[gonzo41]

I got a day trip on Sydney harbour on a yacht a few years back. It was really nice. I can imagine a very expensive day for the host. I wish it was my yacht, because it was a real indulgence. Personally, I would have been pretty happy to just take the manly ferry a few times and have a sandwich.

Anyway, as we were boating about the proper harbour side mansions that sit close to the water. I noticed a few things. A lot of them were empty. I asked about this and the finance guys with us mentioned that most of them were land banking assets for Chinese money which isn't safe in CCP banks. I'm not sure how real this is, but if I owned a home on the waterfront in Sydney, I'd never leave the balcony.

Anyway, the effect is that rich foreigners own the places where our rich countrymen used to live. So now they've moved a street back and pushed all the upper middle class into the inner suburbs and now the regular professional folk our on the outer rim. And if you aren't rich, then your over mortgaged and live in a flood plain. Which just flooded.

Sydney is nice, but it's getting less nice, we generally need more cities in Australia. But what we really need is people to treat the family home as that. A place for families to grow and not some asset class.