Geographies of hyper‐commodified housing: foreign capital, market activity, and housing stress

Abstract

The latest manifestation of Asian‐led foreign real estate investment in some global cities is contributing to housing becoming a liquid, global asset. Drawing on empirical data about Sydneysiders’ reported levels of real estate market activity, housing stress, and views about foreign real estate investment, we found that those who are financially invested in Sydney's local real estate market are generally more supportive of the presence of foreign investors and investment than are those not invested in that market. We also found that there were no significant comparative differences in beliefs about foreign investment between those who are in housing stress and those who are not. On the strength of those findings, we ask whether a degree of commonality is developing around a set of ideological reference points related to the commodification of housing. As housing in global cities is increasingly commodified and financialized, these ideological reference points could be boosting its commodification across boundaries of cultural difference and political jurisdiction. We conclude by suggesting the need for a new line of inquiry through which scholars could investigate the politics of globalised hyper‐commodified housing in order to expose the ideological reference points that serve to bolster the commodification of housing.

Australian urban geographies of housing in the context of the rise of China in the “Asian Century”

“…In terms of new urban geographies, the data provided by Wang et al show that Sydney is still home to half of all China-born migrants at the national level; however, the number of migrants settling in Australia's medium-sized capital cities, such as Adelaide and Perth, is increasing. In keeping with findings reported here by Rogers et al (2018), these migrants are highly mobile, they have capital to invest in local real estate markets in Australia, and they value education as a form of cultural capital.…”

“…Other factors mediating intercultural relations have been exposed in work by Rogers et al . (), who have found that Australians financially invested in Sydney's local real estate market are generally more supportive of foreign investment. In contrast, they found no significant impact of levels of housing stress on attitudes towards foreign investment.…”

“…In keeping with findings reported here by Rogers et al . (), these migrants are highly mobile, they have capital to invest in local real estate markets in Australia, and they value education as a form of cultural capital.…”

“…(2018) and Rogers et al . () frame their findings with a reminder that a foundational feature of every discussion about Australian housing and urbanism is the theft of land during the colonial invasion. In another contribution to this special section, Liu et al .…”

“…Rogers et al . () argue that this latest manifestation of Asian‐led foreign real estate investment in some global cities might be contributing to land and housing becoming a liquid, global asset.…”