Why Australian housing doesn’t add up for institutional investors
The government wants to encourage more institutional investment in housing to increase supply and reduce pricing pressures. But the unmet demand keeps growing – compounded by record high immigration.
AMP’s chief economist Shane Oliver is willing to out himself as a NIMBY. He doesn’t want his suburb in Sydney’s beautiful northern beaches to resemble the Gold Coast with its proliferation of apartment towers, he says.
Putting an even more contrarian argument for an economist, he argues Australia’s record high immigration levels should be reduced to match the ability to provide new housing supply while steadily whittling away accumulated years of undersupply.
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Jennifer Hewett is the national affairs columnist. She writes a daily column on politics, business and the economy. Connect with Jennifer on Twitter. Email Jennifer at jennifer.hewett@afr.com
