Although house prices in Sydney and Melbourne have risen at unprecedented rates since 2009, 7% of Australian mortgage holders - equating to about 300,000 homes had little or no equity in their homes in the year to October 2016. For Sydney, houses yield is 2.8 percent and units are 3.8 percent. Robert Simeon, director of real estate agent Richardson Wrench Mosman, says the Australian Tax Office should return the ratio of homes that can be sold off-plan to overseas buyers back to 50% from 100% to make housing cheaper for local buyers. The government has also been criticised by some economists who say it is not doing enough to help first-time home buyers, particularly those with low incomes.
Although house prices in Sydney and Melbourne have risen at unprecedented rates since 2009, 7% of Australian mortgage holders - equating to about 300,000 homes had little or no equity in their homes in the year to October 2016. Robert Simeon, director of real estate agent Richardson Wrench Mosman, says the Australian Tax Office should return the ratio of homes that can be sold off-plan to overseas buyers back to 50% from 100% to make housing cheaper for local buyers. The government has also been criticised by some economists who say it is not doing enough to help first-time home buyers, particularly those with low incomes.