March 23, 2010 Tim Colebatch - Economics editor of The Age
Average buyers can't compete with rich, tax-subsidised investors.
SYDNEY'S
Sunday Telegraph was breathless with joy. ''IT'LL BE WORTH DOUBLE'', its headline screamed. ''Sydney is on the verge of becoming a city of suburban property millionaires as house prices soar,'' it frothed, ''in many cases, doubling in value over the next 10 years.''
In Perth,
The Sunday Times was euphoric over similar predictions there. Here the
Sunday Herald Sun was more restrained, but its figures showed a similar result. Even in Keilor, Reservoir and Upwey, median house prices in 2020 were forecast to reach $1.1 million.
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