it up with the OP

[Jaymz]

Hard not to agree with most things said by Matt Barrie in the above article. Our politicians really have made a mess of things and from both sides of politics.

I still believe to this day that alot is still the repercussions from the GFC, most of which was simply delayed by papering over the cracks on what is undoubtedly the single largest bank fraud in the history of modern economics. All of which was allowed by US financial policy failures over two decades or more. It led to cash interest rates of near zero percent for well over a decade, along with pumping trillions of dollars of borrowed or even artificial money into economies around the world.

Anyways I won't harp on about it too much, but I really suggest to watch a documentary film called "Inside Job" directed by Charles Ferguson, it really is a sobering look at how the whole GFC unfolded. Just a warning, it will probably leave you seething with anger.

[SBD]

"... 2.4 million people on temporary visas" include tourist and student visa, both of which are economically export industries, higher up the food chain than "... shipping iron ore, coal, gas and gold overseas.".

We still have quite low unemployment, and need to wind the clock back, probably a decade or more, to encourage more people to train into many industries that are short on qualified expert personnel. I'm not sure what the last decade's school leavers have become qualified as, but they don't seem to have taken up jobs as GPs, Registered Nurses, surveyors, or bricklayers. The Australian students seem to have graduated to become baristas, checkout operators and hairdressers.

One of the contributing factors to the housing crisis is that the number of people per household is declining, but the houses are not. In part, that's the declining birthrate mentioned above. A nuclear family has fewer people in it. Divorce and improved support services mean single parent families and single older people occupy houses for longer. The tax and other incentives to stay put are generally stronger than any incentives to move to a smaller residence.

[A-Town]

Labor faces backlash over housing affordability crisis as concerns mount over falling standards of living

Voters are set to punish Labor as housing affordability firms as the key issue ahead of the next election alongside concerns over falling living standards and retirement.

Voters convinced they won’t ever be able buy a home are set to punish Labor as housing affordability firms as the key issue ahead of the next election alongside concerns over falling living standards and retirement.

New polling has revealed 85 per cent of Australians believe it is impossible or are unsure whether a young person can break into the real estate market without family assistance and rates of pessimism are highest in electorates held by Labor.

The research by Redbridge and Accent found that electorate level pessimism towards home ownership and retirement strongly correlates with swings away from the government, especially in outer suburban and regional areas.

Electorates with high levels of economic pessimism include those held by key Labor frontbenchers including Home Affairs Minister Tony Burke in Watson, Industry Minister Ed Husic in Chifley and Education Minister Jason Clare in Blaxland, all of which are in western Sydney.

Meanwhile the electorate of Rankin in Queensland, which is held by Treasurer Jim Chalmers, has the highest number of voters who do not feel confident about their retirement (68 per cent).

Nationally more than half of Australians, 59 per cent, do not feel confident about retirement while nine out of 10 believe standards of living will be worse or much worse for future generations.

RedBridge director Kos Samaras said successive interest rate hikes had burnt through people’s savings and future interest rate cuts would unlikely deliver the economic relief to voters that Labor would need at the next election.

“One or two interest cuts won’t even touch the sides of the struggles these Australians are facing,” said Mr Samaras, a former Labor strategist.

“If the government is hoping interest rate cuts will get it out of hot water it will be bitterly disappointed.”

In NSW, Victoria, South Australia, Western Australia, Tasmania, and the ACT, only 15 per cent voters believe it is possible for young people to enter the housing market without family assistance.
In Queensland, the rate is 14 per cent, while in the Northern Territory, it is 12 per cent.

Servicing a loan on a median Australian dwelling now requires over half of the income of the median household earning a gross annual income of around $100,000, according to CoreLogic’s latest Affordability Report.

Head of Residential Research Eliza Owen said the 50.3 per cent cost of servicing a mortgage was an increase from the decade average of about 37 per cent, a hike she said was “clearly unsustainable”.

“In all likelihood the median income household is not buying the median dwelling,” she said.

“They’re looking for something smaller or maybe those who are getting into the market are getting help from the bank of mum and dad to get their deposit together so they don’t owe as much debt.”

Seats with a higher proportion of voters who believe it is possible for Australians to get into the property market without family assistance tended to be affluent and have fewer renters, the Redbridge research found.

These include Berowra, Mitchell and Bradfield in Sydney’s north, Kooyong in Melbourne’s east, Curtin in Perth’s east and the regional electorates of Gippsland, Maranoa and Nicholls.

Accent Research principal Shaun Ratcliff said the research revealed a stark divide between affluent metropolitan electorates and most of Australia.

“This electorate-level pessimism towards home ownership and retirement that we have identified is associated with a decline in support for the Labor Party in many outer-suburban and regional electorates,” he said.

“This should be a concern for the government, as these seats are likely to decide the next election.”

Australian Housing and Urban Research Institute managing director Michael Fotheringham said voter sentiment towards housing “wasn’t pessimism but realism” and affordability would likely remain a key policy issue in future elections.

“What we are seeing is the result of several decades of under investment in housing policy [and] it’s going to take a number of years and an appropriate level of investment to really make a difference,” said Dr Fotheringham.

https://www.dailytelegraph.com.au/news/ ... 1728845713

[rev]

https://www.youtube.com/watch?v=IYYOf2SbhhA
Click the link, appears the creator has disabled sharing

[Norman]

https://www.youtube.com/watch?v=IYYOf2SbhhA
Click the link, appears the creator has disabled sharing

I'm not sure what that video is trying to say. It's basically an information overload, with an ad about a website that apparently ranks news organisation by their political leanings... which you have to pay for.

Looking at the channel's other video, there is definitely an agenda the channel is trying to push, or maybe trying to be sensationalist to attract viewers of a certain leaning.

Either way, I'm not sure what message the video is trying to say, other than "here are all the things I think are bad about Australian politics and policies in one video".

[rev]

A lot of Youtuber content creators have some sponsor they push at some point in their videos for revenue raising and many will even give you a discount code to use, that's nothing out of the ordinary.
Didn't look at the the channels other videos, this one popped up elsewhere, had a listen and thought some might find it interesting here.
Covers a lot of the things we've talked about in here I guess..

[rev]

https://www.news.com.au/finance/real-es ... d8cb7c74c7