City with world’s most expensive housing asks: what to with 40,000 empty units

Not only that, it sold for 1.2 million two weeks a go. Houses doubled in value about 12 months ago and since then its out of control. Single mum was paying $450 per week rent, she can't find anything under $600 nowadays. The land lord had only put the rent up $10 to compensate for the last 10 consecutive interest rate hikes, but then chose to sell.

Wife's work college who rents has had her rent go up $200 in the last 12 months.

On top of fuel, food, and inflation across the board it causing some big issues.

 

You must have had something crazy happen in the market, or the overall economy.

 

Down here its a bit of a given every 7 to 10 years houses double. Or has so since the 80s. For what reasons I can'y really say however Negative gearing is one component.

I caught up with ol mate with the 5 rentals last night. Turns out he is buying his 6th next week and low and behold a Ferrari as well. Think his upward trend of a compounding curb is coming into flight. All the power to him, but you gotta wonder.

Economy gone crazy.....since covid it has felt like uncharted waters. Then Russia's war sparked a fuel crises which created waves of inflation that started small increasing to dumpers for many. Reserve bank has gone nuts trying to calm the waters but people keep spending, the addiction of consuming is proving hard for many to shake.