'Build more houses' sure sounds great as a solution to the housing crisis, but a few key factors scream 'buyer beware'According to Abraham Maslow's famed "Hierarchy of Needs", human beings will act with urgency to address basic physiological requirements for survival before worrying about more existentially trifling issues, like whether they are actually happy or what they think of the Marvel franchise.
But what is it about this last-mentioned need — housing — which lends itself historically to quite such crazed policy-making at the federal level?Australia is in the grips of a legitimate housing crisis and yet the temptation for our leaders to deny the bleeding obvious, or make promises that are patently undeliverable, continues to prove too much for them.
People who want to buy a house, however, want prices to crash. Ideally precipitously, and for long enough for the interested party to relieve some distressed seller of a well-positioned three-bedder close to all facilities, before booming again. This is the Australian dream.In the 2021 Census, the Australian Bureau of Statistics reported that 67 per cent of Australian households were owner-occupied.
But the strong denial-of-the-bleeding-obvious tradition around housing policy in this country does not stop at political leaders squirting accelerant onto the bonfire of house prices and acting all surprised when it works. Also, because building materials are about a third more expensive than they were before the pandemic.
Bond University has recently announced the closure of its planning school; James Cook University is set to follow suit.
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Source: FinancialReview - 🏆 2. / 90 Read more »