As house prices rise far faster than incomes, it is behavioural economics at work, rather than the traditional economics learnt at university. It is obvious home buyers are mostly looking for detached dwellings, rather than apartments, which is leading to a fundamental mismatch of supply and demand that is sending prices higher. A lot of people are looking to go into bigger places; it s a bit of a COVID impact, Westpac boss Peter King recently noted. This Randwick home sold for a suburb record $8.5m. More often than not, it is the locals who are the ones pushing the prices up, sometimes going head to head against expatriates who yearn for the homeland as they see how Australia has managed the pandemic.
Why Sydney prices are really spiking
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Why Sydney prices are really spiking
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Why Sydney prices are really spiking
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