COULD THIS BE THE LAST YEAR OF "AFFORDABLE" HOMES? #shorts #australia #housingcrisis

By Scott Kuru

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New housing is supposed to help make property more affordable. But what happens when the NEW homes cost significantly more to build than the homes already standing? That’s the problem I think we need to pay attention to. Land, construction, labour, finance, taxes and government charges all have to be absorbed somewhere, and if those costs keep climbing, eventually developers either charge more or decide the project simply doesn’t stack up. Meanwhile, Australia desperately needs more housing and construction is already struggling to keep pace. So when people tell me they’re waiting for a huge wave of cheap new housing to arrive and bring prices down, I keep coming back to one question. Who is going to build it, and at what cost? Because if replacing today’s housing becomes dramatically more expensive, that could have enormous implications for the value of the homes already standing.

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