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Very true. Considering over 90% of property "investors" tend to buy pre existing dwellings, and negatively gear those properties, it's a massive drain on the budget and massive drain on the economy. Shelter is now worth over $5T, yet it's basically false wealth.I often think one of the way reasons our productivity is so crap these days is because the value of the land for business is so high. A country the size of Australia and we've somehow woven ourselves up in zoning laws and restrictive development processes that it costs too much to build practically anything.
Very true. Considering over 90% of property "investors" tend to buy pre existing dwellings, and negatively gear those properties, it's a massive drain on the budget and massive drain on the economy. Shelter is now worth over $5T, yet it's basically false wealth.
I often think one of the way reasons our productivity is so crap these days is because the value of the land for business is so high. A country the size of Australia and we've somehow woven ourselves up in zoning laws and restrictive development processes that it costs too much to build practically anything.
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