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by lacampbell 3399 days ago
I'm from New Zealand and we are having the exact same problem in our largest city, Auckland.

The thing is it's happening everywhere in NZ. The provinces are getting worse as well. For reference, a median multiple of 3 is considered affordable.

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&o...

Not a single region in NZ is affordable - and this is from 2012. It's only gotten worse.
1 comments
scorpioxy 3399 days ago
Melbourne resident here. Same problem and real estate agents are playing along because they make more money that way. Politicians will say and do what has become the norm, "we strongly believe that the average Australian needs to be able to afford their own homes" but that's about it. I realize its not an easy problem to solve but it is also one that will not go away if you ignore it.
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legostormtroopr 3398 days ago
Its a very simple problem to solve, make property something only citizens (or at the least permanent residents) can buy.
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scorpioxy 3398 days ago
No offense but if it was that simple, don't you think the government would've done it already? The Chinese cash looks good and shows growth on paper so politicians and bank managers can show great numbers in the short term. It's only in the long term that you'll destabilize the economy and do irreversible damage with money laundering behavior.
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lacampbell 3398 days ago
No offense but if it was that simple, don't you think the government would've done it already?

Governments will do what's in their best interest. You literally pointed it out yourself in the next paragraph..

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