The rush to build high rise, high density, Hong Kong style apartment blocks for Asian investors is a driving factor in making housing unattainable for Australians in Sydney. Bulldozer Baird went full speed ahead to implement the policies and strategies handed to him by the “top end of town”. It was all about value capture for donors to LNP electoral funds – the corporations and individuals who make up the Property Council of Australia, Urban Task Force, Committee for Sydney and those public transport infrastructure builders and operators like MTR Corp, CIMIC and Sydney Motorway Corp.
The Federal Govt is standing like King Canute holding back the inevitable logic of abolishing negative gearing on property investment. Even a few brave NSW Ministers have gone feral on the issue of negative gearing, much to the annoyance of PM Turnbull and his feckless, non-performing Treasurer, ScoMo.
Housing affordability, and the price of power are going to be the BBQ topics for the next 12 months, especially when more Sydney families realise even their well-educated and employed children can no longer afford a house in Sydney. The Grey Brigade get very angry when they suddenly realise they have to drive a long way to see their grandchildren in distant Newcastle or down in Wollongong, where houses were still affordable in 2016. But even that option is shrinking as housing prices have climbed dramatically in the Hunter and Illawarra areas too now!