The drop in House prices will likely be far Higher,
They have risen 20%+ on Average in the last 12 Months alone,
And were already Over-Priced.
Some Areas saw far higher gains,
These will be the first to see far higher losses,
And also the first where people default,
They will be the first Repossessed....
This will be in part,
Due to the fact they have payed near nothing off their Loans,
And that they bought at the Housing Markets Over-Valued High.
Overall Australian Houses are about 50%-100% Overpriced,
Likely worse in Inner Sydney.
Banks WILL Repossess rather than take a Loss.
Part of it is the Banks fault,
For allowing Houses to be Valued so High.
Australia has some of the most Expensive Houses in the World,
Yet also have the smallest Blocks of Land?
Why is that when we have more Land,
Per-Person than most other Countries?
New Houses are nearly Overlapping each-other,
As Greedy Developers create yet another Eye-sore,
And the Council approves it?
Low-Quality Pine Frames,
Slabs that Crack,
Cheap Flooring and Cladding.
Ridiculously small blocks of Land (some less than 350M2)
Why are they so Expensive?
It is because it has been allowed to happen for far too long,
Developers and Investors and Builders got greedy,
Policies allowed that to happen.
Fake Demand has been Artificially created for Decades to Prop up House Prices,
To buy the "Boomers" (Investors) Vote.
This has happened for Decades,
And many Tactics have been Used to do this such as:
Irresponsible levels of Immigration,
Allowing Foreign Investment, (all intelligent Countries have Banned it)
Irresponsibly Low Interest Rates,
Tax Loopholes,
Not allowing normal People to Sub-Divide,
(But allowing "Developers" (often donors) to put far too many homes too close together, on the same block),
Deliberately making Residential Land Scarce,
Various Grants,
Etc.
The Australian Housing Market is a Ponzi Scheme,
It is Going to Burst,
And will be the Biggest Housing Crash we have EVER Seen !!!!
The LNP had a Decade to do something about it,
It Didn't,
And Only made the Housing Affordability Problem Worse.
Just as this stupid new Policy would....
