If house prices have risen substantially due to population growth testing the limits of supply factors, then what happens to prices when growth slows?
Residents dont always benefit either. Take the example of residents of Bunbury. The government has basically taken all of the best land for development (read beachfront), which it shall compulsorily acquire from residents when they sell, at unimproved and rurally zoned value. The government slyly call this acquired land public space, though it may be rezoned and resold, realising great profits for government and developers, and nothing for the former owners.
