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Sydney now an international Global City, like New York and London. Young people will have to rent.; A tiny one-bedroom flat within 6.5km of central London costs the equivalent of more than $1 million
Topic Started: 20 Jun 2015, 05:39 PM (5,365 Views)
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Straight answers on housing affordability

June 20, 2015, Stephen Nicholls

Just back from London, where gay marriage is cool and first-home buyers haven't got a hope in hell of buying within cooee of the centre of town.

But Australian voters have spoken. They won't tolerate being denied marriage equality - or home ownership. The June Fairfax-Ispos poll showed Tony Abbott might lose his job unless he acts on both.

But bringing Australia into line with England, Wales, Scotland, Ireland, New Zealand, South Africa and many American states on gay marriage could be easier than solving what's, in the space of my month offshore, been labelled Sydney's "housing affordability crisis".

But Sydney property prices have been spiralling for years. Up 40 per cent in three years. "Experts" constantly emerge claiming to have "the answer". End negative gearing, build more affordable housing, stop stamp duty, let young people access their super ... blah blah blah. None of it likely.

Perhaps the more grown-up response is ... there is no answer. Let's recognise that Sydney is now an international city, like New York and London, and young people will have to rent if they want to live in the inner city or move to the outer suburbs. Or the country. Alternatively beg, borrow and steal from Mum and Dad - or, "get a good job with good money".

As Meriton boss Harry Triguboff told me this week: "If you compare us to London or New York we are not dear ... but frankly I could not give a damn what they charge in New York, Americans are irrelevant because they don't buy my apartments," he said.

But it's only the Chinese he cares about. "They told me that we are cheaper ... that is one of the reason they come to buy here."

We're certainly cheaper than London. Sam Ball, of Frank Harris & Co of Bloomsbury in central London, says young married couples - gay and straight - have little hope of purchasing there either.

"We sold a split-level penthouse apartment in South Bloomsbury to a first home buyer about two months ago - she paid £1.35 million [$2.7 million] cash, so she is not really your standard run-of-the-mill first home buyer," he said.

Generally, he says first home buyers are "very unlikely", with a tiny one-bedroom flat within 6.5km of central London costing the equivalent of more than $1 million. Incidentally, you can pick up one-bedders for half that in Sydney's inner city.

Read more: http://news.domain.com.au/domain/real-estate-news/straight-answers-on-housing-affordability-20150620-ghq3fy.html
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Ex BP Golly
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All "grown up"!

Lol.

Is this article just to let us know he has been on his first overseas trip or something?

Or perhaps he just bragging he is one of the treasurers lucky ones with a good job so is all growd up?

WHAT WOULD EDDIE DO? MAAAATE!
Share a cot with Milton?
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It's the Baby Boomers' fault.

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Tick Tock
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Sorry to say it but its really looking like Sydney is now at 'International' status.

Main problem is where are all the 'locals' going to buy thats not too far away from jpresent jobs that they really need to keep to pay such big mortagages.

But I wonder.....What if there is an Oz recession not far away and some of those jobs are lost???

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John Frum
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Alex Barton
20 Jun 2015, 05:39 PM
"Just back from London, where gay marriage is cool and first-home buyers haven't got a hope in hell of buying within cooee of the centre of town."

Well Stephen certainly doesn't have a hope.

I know what second-rate fairfax journalists get paid for writing clickbait like this, and I doubt it would even afford him a place on the central coast.

Those on $200k+ though have reason to feel a little more entitled.
"It were not best that we should all think alike; it is difference of opinion that makes horse races." - Mark Twain on why he avoids discussing house prices over at MacroBusiness.
"Buy land, they're not making any more of it." - Georgist Land Tax proponent Mark Twain laughing in his grave at humourless idiots like skamy that continually use this quip to justify housing bubbles.
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Dr Watson
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Ex BP Golly
20 Jun 2015, 06:12 PM
All "grown up"!

Lol.

Is this article just to let us know he has been on his first overseas trip or something?

Or perhaps he just bragging he is one of the treasurers lucky ones with a good job so is all growd up?

He seems to be conflating two completely unrelated issues in the article. Homosexuals marrying has very little, if anything, to do with the cost of housing in Sydney or anywhere else. It seemed to me that he just wanted to give that issue a kick along. Why do the media think they have to keep pushing the homosexual marriage agenda at every opportunity they get?
The trouble with the world is that the stupid are cocksure and the intelligent are full of doubt — Bertrand Russell
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Ex BP Golly
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Dr Watson
20 Jun 2015, 08:08 PM
He seems to be conflating two completely unrelated issues in the article. Homosexuals marrying has very little, if anything, to do with the cost of housing in Sydney or anywhere else. It seemed to me that he just wanted to give that issue a kick along. Why do the media think they have to keep pushing the homosexual marriage agenda at every opportunity they get?
Who knows wtf it was about.
WHAT WOULD EDDIE DO? MAAAATE!
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Loki
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Let's recognise that Sydney is now an international city, like New York and London

Yes, let's play pretend! That's the grown up thing to do. I'll play a CEO of some very important Australian company that the rest of the world gives a flying fuck about, and you pretend that Sydney is now an international city, like New York and London.



“Talk sense to a fool and he calls you foolish.” - Euripides
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Fiona
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Lukey01
20 Jun 2015, 07:55 PM
Sorry to say it but its really looking like Sydney is now at 'International' status.

Main problem is where are all the 'locals' going to buy thats not too far away from jpresent jobs that they really need to keep to pay such big mortagages.

But I wonder.....What if there is an Oz recession not far away and some of those jobs are lost???

Agreed, it was only a matter of time before sydney became recognized as a global city. Defo alpha plus these days.
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Fiona
20 Jun 2015, 08:48 PM
Agreed, it was only a matter of time before sydney became recognized as a global city. Defo alpha plus these days.
Well, that's another line the RBA can trot out as to why it isn't a bubble I suppose.

But is it written somewhere that a "global city" can't have affordable housing prices is it?
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