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Sydney: from world city to 'sick man' of Australia : Comments
By Wendell Cox, published 6/5/2009The 'Great Australia Dream' of home ownership is in the process of being extinguished, particularly in Sydney.
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As I have said before in response to other posts on this site - we have to address the demand side before we begin to think about making housing prices more affordable. Our immigration rates are at or near record levels and no end seems to be in sight to government's manic desire to bring in more and more people. These immigrants must live somewhere surely; or do they simply dissolve into the population without producing any "footprint"?
The situation with immigration in Canada is not much different to ours so it does not surprise me to learn that Vancouver and Sydney are the two most expensive housing markets of those covered in the survey Cox refers to.