If you want a textbook example of why housing policy is broken in this country, look no further than the below Sky News segment on Perth’s housing market:
The segment opens by explaining how Western Australia’s Health Minister is in India on a mission to recruit more than 5,000 healthcare staff to fill shortages across the state.
The state government is also lobbying the federal government for more immigration.
The segment then laments how Perth’s rental market is in crisis, with a rental vacancy rate of only 0.4%:
This has led to people advertising a garage with a mattress for $300 rent a week.
All of which brings us back to the following explainer diagram summarising Australia’s housing ponzi in action:
Western Australia’s population is currently growing like a science experiment via record net overseas migration:
This has driven a wide gap between housing demand via population growth and supply:
As a result, house prices are surging across Perth, leading the nation:
So too are Perth rents, which are also leading the nation:
Source: CoreLogic
The deliberate immigration actions of the state and federal governments have created Perth’s housing shortage, which is creating misery for renters and aspiring first home buyers.
