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7 News recently ran an excellent segment about the growing backlash over Sydney’s rapid population growth. #Sydney #NSW #Population #migrants#HomeOwners #Rental #FirstHomeBuyers
The segment touched on some of the major issues, including over-development (e.g. the proliferation of high-rise apartments), and pins the blame squarely on the federal government’s 200,000 strong mass immigration program.
As usual, there were comments from all spectrum of so called experts. Fake demographer, Mark McCrindle, argued that growth is unstoppable: “We can’t stop the growth. Sydney is the gateway to Australia. We are growing through national migration. We are growing through natural increase”.
Really? ABS’ population data clearly shows that net overseas migration is the overwhelming driver of NSW’s (Sydney’s) population. In fact, according to the NSW Government’s own projections, Sydney’s projected population increase over the next 20-years will be driven almost entirely by net overseas migration (i.e. 1.53 million out of 1.74 million).
Sydneysiders don’t want the city turning into a crowded, super expensive, high-rise hellhole. It’s about time our politicians heard the people's voices.
Let me hear your comments on 0425 341 086 or comment on Facebook.
Sydney ranks fourth among global cities most at risk of a housing bubble, recent research has revealed.
According to the UBS Global Real Estate Bubble Index for 2016, increasing supply and further tax measures to reduce foreign housing investments “may end the price boom rather abruptly” in Sydney.
The UBS Index, which is designed to track the risk of housing bubbles in global financial centres, found that Vancouver topped the index this year, and “bubble risk also seems eminent in London, Stockholm, Sydney, Munich and Hong Kong”.
Last year’s report, which listed Sydney as the third most at risk global city, behind London and Hong Kong, after identifying real estate prices as “overvalued".
This year’s report explained that in Sydney, real housing prices “peaked” in the second half of 2015 after an increase of 45 per cent since mid-2012, and since then prices have corrected by “a low single-digit”.
“The Australian residential market is influenced by a rapidly growing foreign demand (in particular, Chinese), which has tripled in value over the last three years,” the report said.
Overall, the report explained that house prices of the cities within the bubble risk zone have increased by almost 50 per cent on average since 2011, whereas prices have only risen by less than 15 per cent in other financial centres.
“This gap is out of proportion to differences in local economic growth and inflation rates,” the report said. “A change in macroeconomic momentum, a shift in investor sentiment or a major supply increase could trigger a rapid decline in house prices,” the report concluded.
Contact me today at loans@financeandmortgage.com.au to find out where you stand.
Median home prices in Sydney($785k) are nearly double those in NSW at $405k.#Sydney #homeowner
Here are the details regarding the deposit required, rent, LVR and more since 2001.
Call Madhu on 0425 341 086 or email her at loans@financeandmortgage.com.au to understand where you stand and how and where to buy your next home.
