real estate
Never has an inquiry into the skyrocketing price of homes been more urgent.
Rarely has one been as insultingly ill-suited as the one under way right now.
Midway through last year in the midst of COVID, the average forecast of the 22 leading economists who took part in The Conversation mid-year survey was for no increase in home prices whatsoever in the year ahead (actually for slight falls).
At that time the typical (median) Sydney house price was A$1 million, where it stayed until the end of the year.
Then it took off. In the ten months to the start of this month the typical Sydney house price soared $300,000 to $1.3 million – a breathtaking increase (and an awfully big penalty for delaying buying) of $1,000 each day.
NSW is doing what Labor’s Bill Shorten could not – explaining why Australia’s capital gains tax concession is knocking first home buyers out of homes.
Shorten went to the 2016 and 2019 elections with a plan – Labor would halve the capital gains tax concession used by landlords who buy and sell properties.