Prime Minister Tony Abbot was upbeat about the increasing housing prices in one of the country’s biggest, and affluent property markets. He “hopes our housing prices are increasing”, when speaking in front of parliament on Monday.
A statement made in reaction to the head of the Treasury, John Fraser, questioning the benefit of encouraging further growth in Sydney’s presumed ‘housing bubble’.
Abbott’s thoughts come out of personal experience, himself being a homeowner in Sydney. “As someone who, along with the bank, owns a house in Sydney I do hope our housing prices are increasing”.
He extended this view by saying “I want housing to be affordable but nevertheless, I also want house prices to be modestly increasing”. Housing increases are important in Abbott’s view of the economy, as jobs and the use of available resources, such as buying property, are vital for growth.
Furthermore, Abbott sought to reiterate the government’s stance on supporting its small business package to help the economy. A response that was gathered in reaction to the Treasury secretary being worried about what supposed housing bubbles in parts of the country could have on the economy.
However, the Treasury then confirmed that there is actually no substantial evidence of the said housing bubble. Lower interest rates, easy finance and investment in the property market means that the property market is easy to point fingers at due to it’s success in face of other market’s poor showings.
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