99% of ore goes to foreigners, why the housing paranoia?: Tweet of the day

99% of ore goes to foreigners, why the housing paranoia?: Tweet of the day
Jennifer DukeDecember 7, 2020

Stephen Koukoulas, has stirred some readers up on Twitter.

The Kouk asks why there’s so much paranoia around foreigners paying high prices for houses when 99% of iron ore dug up is sold to foreigners as well.

Many were quick to respond to say that the two are not comparable issues.

Bullion Baron said “last time I checked Australians don’t need to live in an iron ore so the price of it is of less consequence to the average family.”

Meanwhile, David Scutt tweeted that the iron ore 2011 supply deficit caused price distortions, massive over-investment and a “supply glut years later”.

However, Shervin D’Aguiar said that supply side fixes the housing problem, noting that foreign buyers, negative gearing and the first home owners grant are all “side distractions”.

Jennifer Duke

Jennifer Duke was a property writer at Property Observer

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