A Stacked Market
Foreign purchasers of our domestic housing are hitting record highs. It's set to worsen as the government floods the country with even more new arrivals who will all need somewhere to live.
When will the government catch on to the problems their immigration policies are causing?
Probably never, but if they do, it will likely be too late to benefit the regular Aussie citizen struggling with a housing and cost of living crisis.
There are real-estate agent reports that the share of total home sales to foreign buyers is the highest in more than five years. Little wonder prices in key markets of Sydney, Melbourne and Brisbane are going crazy.
But the crazy award goes to our political leaders who think this is good for us.
It's not. The influx of new immigrants is putting pressure on our service delivery and housing supply while stoking inflation.
So why are they doing it?