Why No One Can Afford To Live in Australia Anymore

[ExplainedwithDom]

I'm sure many people are going to point it out, but in the video, I call Sydney a capital of Australia. It's not the capital and I'm an idiot. I know. Hopefully, it doesn't ruin the entire video for you, but I deeply apologize to all the proud residents of Canberra.

[dx]

Australia, Canada, New Zealand etc - countries where a foreigner can buy properties and no questions asked. Money laundering on a large scale. Mostly Chinese syndicates own thousands of homes in these countries.

[davecarter]

I think the Australian Dream is now being able to afford chesse slices at Coles

[johnryan]

My biggest regret as an Australian was not buying my first home when I started primary school

[Is_This_Really_Necessary]

Lol. Canberra is the capital city of Australia, not Sydney.

[wesparsons]

Part of the reason Australians don’t want to live in high density housing is that you end up having to pay not only a mortgage but also exorbitant body corporate fees, it’s like having a second mortgage to pay which can never be paid off.

[tracybodinaar]

The smartest thing that should be on everyone's mind right now should be to invest in different streams of income that are not dependent on the government. Especially with the current economic crisis around the world. This is still a good time to invest in gold, silver, and digital currencies (BTC ETH...).

[bobman]

Australian here. He is generally right about most things. He only quickly mentioned tax concessions as an issue but that and government policy in general is the big reason.

The way tax works here for property makes it a huge way to make money. Then combine a dodgy banking system and you end up with a few people owning most of the properties. And if your a rich foreigner, if you buy over 2 million worth of property they will give you a passport.

Then you have government policy and incentives that give people money for deposits. This seems like it helps but all it does is make property prices go up.

When they had the covid lockdowns, they also stopped homes being built. So basically about 200, 000 homes weren't built over those 2 or 3 years. Then they opened the borders back up and prices went through the roof.

Finally, our housing minister for the government has 11 investment properties. Obvious conflict of interest as there's no way she will every do anything to bring prices down.

[goodsir]

Its incredible how much canada and Australia has in common

[whiteshadow]

Living in Australia, is painful.... we have (According to my mother whom I live with) $6, 000 a month, and my poor mum who is working three jobs and considering a fourth can barley stomach it....

[juz]

It's so fucking sad, I remember Sydney in the late 90s and early 00s.... it had its flaws... but there was so much energy in the city and people were genuinely happy with life... nowadays everyone got their head down in their phone... all look angry/stressed.

[chronic_daydreamer]

Housing in Australia is worse than bad right now. I’m one of the lucky ones. I’m homeless due to being disabled, unable to work and unable to afford rent, but I am lucky at least to have a roof over my head for now. There are so many more who’ve had to resort to housing their families in tents and many more living out of their cars. Lots of people paying most of their income just to keep their rental. Australia likes to make out that we take care of each other but the truth is that it ignores its most vulnerable and makes getting assistance very difficult and is looked down on by others. Meanwhile the rich capitalise on crises like this and bleed everyone dry and then they complain when people don’t have any money left to “support the economy.”

[hayleyaarts]

I used to comfortably rent a 3 bedroom house my whole adult life. I'm now 45, employed and sleeping in parks and creeks as I haven't been approved for any housing, with so many applicants and my single income doesn't look good for the future. Admittedly I do sleep in some beautiful places for free, I also pay $500/month for a storage shed and spend a shit load of money on aeroguard!

[KatieB]

It’s worse than that, people can’t get rentals either and rents are high. The building industry is unregulated, so even if you build there are cowboys out there.

[blackcountrysmoggie]

Come to 'stralia, we've got jobs! (bring a tent)

[paquitoignacio]

Australia is one of the most expensive places to live as wages and taxes are high, nothing is cheap there.

[iamjoestafford]

Great video Dom. It is such a shame what has happened - my grandparents emigrated from the UK in 1969 and were able to buy a lovely house in the Adelaide suburbs for peanuts, despite the fact my Grandad was a welder on a modest wage. Nowadays someone in his position probably wouldn't even be able to afford to rent a decent house!

Like you say, Australia either needs to build densely - ie lots of apartment towers in the cities - or build new settlements from scratch, otherwise the situation will become completely unsustainable. It's similar in New Zealand.

[paulidevoss]

Immigration laws are being rapidly changed to limit the number of people who can settle in Australia. The ‘golden visa’ system allowed any wealthy migrant to essentially buy their way in to the country, and these people often paid cash for homes, building massive property portfolios which they write off on tax if they own a business. It’s completely ruined Melbourne and Sydney and has jeopardised their unique character and displaced local people. There are loads of dodgy real estate agents helping to inflate prices for their commission fees. It’s a mess and we need to kick out these dodgy operators asap.

[michellenorris]

2023 had an immigration of over 700 000 people. That's 1 in 36 Australians moving here in one year. Madness!

[guffmam]

Yeah you are wrong about our immigration system it's not mostlyletting in qualified people that we need pretty much every job is on the "skilled migration" list so we are saturated with Engineers and Accountants who end up driving Ubers. Skilled migration is only one part of the system as well we get a lot on student visas who attend fake colleges and then there are parental visas etc. The whole system is a mess.