What is rotten in the housing market?

This latest tweet, from the Aus Property Forum, says that there's something rotten in the Australian housing market. Pointing to Land Tax, the arguemnt in the forum link gets fairly heated.

"The problem with bringing in a land tax is that every existing land and home owner has already paid those costs and they won't be happy to pay them again. That's the political sticking point from my view. No one will ever vote for another tax, and which ever party brings it in against the wishes of the voters will be ousted at the next election," on person writes on the forum.

An interesting discussion ensues.

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