Repetition adds emphasis – our house view on reforming the CFMEU, this time in the AFR.
On Monday a Newspoll survey told us the bleeding obvious.
Housing, at 40 per cent, tops ‘cost of living’ concerns over groceries, energy bills and insurance at 25, 18 and 11 per cent, respectively.
Last week I met fellow CEOs from the Global REIT Alliance around the terrific EPRA conference.
Our global peers reminded me housing is big politics across the northern hemisphere. Many international housing markets reflect the multi-decade realities of falling real interest rates and rising real incomes against the backdrop of shrinking supply leading to increasing house prices.
The essential role of supply is highlighted in those markets too. For example, in 2018 the UK Ministry of Housing, Communities and Local Government estimated a one per cent increase in housing stock would yield two per cent downward pressure on housing prices, interest rates, population and incomes being equal.
Rising labour and material inputs, growing household formation and immigration are also vital parts of the housing story. If further proof was needed, this graph of global house prices 2000-2024 in the July Economist mimics our own Australian experience.
Equally, our peers note the increasing fragmentation of politics across OECD countries.
Parties on the left and right make false promises about the benefits of sure-fire housing supply destroyers like rent capping and equally demonise institutional ownership of rental properties. Something similar is playing out now in our Senate.
Rest assured we are already preparing for a pre-election period full of backwards looking ideas on what’s next for Australian cities and property investment of all kinds.
We are looking forward to championing these in the campaign ahead.
PCA committee noms – get yours in
Be quick – just over a week to nominate yourself for one of our fantastic committees. Nominate here by October 4 at 6:00pm AEST.
Book now for October Congress
The Property Congress is set to shine in sunny Townsville 23-25 October.
Packed full of networking opportunities, great speakers and valuable insights, this is an event you don’t want to miss. There is less than a month until the fun begins.
Buy your tickets now and buy them here.
Next week: the ACCCs red tape tsunami