Not sure I agree with the title that no one can ”escape” it. I think the wealth hoarding class does very nicely out of everyone else’s misery. Perhaps if things don’t turn around their grand children might go from owning the whole country to facing a guillotine.
More likely once there is a large enough percentage of people who will have no hope of owning, then they will start to have an effect at the polling booth.
Those houses are enormous! They’re bigger than some apartment complexes I’ve lived in. But they’re all right next to each other, and there’s not a tree in sight. I’m guessing it’s a brand new development for the upper-middle class. Is that right?
No. These houses are normally bought by recent migrants looking for a place to settle and raise a family. At least that’s the demographic most commonly buying them in Melbourne. It’s way more affordable and attainable than buying in the trendy in-demand inner and middle suburbs. People are often mortgaged to the absolute maximum of their abilities to get a foot in the door. The style of house is often sold as a pre-designed package by the developers, with little scope to change the design. And if you do want to change it, that’s extra cost that the buyers often cannot afford. Don’t blame the people living here, they are just trying to find a place to live. The blame needs to be with the government and councils for not setting better regulations for developers to allow for more green space, transport and amenities. Better yet, clearing the way for more family friendly mid and high density infill in the inner and middle suburbs, so the sprawl can be slowed.
Wait, how much does one of these cost? Those would be very expensive in the USA, given their size, and the fact that they look to be brand new.
Are you from the US? Think of Melbourne and Sydney like any huge populous city there. Closer to the centre costs more, even if it’s smaller. Location not size is the main driver of cost. A 2 bedroom apartment in Fitzroy (inner city) can cost more than a 4 bedroom house in Mernda (new development at city outskirts).
Yes, I’m in Seattle. A house like these would be over half a million dollars, an hour away from the edge of the city. There are little towns dotting the outskirts of King County, and they’re all still prohibitively expensive.
Oh they still are well and truly over that here. but a one bedroom unit closeish (Newtown in Sydney as an example) to the city would be about a half million usd