It has mostly been developers with a healthy contingent of mainland Chinese and wealthy Boomers levering up into investment properties. Developers have started to drop off, Chinese money and Boomers still going strong.
Discussion
Last question if I may. Is this happening only at the east (gold) coast or everywhere in AUS?
Sydney definitely has the worst of it, but Adelaide home values have doubled in 4 years:
nostr:note10ht3m92anj5mul50586l75dhxqnk9wzkyny0mkjd509yct7404sq2rjvjx
There is nowhere in Australia where the average person can buy a house any more:
nostr:note1ema9wgkyls02qvahw8dy73uerjc0ulz9we6v4cmqtsr8h9ulmwrqxl07pl
You’d need to be on 3X average income to buy a home: nostr:note1h9yclh7nufxdmtess2jflkl77xc7dd693qks74xqrqa8f9pkvq3qeq52xn
In fact the median household can only afford 13% of homes in the country: nostr:note1587s4m9sg80y5x9e6z9f5eneyxnhnreldgc8n9ncm9p8xd6hwndqjju5rj
"Bubble, bubble /
Toil and trouble /
In my cauldron /
Bake and bubble"
The witches, in MacBeth. Also Australia's economic strategy
Our parasites are basically playing Russian roulette with the economy. Pump it as hard as possible and hope you can kick the can so the bust doesn’t come on your watch.
We all know whoever cops the bust will be sidelined for a generation so methinks Labor will go one term and handball the grenade back to the Libs.
Astonishing. Thank you for all that information.