How is the COVID-19 health crisis impacting the Australian property market? You’d think all this would have a negative effect on house prices… Well, ordinarily. But this situation is anything but ordinary. And it seems the Australian government has other ideas.
Australian Housing Market
When you read articles about Australian housing affordability, it is often comparing the single average adult wage to house prices, from generations ago.
The articles generally say something like, ‘a house was worth three times the annual average wage back in the sixties and is now worth 10 times the average wage. This shows housing has become unaffordable.’
You can’t compare the two because back in the sixties it was one wage bidding on real estate.
The Bottom Is about to Fall out the Aussie Property Market. Here’s Why
The property market has been a one-way ticket to riches for most Australians. Not even the ferocity of the GFC in 2008 could put a halt to it And it cemented the belief that Aussie house prices only ever went one way — up. But as this amazing chart shows, we’ve been living a distorted reality for far too long…
This Is the One Sector You Don’t Want to Be in Right Now
‘Someday we’ll write about this.’
They were the words Dan Denning used to finish an email to me earlier in the week.
Insert Attention-Grabbing Headline about Australian Property Market Here
No, today’s headline isn’t a typo.
And I didn’t forget to put one in.