this post was submitted on 21 Nov 2023
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Indeed the whole system is a bit fucked up, wages haven't even close to kept pace with the rising house prices.
Even worse though, the build premium has expanded to its widest ever. Around $200k on an average build vs average cost to buy.
In theory we buy a new place a little better than our current one and sell the current one, leading to only a modest mortgage growth. But that modest growth is the entire size of our mortgage from our first home we bought.
I think we need policy that pushes for more new housing, especially building upwards. The cost of houses is directly related to the supply/demand issue, and right now supply is still short of demand.