Some of those things I agree with, however the issue was primarily sparked during COVID like in many countries. Houses prices were relatively affordable prior to COVID and increases in inflation.
Australia kept its record low interest rates in place during COVID, then we had runaway inflation to record high’s like many countries did and our reserve bank failed to increase interest rates even slightly to help with the increases to inflation. We increased overseas migration significantly to help drive growth in the economy which has created an enormous shortage of housing supply. As a result, interest rates have soar’d coupled with record high inflation our cost of living has skyrocketed including housing prices. As I said since 2019-2020 house prices have increased 30%+
Our country has always been centralised to the coast and isn’t necessarily the reason for these costs
People have been complaining about housing affordability in Australia for years. I remember endless discussions of it, media articles about it, and feeling its pain myself, 20 years ago. No denying it has gotten worse, but it was already rather bad.
That said - we bought our house (NSW Central Coast) in late 2015 for AU$550K. At the peak of the COVID price surge, those property value websites were saying it was over AU$1 million. Now they are saying it is only AU$850K. Still gone up a fair bit compared to when we bought it, but also fallen a fair bit off the peak. Of course, those websites are not completely accurate, but what they say is consistent with sale prices of comparable properties in our neighbourhood
Australia kept its record low interest rates in place during COVID, then we had runaway inflation to record high’s like many countries did and our reserve bank failed to increase interest rates even slightly to help with the increases to inflation. We increased overseas migration significantly to help drive growth in the economy which has created an enormous shortage of housing supply. As a result, interest rates have soar’d coupled with record high inflation our cost of living has skyrocketed including housing prices. As I said since 2019-2020 house prices have increased 30%+
Our country has always been centralised to the coast and isn’t necessarily the reason for these costs