Foxy Loxy convinces the gullible flock led by Henny Penny that the sky is falling and to follow him into his cave.
It’s a great outcome for the fox, but not so good for the birds.
When the foxes (media) start telling you the sky is falling don’t panic.
This is an opportunity to step back and look at the facts for yourself.
The negative real estate market stories are seductive and make for great content.
Anyone who is a homeowner, or potential homeowner will keenly read the articles in question.
So what’s really happening in Western Australia?
We are in a commodity boom, traditionally a time when real estate prices go up.
Sales, rentals, you name it, accommodation just gets more expensive.
Our population is growing again to satisfy the demand for workers and there is a massive under supply of houses.
New home building in the current environment has ground to a virtual halt.
Each time we have a commodity boom, WA suffers in its own demand-led inflation bubble – despite what is happening in the rest of Australia.
This time the inflation story is Australia wide, driven by supply issues kicked off by COVID.
We seem to forget the fundamentals.
WA always marches to the beat of its own drum.
With a median mortgage about half of Sydney’s median mortgage and plenty of work on offer, the cost of living and inflation story being told Australia-wide emphasises the reasons for people to consider living in Western Australia.
We’ve got it good.
Not as good as last year, but still better than most of Australia.
Is the sky really falling?
The moral of the story is that hungry foxes can’t be trusted.
Article by Derek Baston