Australia's auction clearance rate has slumped to a three-month low, while new data shows the number of unsold homes has surged by more than 20 per cent in the past year.
If anyone needs another sign that today’s ABC has no regard for ordinary people: a reduction in housing prices is framed uncritically as “worse”.
If we look at the ABS site for housing occupancy, two thirds of Australian homes are owner-occupied or mortgage. I was astonished by that figure, I’d have guessed the number to be around half or slightly less than half. But since the number is 66%, the ABC can argue that for ordinary Australians, that falling house prices is ‘bad’.
This was telling though:
The Australian Bureau of Statistics (ABS) will not release statistics from the 2023-24 Survey of Income and Housing (SIH) due to data collection issues. Despite work to address these issues, the data did not meet the ABS’ high standards for official statistics and will not be released.
It’s weird, right? We have a huge percentage of Australians who are Millionaires, thanks to the value of their houses. They don’t want to stop being Millionaires. For the rest of us, we want the prices to keep coming down to something we can afford to buy. As a general rule, falling house prices is a sign that your economy is in trouble. In the present instance however, I see these pricing reductions as a correction. Housing has been stupidly too expensive for too long.
If anyone needs another sign that today’s ABC has no regard for ordinary people: a reduction in housing prices is framed uncritically as “worse”.
If we look at the ABS site for housing occupancy, two thirds of Australian homes are owner-occupied or mortgage. I was astonished by that figure, I’d have guessed the number to be around half or slightly less than half. But since the number is 66%, the ABC can argue that for ordinary Australians, that falling house prices is ‘bad’.
This was telling though:
It’s weird, right? We have a huge percentage of Australians who are Millionaires, thanks to the value of their houses. They don’t want to stop being Millionaires. For the rest of us, we want the prices to keep coming down to something we can afford to buy. As a general rule, falling house prices is a sign that your economy is in trouble. In the present instance however, I see these pricing reductions as a correction. Housing has been stupidly too expensive for too long.