According to the Housing Industry Association and RP Data, land prices are growing at their fastest rate since 2004. The report blames the rise on lagging land supply, but that needs to be coupled with the rate of immigration and also foreign buyers who are now allowed open slather in purchasing Australian property without even bothering to rent it out.
How does the Rudd government justify that relaxation of foreign purchase rules, other than as a sop to the developers?
Interestingly, the article in the SMH business section says that some councils say they have large amounts of zoned land up for sale, but developers are not buying!
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