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A Nation of Whingers.....

Discussion in 'Property Market Economics' started by sash, 27th Jun, 2015.

  1. sash

    sash Well-Known Member

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    I read this below and LMAO.....it also clearly shows that we are near peak in prices in some cities if these sort of articles are being sprouted. I dare the gubbermint to limit investors..I can then retire...as rents will skyrocket....most mom and pop investors will panick and sell...and I will be pivking them up and renting them out. How about the jaw boners look at policy which is more conducive to ownning...remove stamp duty and replace it with a land tax, reduce the red tape to develop land, come up with creative financing...WA's share house ownership with the govt.

    http://www.news.com.au/finance/real...fordable-housing/story-fncq3era-1227417403060
     
  2. keithj

    keithj Moderator Staff Member

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    The source of this article is the Inquiry into Home Ownership

    There are 7 public submissions - more are expected, even though it has closed.

    So far most are anti-investor - introduce Land Tax, remove -ve gearing, remove 50% CGT concession, etc

    Maybe next time they have a housing enquiry PChat should be putting in a submission ?
     
  3. The Falcon

    The Falcon Well-Known Member

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    Mom and Pop? surely we aren't there yet......
     
  4. willair

    willair Well-Known Member Premium Member

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    At least you don't have any Whingers.....in Russia

    .
     
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  5. wombat777

    wombat777 Well-Known Member Premium Member

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    I can sympathise. House prices have certainly outpaced salary and wage growth.

    If I look at computer science salaries (because that is what I am familiar with), the average median salary in 2013 was $53k (page 2):

    http://www.graduatecareers.com.au/w..._Salaries_2013/GCA_Graduate_Salaries_2013.pdf

    My graduate salary in 1993 was $34k. Median would have been around $28k I think. $28k in '93 to $53k in '13 is not much growth.

    You then look at a place like Epping, NSW. Median was $153k in 1990 ( that was the data I could find easily), compared with a 2014 median of $680k ( http://blog.corelogic.com.au/2014/05/case-study-sydney-housing-time/ ). According to realestate.com.au, the current median in Epping is $1.35m for a 3-bedroom house or $1.5m for a 4-bedroom house. A 10-fold increase on the 1990 median.

    Technology change in that time has to some extent made property investing easier ( ease of research ). Another factor is the significantly increased competition in the lending sector - more lending products and approaches.
     
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  6. jins13

    jins13 Well-Known Member

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    Feel that instead of whinging about it, need to adapt to the new environment.
     
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  7. Hanison

    Hanison Well-Known Member

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    Very Funny.

    Why don't we just change the country into communist and and forget the brew ha ha.
     
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  8. Angel

    Angel Well-Known Member

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    That is what "they" want. You know, the whingers who don't want to buy their own home but have one of us give them one of ours.
     
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  9. sash

    sash Well-Known Member

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    Agree Keith...this sort of thing just burns my chaps...when they do this.

    There is no clear vision or policy to increase housing supply....instead they simply use sensationalism.

    It is same divisive politics the Abbott govt is doing.

    Perhaps they should ask how they work with investors to increase housing supply where there is a win win...

     
  10. sash

    sash Well-Known Member

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    Privet

    Da....I agree...


     
  11. Pistonbroke

    Pistonbroke Well-Known Member

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    Geez the clip was so disappointing after the pic which is posted :(
     
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  12. Pistonbroke

    Pistonbroke Well-Known Member

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    Here's a radical thought - let's restrict who can buy property, how much deposit they require, the entities which, can be used to purchase, how much you can borrow (ie capped amount regardless of income/the more you own the less you can borrow), require that all newly weds/defactos live with their inlaws for 3 years with a ban on couples renting, ban mortgage insurance, require that investors only purchase new housing, cap negative gearing, remove all zoning & height restrictions and apply land tax to the family home.

    Each will both positive and negative impacts on demand, supply and prices.
     
  13. Chilliblue

    Chilliblue Well-Known Member

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    Why not just place a tax on any residental property that does not have an occupant in it.

    Might make a few more properties available.
     
  14. Bayview

    Bayview Well-Known Member

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    There are literally thousands of holiday homes around Aus that are empty most of the year...

    Most are nowhere near where a FHB or young family will want to live because of the location to work.

    A holiday house is part of the reward for folks who have strived, and worked hard, and have gotten to a point in life where they can buy one...many also buy one as their future retirement home (as is the case down my way).

    Good luck to them, and I don't think we should penalise them for it. We are very heavily taxed as it is.

    Next we will be taxing folks for their caravans sitting empty in their driveway, or their tents folded up in the garage.
     
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  15. willair

    willair Well-Known Member Premium Member

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    I watched it three times and still can't find that part..
     
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  16. bythebay

    bythebay Well-Known Member

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    Sash I agree stamp duty is a terrible tax
    Just one very simplified example: Young couple buys a big house to raise kids. Kids grow up and move out. Makes sense for now old couple to sell it to a young couple who's raising a family and move into a smaller property eg unit. Instead the now old couple doesn't want to pay stamp duty on new buy, so they continue to live in the big house, reducing supply (increasing price) for new entrants.

    In USA they apply land tax to every property, owner occupied and investment, in lieu of stamp duties.

    But Stamp duties is such a big revenue stream for the state govts, I imagine the probability of them removing it is as high / low as the probability of removing negative gearing.
     
  17. bythebay

    bythebay Well-Known Member

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    I also find it intolerable for media and radio shock jocks to be blaming the foreigners for housing unaffordability

    It comes down to govt policy. If they want foreigners to stop buying, all the govt needs to do is to change its policy to say no more foreigners are allowed to buy period.

    It's the same flawed argument that investors are to blame. Last time I checked it's completely legal for me to invest in property. Why shouldn't i take the opportunity to create my own wealth so I don't end up relying on the dole.

    Whilst Sydney has become very expensive this is not true for the rest of australia. Still lots of options sub 350 to 400k within one hour to cbd. if people are prepared to travel a little longer. When I bought my first investment property the interest rate was 9pc, I was commuting over two hours to and from work by train, sold my car, packed my own lunch. Compared to my friends who were renting In cbd and living up the sweet life. There are no shortcuts in life. by making some compromises you will be rewarded.
     
    Last edited: 28th Jun, 2015
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  18. Angel

    Angel Well-Known Member

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    I assume he is joking.

    Not too long ago it was suggested that stay at home mothers should be taxed for not earning a living, and every home owner would be taxed a "sun tax" for any sunshine that falls onto their rooves which "should" be utilised into solar power. The same idiot (I mean highly progressive Greenie) wanted those of us with water tanks to be taxed for "producing" H2O which at the time, during the drought, was a highly sort-after commodity with a dollar value.

    Next thing we will be able to trade shares or futures on the stock market for sunlight and rainfall, calculated at what latitude or longitude our property sits at and how many square metres of land we own.
     
  19. sash

    sash Well-Known Member

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    I know I shouldn't talk politics...but the current ones are doing a stellar job as clowns...that they will get future jobs as clowns at a circus...the opposition is not much better. No vision....

     
  20. Chilliblue

    Chilliblue Well-Known Member

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    I said unoccupied not partially occupied.

    There should be a system where if you have a residential property and it is not occupied then you pay a tax on it as it is not being used for its use.

    We all anecdotally know of property that is vacant because the owner went into a nursing home, or are overseas working for a few years or were brought simply to park some money into this country.

    Unfortunately I cannot mention the actual location but there is a block of over 100 units in the Sydney metro area that the Strata Agent believes to be at least 35% vacant for the last 24 months based on the fire inspections.

    We are all being told in Sydney that there is a housing shortage but maybe there really isn't.