a good explanation for the reasons why property investment is good in Australia.....the shortage grows every year....its predominately in Sydney and Melbourne....where all these permanent and temporary immigrants swarm to..... we do need to curb the extent of immigration....it is ridiculous to allow 3.4 million people in each year....without question....and no increases in housing and infrastructure to cope with the huge numbers.... **** note the land costs up to 3/4 of the cost of a house and land package....... IMO all debates about rising interest rates etc have zero impact.....when we have 750,000 new people each year competing to buy or rent a house...in Australia....
the following is an extract from Kevin Andrews MP, chairman of the Coalition Policy Review...speech to an environment conference yesterday in Canberra......................
Why is the Rudd government hell-bent on bringing more and more people to Australia? In 2007-08, 173,290 people permanently migrated to Australia. In addition, there were another 544,000 temporary migrants to the country, excluding the five million of visitors. That’s close to three-quarters of a million extra people residing here in a year.
According to the Australian Bureau of Statistics, Net Overseas Migration contributed 60.6 per cent of Australia’s population growth in 2008, compared to 39.4 per cent contributed by natural increase. Our roads are congested, our public transport overcrowded, our water supply inadequate, and our amenity under threat. Journeys that once took 30 minutes often take an hour. The congestion has spread beyond peak hours to much more of the day. Since 1980, the number of cars registered in Australia has almost doubled. In the 30 years from 1973, urban car use increased from 72 billion passenger kilometres to 171 billion. In 1991, one million Victorians drove to work. By 2006, more than this number drove to work in Melbourne alone. The former head of Sydney’s road network has suggested the introduction of a London-style tax to reduce congestion. Overcrowded public transport has become the norm. In Melbourne public transport patronage has increased significantly since 2000 when there were 351 million boardings. By 2007-08, this figure reached 450 million with often overcrowded trains, buses and trams. Australia is facing an unprecedented shortage of housing. Underlying housing demand is booming, buoyed by accelerating population growth, while supply continues to be restricted by limited land availability, excessive infrastructure charges and developer uncertainty.
*****In 2006, the Urban Development Institute found that land costs comprised up to three quarters of the costs of a house and land package, with land supply diminishing in every state.
