ML-Implode News - Housing Bubble in Sydney Soars to New High, Politicians Promote Scheme to Bitter End

The housing bubble in Sydney and Melbourne, by now among the top in the world, is taking on grotesque proportions, not only in price increases, but also in political pronouncements. So much of the economy depends on this bubble that no politician can imagine bringing it down to earth.
Prices for all types of homes in Sydney jumped 19% in March year-over-year, according to CoreLogic, with houses up nearly 20% and "units" (we'd call them condos) up 15%. Sydney's home prices have nearly doubled since 2008.
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A new policy on housing affordability would be announced in the "very near future," Roberts said. But as a first step, he threw in an incentive for first-time buyers. Instead of the normal 10% down payment, they'd only need to make 5%. "This is the beginning, this is the start," he said... "This is about fairness, and this is about enabling people to get into the Sydney housing market. Once you are in the Sydney housing market, you are pretty well set then for the rest of your life.

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Housing Bubble in Sydney Soars to New High, Politicians Promote Scheme to Bitter End