All Topics / General Property / Who has to be blamed if we don’t invest?

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  • Profile photo of einvestmenteinvestment
    Member
    @einvestment
    Join Date: 2010
    Post Count: 3

    This was news on nine MSN on 5th August, 2010 that the extraordinary growth in house price in Australia’s capital cities over the past year has resulted in the value of an average home in Melbourne rising by nearly $98,000.

    A 24.3 percent rise above the median Melbourne house price of $403,000 for June, 2009 equates to an annual increase of $97,929. This figure provides welcome news for first home buyers, indicating the growth in property prices has peaked and is now declining. Again, Economists suggest demand may continue to keep prices stable, with 200,000 new homes needed to house Australia’s growing population.

    Many different views are emerging from Economist as to this demand depends on the new Government policies on immigration. The current migration is around now 300,000 arriving Australia every year and this may or may not be reduced to half of its current intake.

    The current shortage of dwelling is around 300,000 and to fill this gap even if we assume for one second if total migration is stopped will take another eight to ten years to stabilized the existing shortage. Migration is not the only criteria but Australia is also growing with families having babies, people living longer due to advance in Medical Science. Australia requires around 200,000 new homes where as we are only building around 165,000 new dwellings each year.

    From a supply and demand perspective, America is over built too many houses. In Australia it is exactly opposite. We are not building enough houses…..More

    Profile photo of francinemelbourfrancinemelbour
    Member
    @francinemelbour
    Join Date: 2010
    Post Count: 22

    Yeah, there might not be a large number of houses in Australia just like in USA. However the properties for sale in Melbourne are high in demand just like rental properties in Victoria.

    Profile photo of ducksterduckster
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    @duckster
    Join Date: 2004
    Post Count: 1,674

    I blame previous governments for not supporting trade / technical schools and not supporting apprenticeship schemes during 1985 to 2010 (in victoria they closed technical schools )
    We do not have enough trades people to build these missing houses now.

    And now Victorian Government is hiking up the tafe fees. I'm waiting for my voice in the DEC 2010 Vic state elections.

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