by Uber » Thu Jan 26, 2017 11:58 pm
The Chinese have been investing heavily in real estate in Sydney, increasingly so over the past couple of years. They will pay anything for real estate, often getting into ludicrous bidding wars against other Chinese for a crappy Sydney property. The amount is not the issue - it's all about moving the money.
Speaking of idiots, Australian lawmakers do nothing to protect the local market from this foreign investment, because real estate developers and owners are making an absolute killing. Instead they blame un-affordable real estate prices on the poor local schmuck investors who are allowed to claim a few measly expenses against their real estate income. What's wrong with making those claims you might ask? Absolutely nothing of course, but it gives the crook politicians some poor goat to blame for their own corruption.
The average price for a house in Sydney and its suburbs is now north of $1,000,000. Yes, that is the correct amount of zeros. This is completely un-affordable for 99% of the population, just to live in a shitty, overcrowded, gridlocked urban sprawl with no infrastructure.
The Chinese have been investing heavily in real estate in Sydney, increasingly so over the past couple of years. They will pay anything for real estate, often getting into ludicrous bidding wars against other Chinese for a crappy Sydney property. The amount is not the issue - it's all about moving the money.
Speaking of idiots, Australian lawmakers do nothing to protect the local market from this foreign investment, because real estate developers and owners are making an absolute killing. Instead they blame un-affordable real estate prices on the poor local schmuck investors who are allowed to claim a few measly expenses against their real estate income. What's wrong with making those claims you might ask? Absolutely nothing of course, but it gives the crook politicians some poor goat to blame for their own corruption.
The average price for a house in Sydney and its suburbs is now north of $1,000,000. Yes, that is the correct amount of zeros. This is completely un-affordable for 99% of the population, just to live in a shitty, overcrowded, gridlocked urban sprawl with no infrastructure.