Everyone involved in property in Australia thought we were about to enter a boom period in the Year of 2008. Then, a perfect storm of a financial meltdown and apr’s nudging 10% was enough to take the shine off business – especially the luxury end that is generally very strong here. Also the new government, elected in November 07, although they’ve presented nothing concrete yet, is determined to keep property prices under control. Australia has the highest housing affordability ratio in the world after London. It requires 7.5 times the common annual income to a median value, residential home. Some of the steps they can take are to push out a more land in the outskirts of the cities or cut some of the onerous taxes – some say state stamp duty tax is likely to go.

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Economic development depends on new money. For instance, every city, tries to draw in outside make the most order retain their economies vibrant. They will were not to do this, all with the money in the city, would wind up in the hands of 1 person and the economy is used up. Just like globe game monopoly, eventually someone winds on top of all of your money and the game finishes. Our economy works in just the same way. The difference between our economy and the sport is how the product can easily produce isn’t limited and in the game, the properties that anybody can own are restricted.

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