You want an Inquiry? Have one on Australian real estate

You want an Inquiry? Have one on Australian real estate

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Forget about a royal commission into our banks – what Australia really needs is a full and transparent inquiry into the Australian property markets. For example, Australia’s population currently sits at 24 million people. By 2026, our single households are projected to increase by a staggering 38.7 per cent. Just imagine the terms of reference?

Why is Sydney in a pattern where presently we see the lowest amount of homes (established) on the market? Why are we seeing the lowest ever number of first home buyers recorded sales? What exactly is the impact of negative gearing on Australian residential real estate? What is the precise impact of state taxes on our property markets? Why does the federal government offer 100 per cent of off – the – plan sales to foreign buyers? What transport infrastructure needs to be implemented to meet this growing demand? What needs to be implemented to ensure we have healthy cities?

There would be thousands of questions and they need answers although the only problem as I see it is that such an inquiry would deliver scathing findings on federal and state and territory governments. A recent planning report found that within the Greater Sydney basin just 340,000 potential housing lots remain.

This is the conversation that has been so overdue, although for inexplicable reasons nobody wants to start this conversation. How many decades behind are the states and territories from delivering a transport infrastructure to meet and satisfy taxpayer expectations?

sydney_early_sydney_aerial_photography

SYDNEY AERIAL PHOTOGRAPHY

Brisbane, Sydney and Melbourne remain the hotspots for new arrivals capturing a record 85 per cent of Australia’s total population growth. Sydney at present is also setting the wrong records with workers in the age bracket of 20 to 29 years of age packing up and leaving. Earlier this year the population for NSW soared past 7.7 million and we don’t have to guess where that vast majority want to live.

Why does Australia not have a single major transport infrastructure model in place for discussion? Why has net overseas immigration been allowed to accelerate into New South Wales and Victoria only? Why is Australia’s housing affordability now at crisis levels? Why has the average price of a Sydney home jumped a staggering 44 per cent since 2013 – when real wages have only managed a 2 per cent increase?

Why have foreign student numbers increased by a record 11 per cent in the year to July 2016? Why are foreign students allowed to purchase real estate at no price restrictions whilst studying? Why has the Australian federal government never policed the sales of these properties when the students complete their studies?

The list just goes on and on simply because in federal government we don’t even have an appointed federal housing minister. I know it, you know it, so why don’t our elected politicians want to know anything about these problems?

The only ever time that we collectively hear about such problems is in the run – up to a federal election. So why do we then hear nothing until the next federal election?

Why have the baby – boomers decided to stay put in their principal place of residence? When and what caused these changes in homeowner behavior?

What is the best housing practice – a principal place of residence that allows for tax deductions on all outgoings and a tax charged on the sale? Or a principal place of residence that attracts no tax deductions and no tax payable on the sale?

Why do Australian property prices always figure as up there with the most expensive in the world?

Why is the federal government and the states and territories so intent on driving new red tape initiatives through businesses? Yet have absolutely no accountability for the way they manage their own economies of scale?

There has never been a better time to hold such an inquiry – the only problem is that it has never before happened simply because these questions fall on deaf ears.

MOSMAN – 2088

Number of houses on the market this time last year – 48
Number of houses on the market last week – 47
Number of houses on the market this week – 32
Number of apartments on the market this time last year – 60
Number of apartments on the market last week – 32
Number of apartments on the market this week – 32

CREMORNE – 2090

Number of houses on the market this time last year – 7
Number of houses on the market last week – 7
Number of houses on the market this week – 8
Number of apartments on the market this time last year – 23
Number of apartments on the market last week – 15
Number of apartments on the market this week – 15

NEUTRAL BAY – 2089

Number of houses on the market this time last year – 9
Number of houses on the market last week – 7
Number of houses on the market this week – 5
Number of apartments on the market this time last year – 21
Number of apartments on the market last week – 22
Number of apartments on the market this week – 22

For this week’s sales in Cremorne real estate, Cremorne Point real estate, Mosman real estate, Beauty Point real estate, Clifton Gardens real estate, Balmoral real estate, Neutral Bay real estate, Cammeray real estate.

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One Response to “You want an Inquiry? Have one on Australian real estate”

  • Godfrey Vella says:

    Well all your questions are valid and deserve an answer however when the experts in the real estate industry advise government their advice is not taken on board as the ministers at both Federal and State levels and lets forget in the process the management and councillors of various Councils who purport to represent their local community groups who all at the end of the day have their own agenda for political and personal reasons which does not include ones inability to make professional and sound decisions in the process of delivering what the people of Australia need.
    As within the questions you raise, it is quite clear that delivery of housing targeting the needs of the community are not being met those that are making the decisions are the wrong people regardless of what ministerial or managerial position they are in because outside of any tertiary qualifications they may have, they lack the expertise of those that have worked within the industry in a broad range of areas and therefore could make better judgement on what is required.

    The Planning system does not have the flexibility nor the ability to work quickly to deliver efficient outcomes and hence why there is a shortage of housing which then impacts on the affordability factor. The sizes of dwellings and densities need to be adjusted not only to meet the immediate needs of say the next 20 years but the next 50 plus years as once most buildings go up they will be there for the next 50-100 years and as land is scarce and our population is exceeding demand we need to be learning from our Asian neighbours such as Singapore and China which have cities that we can learn from rather than looking at European cities that cant give us the answers we need.
    Our Sydney population as big as it may get to, will never deliver the infrastructure we need as who will pay for it at the end is the community as no matter who pays for it at the development stage, will have to pass those additional costs to the end buyer.
    So in answer your questions ,I do not believe we have Government body at any level that can properly address them with the right outcomes because at present its like the blind leading the blind . Therefore I believe that the Federal Government should take the challenge and appoint key representatives to form a board no differ to the Reserve Bank Board to formulate the decision making process for the government with the ability to drive the planning and delivery of housing more expediently and affordable into the next century for the changing needs.

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