Real Estate Agents Frightened By New Phenomenon Of People Buying Homes To Live In

CLANCY OVERELL | Editor | CONTACT

It seems that banning child traffickers and foreign drug cartels from laundering the proceeds of crime through Australia's housing market has only made things worse for the poor property investors class.

This comes after treasurer Jim Chalmers decided that an innocent cohort of self-funded post-war Australians will now become a convenient punching bag for an underwhelming government who don't have the balls to instead blame immigrants for all of society's woes.

The downturn in the national housing market is no longer isolated to the mortgage belts of Sydney and Melbourne, with other state capitals like Perth and Brisbane recording declines in property prices last month.

Real estate agents say they haven't had one member of the triads of Russian Mafia register for any auctions outside of the Gold Coast for several months now.

Instead, the entire property sector is now relying on young people who have scrounged together every spare cent to buy a home to live in, hopefully forever.

"This isn't good" says local Betoota-based real estate baron, Anthony Moltisanti from Betoota HomeSlinger.

"People are treated these assets like homes to live in, rather than vehicles for unlimited wealth creation"

Another agent, Debbie Conothy from Betoota Ray White, echoes these sentiments - but warns it is only going to get much worse.

"First we see the air come out of the market because all of the older investors aren't bothering without the CGT discount" she says.

"They'd sooner just book a round the world ticket for a cruise ship than pay tax"

"But now, without the market booming, there's very little motivation to increase value in the area. All of the campaigns against flight paths and affordable housing projects are also losing momentum"

"People are just treating these properties like homes and it's a phenomena that not one living agent is familiar with"

"If people don't want to live in a home, the home might not sell"

In a weird new world, economists now believe the direction of property prices will depend on the trajectory of interest rates and how that affects mortgage borrowing and the unemployment rate more broadly.