this post was submitted on 04 Oct 2023
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Property values are tipped to reach a new high. Here's how much prices have risen in each capital city - ABC News (www.abc.net.au)
submitted 1 year ago by Ijustdoeyes@aussie.zone to c/australia@aussie.zone
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[–] Marin_Rider@aussie.zone 6 points 1 year ago (3 children)

The median house value in Sydney rose 1 per cent and is now just short of $1.4 million, the peak it reached in February last year.

farout i still remember when it crossed $1m, didnt seem that long ago. how on earth is 1.4m median... i truly dont get it

[–] inanna@lemm.ee 8 points 1 year ago (1 children)

Private equity, negative gearing, essential resource and no sign anyone's going to be reigned in. We'll only get off this ride when it derails

[–] Garper@lemm.ee 1 points 1 year ago

I honestly don't think it's going to happen unless a government with real teeth and a strong voter base to keep them in power arises. Right now Labor is doing everything it can to keep it's centrist voters.

[–] Wiggles@aussie.zone 5 points 1 year ago

Considering

Only 1% of Australian taxpayers own nearly a quarter of all property investments across the country, amid concerns over escalating rates of wealth concentration.

Data provided by the Australian Taxation Office has revealed the extent of that concentration, with more than 7% of property investors – or 215,321 people – accounting for 25% of all property investments.

That 7% also have three or more interests in investment properties across the country, with 1% of investors – or just 19,895 people – currently holding six or more investment interests.

And that is only the top 1% of tax payers (which is only 7% of investors), I can't imagine what percentage of property investment is owned by the top 10% of tax payers.

From: https://www.theguardian.com/australia-news/2023/jun/04/a-quarter-of-australias-property-investments-held-by-1-of-taxpayers-data-reveals

[–] jay9@lemmy.world -1 points 1 year ago

Sydney is an international city, and everyone all over the world wants a piece. That’s how.