According to a survey of 1,000 first home buyers by Mortgage Choice, 53% of respondents are paying more than 30% of their after tax income to a mortgage.
So, it is now time for a dramatic change in national infrastructure investment away from roads and back to railways, so long as our railways are brought into the modern era rapidly.
This is enough to yield a doubling in real house prices every 30 years or so, underpinning a long-term decline in housing affordability and the home ownership rate.
The SPP blames the Chinese for causing the housing bubble, the Lebanese for high crime rates in Sydney, Muslims for terrorism and the Vietnamese for drug importation.
Australian cities have some of the highest carparking costs in the world. Why? Can anything be done about it? And what might happen if it gets any worse?
Throttling dwelling supply has a pernicious effect on housing affordability and consequently has negative distributional consequences.
The current State Government, even with the existing planning laws, has done much to threaten the very existence of those communities throughout Sydney.
We have a very fundamental problem with distortion in our housing markets that is already spilling over into other aspects of economic policy and questions of generational equity.
The town had been a theatre hotspot seven decades before, with the grand Savoy and Embassy theatres as well as the Arcadia at Blackheath, while the Hydro Majestic Hotel at Medlow Bath was a companion attractor to the upper Blue Mountains.
The irony is that it is the accidental parts of our cities – the parts developed during periods of the least regulation – that we now seek most to protect.
Now that investors smell a rat, workers are being lined up to foot the bill via their superannuation. But what of the economics?
Of all the nations in the G20, Australia’s record in creating modern infrastructure is the least progressive and most inefficient.