Australian Economic Takeover Via Real Estate, Chinese Invasion of Investors Forcing Locals to Hobart

My Opinion: Australian Economic Takeover Via Real Estate, Chinese Invasion of Investors Forcing Locals to Hobart, Artificial shortages caused by Chinese speculators who are turning major Australian cities into empty shells . there is no economic boom in Tasmania unless its 100% based of of housing and construction .

The economic growth in Tasmania has led to a housing crisis and homelessness support services are worried. The capital city of Hobart now has the lowest rental vacancy rate, reaching a mere 0.3%. A real estate agent, Cheryl Bennett, reported that during 7.30’s visit to a one-bedroom unit for rent, over 40 people were waiting to inspect it. Bennett stated that she has never witnessed such high demand, saying “This time last year I only had three applications on this property. Today we’ve had, I think, 41 people through. It’s bedlam.”

“There is a high level of frustration among residents, and it is understandable. The Real Estate Institute of Tasmania estimates that there is a need for 5,000 houses in Greater Hobart. This shortage is affecting both rental properties and properties for sale. The government’s success in growing the economy and increasing tourism and education opportunities has led to a higher population growth, but it has also created a housing crisis. Shelter Tasmania is worried that this boom could result in a two-tiered society where low-income earners struggle to find affordable housing.”

Katlyn and Zack, a young couple with two children, have been searching for a home for six months and are currently residing in emergency housing after previously “couch surfing.” They attend three to four inspections per week and apply for about two homes per week. Katlyn expresses her desire for a stable home, stating, “I just want a place to call home, That’s all I want. I just want home.”

As the election approaches in Tasmania, both major political parties have released plans for affordable housing, with Labor committing $106 million and the Liberals committing $125 million. Premier Will Hodgman announced that if re-elected, the Liberal government would implement a land tax exemption for up to 2,000 properties built with a 12-month rental plan, calling it a “three-year land tax holiday” to encourage investment in rental housing. However, the Labor Party criticized the plan as a short-term solution that will not address the long-term housing crisis. Housing spokesman Josh Willie stated that the 12-month rental requirement for new properties would not provide long-term security for those seeking rental housing in Tasmania.

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