TRANSCRIPT: Isn't it nice to know that in the interest of free trade those overseas with money to burn are looking at houses in Sydney as a great investment. You can buy a small African country or a moderate family home in the eastern suburbs. And with such a great exchange rate, now the Aussie dollar has fallen so much, they can afford to spend even more. It doesn't matter to them that the inflated house prices stop locals from buying, and that the rent that they can charge inhibits spending in other sectors like retail, because we have no discretionary income left. We'll all just look progressively worse dressed. And this is all only going to get worse.

Even the genius that is Joe Hockey can't stop it. As the price of houses rise, unless wages rise at the same level, you can't expect people to spend on other stuff, so the economy will suffer. There has to be stricter limitations on foreign investors, although exactly how you police that I don't know, because you can always get a family member to do the buying for you. But in theory, right now, if you don't live here you can't but a house here, that's unless you but a house and subdivide, so you are creating additional accommodation, then you will probably get approval by the foreign investment review board. So, help with the destruction of the aesthetics of our neighborhood with more in- filling, funded by people who don't really care because they don't live here.

And local investors aren't helping either ... 35% of NSW housing finance in 2001 went to investors in 2014 it was 60%. Can't these people spend their money on something useful, like in growing businesses that employs people? No wonder then, that Sydney's average house price has gone from 560k to about 875k in just seven years. $875k average! Think of some of the derelict homes you've seen around this city ... They are part of that average. Think if those homes way out on the fringe where your commute time means you get home just in time to go out again. All part of that 875k average.

But lots of people don't see it as a problem. They've already bought a home and are happy to see it go up in value. They feel richer. But for the rest, you'd better get used to high density apartment living over the next few decades,. And for anyone who can't walk there, give up all hope of ever getting down to the beach. The traffic will be horrendous and you'll have no money left to pay the exorbitant parking rates. So, what was the reason people moved here for? The climate and lifestyle ...destroyed by the free market. And the reserve banks answer to this dilemma, they cut interest rates so it's cheaper to get a loan, pushing prices up still further. Brilliant.