- A moratorium on immigration.
- Allow only Australian citizens to buy residential property, naturalised citizens must wait 12 years like in Switzerland.
- Limit Negative Gearing whereby investors may only deduct losses against rental income, not allowing the tax rort of offsetting losses against ordinary wage income. Treasurer Keating did this successfully 1985-87.
Housing Unaffordability is indeed in crisis. No Australian born in Melbourne or Sydney can any longer afford to buy their first home unless they earn over $100,000 or have access to family finance. That eliminates most young Australians.
The lie that housing unaffordability is a supply problem is mischievously spruiked by Liberal, Nationals, Labor and Greens. The lie needs to be called out. Canberra persists with an annual net immigration policy of around 200,000 immigrants year-on-year. That’s a million every five years and they breed three times the rate of Australians. Where do the 200,000 immigrants go to live?
- Sydney 40%
- Melbourne 35%
- Brisbane 10%
Where is housing unaffordability rife?
- Sydney: 2017 median house price $1.1M, units $710k.
- Melbourne: 2017 median house price $800k, units $460k.
- Brisbane: 2017 median house price $655k, units $370k.
In Sydney, first home buyers of units require 10% minimum deposit or $70k, with a mortgage of $600k.
To afford a mortgage of $600k, you need to repay $700 a week ($36k p.a.).
To afford $36k a year, you need a permanent stable job that pays $100k p.a. to fund tax, the mortgage and the rising cost of living.
Australian Average Weekly Earnings figures in November 2016? $1160 ($60k p.a.) – so solly not enough!
Mass Immigration is driving housing unaffordability. It is only set to get worse, migrants forcing Australians woop woop.
What is Canberra doing about it? Upgrading it’s Immigration Department building costing $255 million, pre-blowout.
Expected starting salary $60k. [Read More]