Housing demand has made homes expensive to some of us. There is a fast building public perception that houses in a few areas are close to being unaffordable. However, this line of thinking does not hold too much merit. In fact, Australia rates pretty favourably when you compare its property prices to the housing costs in a few developing countries. Statistically, Australia is close to being 6 times cheaper than Mumbai (India); world’s costliest place for buying property, writes Michael Yardney for the blog Property Update.
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What will Sydney be like in 2050?
Futurists are busy drawing possible patterns for Sydney 2050. An article on the Sydney Morning Herald uses a lot of imagination to spur our senses. While the usual fare of “digital connectivity” and globalisation spawned “idea sharing” is being talked about, a few less-imagined points have been discussed in the article too.
Australia Has Truly Coped With The Global Financial Crisis
There is little doubt that Australia needs more new dwellings. This is quite in the fitness of things, considering the population growth, prevailing low interest rates and the beautiful and timely lessons that we have learnt from the GFC. Larry Schlesinger for the Property Observer ‘observes’ the trend.
Population Growth Has Triggered Housing Demand
Tim Lawless for the investment strategy blog “Property Update” reports that housing demand has hit the highest mark in the last 3 years. This has lot to do with annual population growth hovering near 1.75% for the last quarter of 2012.
Population growth has piggybacked on overseas migration and natural increase (number of deaths subtracted by number of births). Lawless says that it is the overseas migration which has contributed as much as 60% to population growth in recent times.
He also offers a state-wise report which suggests that Tasmania and South Australia have been backbenchers in terms of population growth while Victoria and Queensland are among the toppers.
The Federal Budget and changes in labour quota is expected to bring down the overseas migration, believes Lawless.
You can read the original article here.
Do you think that the interstate flow of migrants will increase for Sydney this year?
20 Amazing Economic Facts
According to the International Labour Organization, 200 million people will be out of job by the year 2013 (don’t look far; we are already in ‘13’). If you were to give a separate country to the unemployed, their population will beat each country’s population count except China, India, the USA and Indonesia. Let this be the first among the 20 amazing facts I am going to share with you.
Sydney Properties Surpass Prices Prevailing In Global Lifestyle Hubs
Sydney may have some distance to travel before it beats the Manhattan skyline but it has already gone past the inner-city property prices for Manhattan. For good measure, it has also surpassed the prices prevailing in Hong Kong, London and Paris. Kirsten Craze for the website news.com.au says that even homes in the Inner West are fetching in the vicinity of $800,000.
