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Good Things To Know About Housing Affordability Limits
By Dalvin Rumsey
Housing affordability has economic and social factors that set limits in the real estate industry. There are some trends that sustain this situation and the odds are not good regarding the years to follow.
One of the most important trend is the purchase of property for later resale, called investment buying. This is usually done by people who already own or who are buying a home.
In Sydney for example, the investment buying that has sustained the market for the past years is now showing signs of weakening. Old industrial properties in the inner and middle-distance suburban ring have been turned into residential areas, thus boosting the market. The only problem is that even these old industrial sites are getting fewer and fewer.
Developers are now trying to buy the airspace over railway stations. St. Leonard's railway station, on the lower North Shore, has already been built over. Hurstville and Kogarah Stations are next, as they are already built over with modest, one-level shopping facilities. Developers are aiming to rebuild them as multi-level apartments and retail developments housing hundreds of people.
Housing affordability has another strong enemy in the fact that almost one-third of the workforce now puts in less than 40 hours a week. Casual hours may suit some of the people, but many casual workers would prefer to go fulltime and have greater employment security. Casual work reduces security of employment to a day-to-day timeline. Investment in longer-term plans is risky without a certainty regarding cash flow. This is why these casual workers cannot enter the housing market, even if property information is something they always keep an eye on.
The immigration from overseas is also influencing housing affordability in Sydney, as it adds 50,000 people a year to the population living there. These immigrants are responsible for up to 76 per cent of the demand for housing in the city. A research done by Monash University's Centre for Population and Urban Research has also stated that immigration is a major factor in the city's housing problem.
A solution for the housing affordability concern would be the reduction of the immigration, but which party would be willing to answer to racism allegations from the people, if it dared to make changes in the immigration policy? Which party would risk spoiling the relationships with the ethnic groups? The answer is none.
About the Author
Irish Property Buyer Magazine - Properties Abroad - First Time Buyers - Housing Affordability - Buying Abroad - Property News - Affordability - Trading Up
Article Source: http://www.simplysearch4it.com/article/40301.html
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