Criminals help make housing unaffordable
Those wondering about Australia’s interminable house price rises may have read our blog post explaining immigration is one of the leading reasons prices remain elevated despite the fastest increase in interest rates in Australia’s history.But the flavour of that immigration should be drawing the ire of home buyers who find prices unaffordable. And that ire may justifiably be directed at one particular political party – although the other didn’t do much about it.
In 2023, Australia regained its status as the top destination for net millionaires globally, drawing attention to a significant factor contributing to this phenomenon. As reported on News.com.au, recent data from various sources, including the Australian Treasury, real estate professionals, property portal Juwai IQI, and PropTrack, all point to a remarkable surge in overseas demand for Australian housing.
NAB’s latest residential property survey among real estate professionals reveals a sharp increase in the proportion of Australian homes sold to foreign buyers since the country’s borders reopened in late 2021. Foreign buyer interest, particularly from China, has reached record highs, as evidenced by overseas searches on realestate.com.au, reported by PropTrack.
Roger Montgomery is the Founder and Chairman of Montgomery Investment Management. Roger has over three decades of experience in funds management and related activities, including equities analysis, equity and derivatives strategy, trading and stockbroking. Prior to establishing Montgomery, Roger held positions at Ord Minnett Jardine Fleming, BT (Australia) Limited and Merrill Lynch.
This post was contributed by a representative of Montgomery Investment Management Pty Limited (AFSL No. 354564). The principal purpose of this post is to provide factual information and not provide financial product advice. Additionally, the information provided is not intended to provide any recommendation or opinion about any financial product. Any commentary and statements of opinion however may contain general advice only that is prepared without taking into account your personal objectives, financial circumstances or needs. Because of this, before acting on any of the information provided, you should always consider its appropriateness in light of your personal objectives, financial circumstances and needs and should consider seeking independent advice from a financial advisor if necessary before making any decisions. This post specifically excludes personal advice.
J
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shocking…!!!
xiao fang xu
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The rule of law, in the classical sense of the expression, cannot be maintained without actually securing the certainty of the law, conceived as the possibility of long-run planning on the part of individuals in regard to their behavior in private life and business.
Want More Entrepreneurship? Embrace Long-Term Legal Stability.
In multiparty systems, regulatory and legal programs can change substantially as power is passed from party to party. In some cases, governments are subject to an “eraser” political culture, in which each new political administration or coalition seeks to “erase” the political program of the governing coalition that came before it. This can create a significant degree of uncertainty over what comes next in terms of legislation and regulation. This presents a significant difficulty for the entrepreneur.
An entrepreneur is oriented toward the future, and, to be successful, investment is an action that requires accurate economic calculation. A legal certainty intended as an “imminent” certainty—in which the operators know the rules applicable now but only for now—is not sufficient to execute economic calculation. The “contingent” guarantee that the rules will be framed in a certain way in a certain moment, and that they will be enforced, does not substitute another important certainty that is necessary to exercise economic rationality, the certainty that these rules will not change through time, because the change in the rules will change the outcome of the economic calculation itself.
https://mises.org/wire/want-more-entrepreneurship-embrace-long-term-legal-stability
Regards Ned
xiao fang xu
:
The presumption of Innocence is a principle that states the prosecution must prove guilt, and the accused is considered innocent until proven otherwise.
Again you are concentrating on the half of the problem. Business is like a car when braking or ship when need to stop, need time to adjust to new conditions. If there is demand from foreigners, business will adjust to it if there is no obstruction to build.
Why should government bureaucrats change laws every month regarding immigration or building permits — — well they like it — lobbying (bribing ) is big business — big government big lobbying.
Regards Ned.