Why No One Can Afford To Live in Australia Anymore

I'm sure many people are going to point it out, but in the video, I call Sydney a capital of Australia. It's not the capital and I'm an idiot. I know. Hopefully, it doesn't ruin the entire video for you, but I deeply apologize to all the proud residents of Canberra.

I think the Australian Dream is now being able to afford chesse slices at Coles

My biggest regret as an Australian was not buying my first home when I started primary school

It's so fucking sad, I remember Sydney in the late 90s and early 00s.... it had its flaws... but there was so much energy in the city and people were genuinely happy with life... nowadays everyone got their head down in their phone... all look angry/stressed.

I used to comfortably rent a 3 bedroom house my whole adult life. I'm now 45, employed and sleeping in parks and creeks as I haven't been approved for any housing, with so many applicants and my single income doesn't look good for the future. Admittedly I do sleep in some beautiful places for free, I also pay $500/month for a storage shed and spend a shit load of money on aeroguard!

Lol. Canberra is the capital city of Australia, not Sydney.

Australia, Canada, New Zealand etc - countries where a foreigner can buy properties and no questions asked. Money laundering on a large scale. Mostly Chinese syndicates own thousands of homes in these countries.

Immigration laws are being rapidly changed to limit the number of people who can settle in Australia. The ‘golden visa’ system allowed any wealthy migrant to essentially buy their way in to the country, and these people often paid cash for homes, building massive property portfolios which they write off on tax if they own a business. It’s completely ruined Melbourne and Sydney and has jeopardised their unique character and displaced local people. There are loads of dodgy real estate agents helping to inflate prices for their commission fees. It’s a mess and we need to kick out these dodgy operators asap.

Dude I used to live in a suburb in Brisbane the one Chinese trustie owned 250 homes in that suburb. This is repeated all over the country. We need to stop overseas investment in the residential sector until we catch up.

Im ozzy and single. There is a huge shortage of low cost living options.

Part of the reason Australians don’t want to live in high density housing is that you end up having to pay not only a mortgage but also exorbitant body corporate fees, it’s like having a second mortgage to pay which can never be paid off.

Although a big country, most of the land is desert and uninhabitable, with a lack of water.

I'm a single Australian who wouldn't mind owning my own one bedroom apartment. There are plenty of these available too, the problem is they are bought exclusively by property investors who can rent them at exorbitant rates and if it remains unoccupied then they can write the loss off on tax and actually make more money. It's a matter of policy change that needs to happen to open it up and create a more egalitarian system. the problem there is that federal politicians themselves are benefitting from this system and are reluctant to change it. Look up our PM's property portfolio if you are interested. It should be considered legal corruption.

Australian here. He is generally right about most things. He only quickly mentioned tax concessions as an issue but that and government policy in general is the big reason. The way tax works here for property makes it a huge way to make money. Then combine a dodgy banking system and you end up with a few people owning most of the properties. And if your a rich foreigner, if you buy over 2 million worth of property they will give you a passport. Then you have government policy and incentives that give people money for deposits. This seems like it helps but all it does is make property prices go up. When they had the covid lockdowns, they also stopped homes being built. So basically about 200,000 homes weren't built over those 2 or 3 years. Then they opened the borders back up and prices went through the roof. Finally, our housing minister for the government has 11 investment properties. Obvious conflict of interest as there's no way she will every do anything to bring prices down.

Its incredible how much canada and Australia has in common

I live in a small country town in South East Queensland, Australia and it is almost impossible to buy a home unless your a millionaire. And here they even want you to pay a dead minimum rent price of $380 rent a week for some small ran-down dump with no garage place for your car. Even for rent for a decent family home per week is still starting to overtake the weekly income here and that's not even including the costs of food or vehicle running costs. Also Sydney is just the capital city of the state of News South Wales. Canberra is the of Australia.

Australia is one of the most expensive places to live as wages and taxes are high, nothing is cheap there.

It’s worse than that, people can’t get rentals either and rents are high. The building industry is unregulated, so even if you build there are cowboys out there.

Allowing money laundering or big money from China does not help.

2023 had an immigration of over 700 000 people. That's 1 in 36 Australians moving here in one year. Madness!