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

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Journal Article
Geographical Research, 2018, 56 (4), pp. 434 - 446
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© 2018 Institute of Australian Geographers 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.
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