Earn $100 million by selling a house in Sydney! Albert: I can't live if I fall
"Chinatown"-Official media of Chinese Australians
Prime Minister Albert of Australia owns an ordinary property on an ordinary street in Forestville. If he decides to sell it now, he will get a profit of more than A$100 million.
This also shows the extent of the skyrocketing housing prices in Sydney, preventing the "Australian dream" of Generation Y Australians from owning their own properties.
Prime Minister Albert said on Monday that he hopes house prices will continue to grow, a remark that has caused widespread controversy. And his Secretary of the Treasury, John Fraser, has warned that there is a bubble in the Sydney housing market and there is a risk of "overheating".
The Prime Minister insisted yesterday that most Australians want house prices to continue to rise so that their futures can be secured, and attacked the opposition leader Bill Shorten's attempt to destroy housing prices.
According to the "Daily Telegraph" analysis, Albert bought the house in 1994 for A$351,000, and it is now worth A$150 million. In contrast, Mr. Shorten’s property in Melbourne is now worth A$100 million and he originally bought it in 2009 for A$842,000.
Albert said: “Millions of Australians have mortgages, and the last thing they want to see is house prices fall.”
"Imagine how painful it would be if you find that house prices have fallen while paying off your mortgage."
Mr. Shorten said that Albert “doesn’t understand at all” and he has to think more about young buyers planning to enter the housing market.
Belle Property (Seaforth) agent Matt Brady said that Albert's house covers an area of 696 square meters and has 4 bedrooms. It is not a big mansion and is valued at around A$150 million.
Cassandra Goldie, chief executive of the Australian Council of Social Service, admitted that low interest rates have contributed to the prosperity of the market, but he said that the federal government must handle the issue of tax incentives carefully and not make the problem worse.
Foreign investors are accused of being responsible for the high housing prices.
News compiled from "Daily Telegraph"
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