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cobran20

Houses of Parliament: Politicians own an estimated $370m of property

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Not going to see any change then!

I don't fully know why, but this whole report makes me extremely angry. These people couldn't possibly empathise with people who see no possible way of ever owning their own home, without extreme and massive debt.

And I would dearly love to know - How implicit in the rampant rise of home prices since the year 2000 have politicians truly been? They are intimately connected with the information that must be channelled through government agencies. This is insider trading at its finest.

Is the Royal Commission into the Financial sector even going to include and consideration of government policies?

And why aren't the Real Estate industry included in this Royal Commission. They are "hand in glove" with the banks and mortgage brokers, and even the Superannuation industry.

I can't help but feel the whole housing mess has been a sustained conspiracy to keep many people in the lifestyle they have become accustomed. Filthy rich!!!

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5 hours ago, Solomon said:

Not going to see any change then!

I don't fully know why, but this whole report makes me extremely angry. These people couldn't possibly empathise with people who see no possible way of ever owning their own home, without extreme and massive debt.

And I would dearly love to know - How implicit in the rampant rise of home prices since the year 2000 have politicians truly been? They are intimately connected with the information that must be channelled through government agencies. This is insider trading at its finest.

Is the Royal Commission into the Financial sector even going to include and consideration of government policies?

And why aren't the Real Estate industry included in this Royal Commission. They are "hand in glove" with the banks and mortgage brokers, and even the Superannuation industry.

I can't help but feel the whole housing mess has been a sustained conspiracy to keep many people in the lifestyle they have become accustomed. Filthy rich!!!

Have a lie down before your head explodes. 

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Hi zaph,

Don't worry. I'm not in any danger of exploding, but I have been watching this unfold for over 30 years in Australia.

The "builder" generation lived in corrugated iron huts with often 10 or 12 in the one house. That often built their own homes, and surprisingly many of those homes still stand. (They don't build them like that any more!)

That wasn't good enough for the next generation. They wanted larger dwellings and smaller families. Baby boomers went even further. Governments in cahoots with banks and real estate saw a market ripe for picking. With government regulation driving the nature of builds associated with increased costs, they slowly created an industry that destined many not to be able to afford to build or buy a home. We are seeing the end result of decades of policy that ramped up the whole home market "business".

We can never go back now. They have burnt all the bridges that once allowed a keen young couple to purchase a small block of land and construct their own home.

Now we have a situation where only a select few own far more houses than they can live in, and others will never own.

I would love to see some historian trace the history of our current home price bubble. It would be fascinating to see what legislations were introduced at Federal, State and Local government levels that contributed to the increasing prices. Maybe there is a PhD in it for someone.

Thanks for caring zaph.

 

 

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2 hours ago, Solomon said:

...I have been watching this unfold for over 30 years in Australia...

 

 

Since the last major peak in interest rates. Perhaps there is a correlation between falling interest rates and the ability to borrow more to build a bigger house.

Next comes what happens in an environment of rising rates.

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