Yep. Land prices are largely being fueled by those tax breaks for investment properties I mentioned earlier. Remove negative gearing for investment properties and half the demand disappears and there's a whole heap of sellers. Viola! Affordable land again.
The sad thing is, housing inaffordability for the non-boomer generations is the result of government policy. You can have both restrictions on the release of land and low land prices, but, not without culling the dodgy tax breaks to those largely upper-middle class (Liberal voting) real estate investors.
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Date: 2006-07-25 10:50 pm (UTC)The sad thing is, housing inaffordability for the non-boomer generations is the result of government policy. You can have both restrictions on the release of land and low land prices, but, not without culling the dodgy tax breaks to those largely upper-middle class (Liberal voting) real estate investors.