It's over for the west, white areas are now becoming so desirable they are exploding in value.

This.

I predict 100% surface coverage of fecal matter in one sitting.

Thanks to unnecessary immigration. Can't believe the old 'fuk off we're full' from years back is actually true now lol.

Rookie, have u not heard of a piss bucket?

yes. 3x in prime areas, 2x in the suburbs

i guess they don't call it jew york for nothing.

That's not at all surprising to anyone who has been paying any sort of attention to housing prices in general over the past few years. $250k barely buys an older middle class home in small town middle of nowhere America these days, and people are surprised it doesn't get you anywhere in a major city?

Probably what is surprising is the fact that it exists at all.

Given it has to be a company title and not a usual body corporate/unit title, I’m guessing it’s a legal grey area that this can even exist and be used for residential/habitable purposes

they're douchebags right?

Is it immigration in Australia, or foreign $$$$ speculators? Or both?

no bathroom is crazy ayy lmao

In Australia they feel it's discrimination to bar people from buying property or treat them different based on nationality or citizenship. Canada too I guess. Here in the US it's hard or them to buy property and in some states they can't buy property such as in Florida. I guess a lot of red tape and fees make the US not a very desirable place for them to invest but some countries roll out the red carpet for them.

Foreign investors driving up prices is a myth

Foreigners are prevented from purchasing existing residential properties

They are encouraged to buy new “off the plan” developments, mainly apartments, because they provide the critical mass in pre sales for developers to bring these new dwellings to market

They are typically limited to 50% of the dwellings in any new development so they are actually adding to supply, because without the foreign money these new builds would not go aheadIn Australia your residency status absolutely does impact what properties you are allowed to buy

Only permanent residents can buy existing property

Temporary residents are in some cases allowed to buy existing properties when they are on a visa type that is pending permanent residency, but if they don’t get it, they have to sell the property within a certain amount of time

They have also ramped up compliance monitoring and now you have to provide residency evidence as part of conveyancing

How does any of that mean that "Foreign investors driving up prices is a myth"? The fact that foreigners can buy any residential properties, new or old, absolutely affects housing prices.

Yes, foreigners are helpingreduceprices by driving up new supply of housing

Hence “driving prices up” is a myth

It’s actually one of the very few housing policies the government managed to get right

I think I get what you're saying and I'd be interested in seeing some stats on that, but just the back of the napkin math doesn't seem to support that argument.

Australia's major cities haven't built enough housing for all the immigrants, foreign students, etc. in the past couple of decades, much less enough for native Australians. So while bringing more people into these areas obviously spurs development, if it's not bringing enough new units to market to make up for all of the added people then thats still driving more housing scarcity to locals and inflating prices beyond what they'd be without all the new foreigners.

Maybe it was just Canada, not sure.

Adding to supply (of anything) reduces the price

Developers need money to fund construction and they can’t always get the funding from the banks, or if they can the banks want to see presales

Suppose they are building an apartment block with 100 homes. They need $x dollars in presales to get the loan to fund construction. Almost impossible to raise that locally.

The developer gets FIRB approval to sell 50% of the units to foreigners. Foreigners buy the 50 off the plan. They go ahead and build the 100 units. The remaining 50 are sold to local buyers, adding to supply and driving down price.

Also, of the 50 that were sold to foreigners, a significant chunk were investment properties, so that drives down rental prices.

New supply of housing is what drives down prices.

If prices went up, it’s due to other factors. But without foreign investment, the prices would be even higher.

You're leaving out the most important aspect there:Price is only reduced by adding supply if you aren't also adding even more demand at the same time.In this case (and in basically every western country accepting mass immigration) there are more people who need housing being imported than there are new housing units being built.

The argument that "more people = cheaper houses" just doesn't seem to work anywhere because of the most fundamental law of supply and demand.

You’re not reading what I wrote

Of the new houses they build, they’re only allowed to sell a set proportion (usually 50%) to foreigners

So they are adding MORE houses than families

Its even more beneficial if foreign investors buy them and rent them, because then you get added supply with no added rental demand

Note also my response was in relation to foreign investment in the housing market, NOT net migration