Joe Hockey: our esteemed Treasurer. Sooooo out of touch with the man on the street. But his gaffe has provided me with entertainment.
For those that do not know, a few days ago Joe said that people wanting to break in to theAustralian property market needed to get a good paying job and they would be able to. And this may well be correct and appropriate for anyone not living in or near Sydney, or wanting to buy property in or near Sydney.
In the last twelve months property prices in Sydney and its surrounding areas have increased by 13%. New South Wales wages have been frozen, by its Liberal government, at 2.5%. This keeps wages just above the inflation rate but well below the property price increases. As the cost of homes increases, so too, does the cost of rent.
It is becoming increasingly difficult for people not already in the property market to enter into it. Recent statistics show that the majority of buyers in Sydney and its surrounding areas are investors and not home owners.
The dream of owning your own home is becoming more and more remote in Sydney.
And for me.