Real estate rich list grows as Australia’s wealthiest reap property profits
Analysis shows richest individuals increasingly list property as only source of wealth as disadvantaged face rising housing stress.
Profit margins in the real estate sector are at record highs and Australia’s richest individuals are increasingly listing property as their sole source of wealth, new analysis shows.
The analysis also suggests state governments are reaping increasingly large windfalls from stamp duty, and not matching them with social housing investment.
The Greens senator Lee Rhiannon, who commissioned the analysis from the parliamentary library, said it showed a small, powerful group was making huge profits from the property market, while the disadvantaged experienced rising homelessness and housing stress.
Read more at the Guardian here..