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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

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Source: pricefinder