91–94 of 94 posts
Earlier quoted context omitted.
The rate of immigration to developed countries far outpaces the rate of building new dwellings in developed countries. Net growth YoY for places like the US, Canada, UK, Australia all tell the same story. Several traditionally less-developed countries are also seeing the rural hinterlands drain and immense internal migration to urban areas.
So we tested this in Australia. We shut our borders suddenly and unexpectedly for two years, going from a long-run rate of over 1% net immigration to negative overnight. Meanwhile, we kept development approval and construction going largely unperturbed. Our housing market responded with a two year long bull-run. As convenient as it is to blame immigrants, I don't think it's true.
Earlier quoted context omitted.
The rate of immigration to developed countries far outpaces the rate of building new dwellings in developed countries. Net growth YoY for places like the US, Canada, UK, Australia all tell the same story. Several traditionally less-developed countries are also seeing the rural hinterlands drain and immense internal migration to urban areas.
So we tested this in Australia. We shut our borders suddenly and unexpectedly for two years, going from a long-run rate of over 1% net immigration to negative overnight. Meanwhile, we kept development approval and construction going largely unperturbed. Our housing market responded with a two year long bull-run. As convenient as it is to blame immigrants, I don't think it's true.
For what it's worth, I've been crawling Daft (Ireland's main rental and buying site) for several years. If you click on a property you'll see nearby listing history for both rentals and purchases, including asking rents. https://gaffologist.com/