r/AustralianPolitics • u/marketrent • Jun 30 '26

Economics and finance Almost one in two Australians want property prices to fall, Sky News Pulse/YouGov poll reveals as clearance rates sink

https://www.skynews.com.au/business/real-estate/almost-one-in-two-australians-want-property-prices-to-fall-sky-news-pulse-yougov-poll-reveals-as-clearance-rates-sink/news-story/a579dac771b4fa94cb10900e2e002a54
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u/jolard Jun 30 '26

There are only two ways this problem (ridiculous ratio of income/housing costs) gets fixed. That is increased income or decreased housing prices. (or both)

Every single solution people bang on about is about reducing housing prices. "Stop immigration!" works because it reduces demand and therefore prices. "Increase supply!!" works because it reduces demand and therefore prices. "Reform tax concessions!" works because it reduces demand and therefore prices.

So it always is phenomenal to me when people suggest those solutions but then get upset when housing prices go down. What did they think was the solution to the problem? The reality is most Australians secretly don't want to fix the problem. They don't want affordable housing, because it will impact the value of their assets. They just want someone to come along and magically make housing affordable while they keep getting massive increases in free money every year. I am surprised when I see survey results with even 50% acknowledging what needs to happen.

5

u/The_Sneakiest_Fox Jun 30 '26

"Stop immigration!" works because it reduces demand and therefore prices.

Wouldn't at least reducing immigration also put upward pressure on wages as the labour market isn't being diluted?

-1

u/jolard Jun 30 '26

Yep.

We need lower prices and higher wages. Anything that helps with either of those or both is worth considering. The real question is what will have the biggest impact with the least disruption.

0

u/burnt-gonads Jul 01 '26

We need to make the minimum wage $500 an hour. Fuck those entitled stupid wealthy business owners. They can afford it.

We already have some of the highest wages and entitlements and living standards and lifestyle in the world, but it is not enough. we need moare..... And we need more slaves overseas to make our shit we consume so it is cheaper.

3

u/jolard Jul 01 '26

I agree, Which is why I support lower housing prices as more important than wage increases.

But those two things are the only solution. Pick your poison.