this post was submitted on 10 Dec 2023
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[–] kerrypacker@lemmy.world 24 points 11 months ago (1 children)

Chinese and boomer investors.

[–] Mothra@mander.xyz 6 points 11 months ago (3 children)

I'm aware of who but not why. Are they just letting them sit there until the prices rise ( I know that doesn't take too long)? Or is there another reason?

[–] set_secret@lemmy.world 24 points 11 months ago

yes ,becuase the house prices in Australia rise so fast it's actully profitable to buy one outright (if you can afford it) and literally let it sit empty for 5 years ,sell it again and make hundreds of thousands and sometimes millions of dollars.

The when system (of capitalism) is ethically bankrupt and downright disgusting. Houses should be for homes, not profits.

[–] Kecessa@sh.itjust.works 3 points 11 months ago

That's usually the reason and the possibility of getting a citizenship (depending on what country the property is in it can help).

[–] prole@sh.itjust.works -1 points 11 months ago

Money. The reason is always money.