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Australian property crash |
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oneonesit
Champion Joined: 06 Aug 2012 Status: Offline Points: 37159 |
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Just saying that property in Sydney is out of reach of the average young working couple. Add on the tighter lending policies for investment properties for locals & the even ones for foreigners. The Chinese government has also made it harder for money to leave the country I believe. Then factor in a massive supply of new premises (units) & the end result must be a major softening of the market. I'm not saying it wont recover in time. However many are going to get well & truly burnt in the meantime
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Refer ALP Election Promises
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maccamax
Champion Joined: 19 Jun 2010 Status: Offline Points: 41473 |
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oneone.. >>>> Sydney ,Melbourne are virtually Foreign Countries. Your average young working couple is being squeezed out of the better areas like a tube of toothpaste. That goes on throughout the whole Country and those on the end of the line go Regional or more likely to cheaper Capital cities. Brisbane, Tasmania , Adelaide , Canberra etc and some Regional areas , are having their turn of the upward cycle. Oversupply of course , because developers need to get cash in and keep building as the coming demand will still outstrip supply. We are the Heaven for the Rich Chinese , Indian , Asian population and if you live Sydney ,Melbourne , They are coming to a House near you. TAKE NOTICE OF DOC > He has his finger in all the right places. |
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Dr E
Champion Joined: 05 Feb 2013 Location: Australia Status: Offline Points: 28563 |
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You really do not know what you are talking about do you. So do you honestly believe that people invest purely to limit their tax liability? Do you even understand why the government offers these tax deductions? Do you understand that the government has no money to pay you welfare bill, if everyone wants welfare? I bet you think that the age pension is an "entitlement". |
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In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!
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Softy
Champion Joined: 24 Sep 2017 Location: Tas Status: Offline Points: 1248 |
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You seem to think that belittling people is an entitlement.
What is ‘entitlement’?. |
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Dr E
Champion Joined: 05 Feb 2013 Location: Australia Status: Offline Points: 28563 |
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My parents couldn't afford to buy in what is now the "inner" west, so they moved to "the bush" 20k's from Sydney was all BUSH back then, and they built a modest affordable fibro 2 bedder, that was eventually extended and renovated almost to death! I was lucky enough to be able to buy a dump in the same area that I grew up around Bankstown, and we furnished it for a few thousand dollars, with some great gear from various op shops! ... but I couldn't afford a nice Sydney suburb near the beach or the city. These days, young couples are not prepared to move to an affordable suburb, and if they do, they MUST have a brand new 4 bedroom McMansion, with EVERYTHING, and if you have that, you sure can't have 2nd hand furniture, you cant even have Ikea! So the easy answer, and it's encouraged by the Socialists, is to whinge and whine and complain about it just being impossible ... yet, it is cheaper making home loan repayments on an average Sydney property TODAY, than it was when prices were 40% cheaper, 10 years ago ... FACT. The moral is, the victims will always be victims, but if you want to find a way, there is always a way!
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In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!
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Dr E
Champion Joined: 05 Feb 2013 Location: Australia Status: Offline Points: 28563 |
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It's impossible to belittle anyone who is not in someway knowingly "little", since they will not even recognise it ... it's like being offended, it's a choice. Entitlement is a thing that lazy people believe they should have, just because other people have it, even if they have not actually earned it themselves. You know, like the age pension, just because you have attained an appropriate age ... that's a little unfair, since most people who receive it, have received some form of welfare all of their lives, so they are fooled into believing that they are simply entitled to that as well, so why would anything change ... and besides, the government will pay! It can also be abstract, like people who believe they are entitled to respect, even though they have never actually done anything to deserve it. You're welcome.
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In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!
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oneonesit
Champion Joined: 06 Aug 2012 Status: Offline Points: 37159 |
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Refer ALP Election Promises
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Dr E
Champion Joined: 05 Feb 2013 Location: Australia Status: Offline Points: 28563 |
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I can't see what will cause a substantial interest rate rise in Australia? ... other than the virtue signalling ALP, cynically pushing the government to impose ridiculous $6 Billion levies on the banks ... which they simply recoup by passing it onto customers with the recent out of sequence home loan rate rises.
No, there is no event, other than an unforeseen, international catastrophic economic event, that will even remotely threaten to increase interest rates here in the next 3 -5 years ... that is why fixed interest rates for 3 years are comparable to the variable rates that currently prevail. The only thing that will move rates up is rampant inflation, and a consequence of that would be substantive pay rises, so ostensibly the higher rates would actually be affordable anyway ... but again, that doesn't look likely ... but beware what you wish for!
Oh wait, did I say a catastrophic economic event? ... I almost forgot the threat of Bullgelati Bill didn't I ... that would also be very, very bad.
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In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!
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Mr Prospector
Champion Joined: 08 Dec 2008 Status: Offline Points: 2025 |
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Rates are moving up now despite any settings of the reserve bank here , and it’s all due to US stimulus . Wages aren’t going up anywhere due to the massive youth under employment and won’t any time soon.
If we have any type of spike in inflation and rates that creates an international problem it will be caused by oil prices . |
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JudgeHolden
Champion Joined: 16 Apr 2011 Status: Offline Points: 11728 |
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A combination of poor policy, unscrupulous lending and greed have brought us to point where people are simply paying way too as a percentage of what they earn on housing. I doubt what we’re seeing here is a cycle, unless this stupidity is repeated again - always a chance I guess. I think what’s sustained it to some extent is the notion of the “Australian Dream”, that young people are desperate still to get into the market, hitting up their folks for deposits, even though they know they can’t afford it. As you say, rents are dropping, and enough of these people see buying as simply not worth it and opt out of the market, it could get ugly. I think we’ve a long way to go here, and there’s going to be a lot of pain. “The firm rates middle-income housing affordability using the "median multiple" – the median house price divided by the median household income. Multiples above five are considered "severely unaffordable". Sydney's median house price is nearly 13 times the median income; Melbourne's just shy of 10 times. The nationwide multiple is 6.6. And affordability has deteriorated at an increasing rate over the decades. For example, Melbourne's median multiple has worsened from 6.3 in 2001 and under 3 in the early 1980s.” https://www.afr.com/personal-finance/time-up-for-great-australian-property-dream-20180123-h0mqpf |
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Mr Prospector
Champion Joined: 08 Dec 2008 Status: Offline Points: 2025 |
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Politicians ( of both sides) love a housing boom , they can bleat on about creating jobs and growing the economy but its just like a sugar fix for the economy . The boom never lasts and is always followed by a bust , any settings that encourage housing are bad for any economy in the long run . IMHO .
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Passing Through
Champion Joined: 09 Jan 2013 Location: At home Status: Offline Points: 79532 |
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US bond yields soaring, economy overheating, prices rising ahead of wages, Australian Dollar in free-fall. Nervous times ahead.
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Mr Prospector
Champion Joined: 08 Dec 2008 Status: Offline Points: 2025 |
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Its the GFC we never had probably . We will suffer a correction more than most economies due to our debt levels .
You left off the biggy on your list in my opinion . Oil Prices .
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oneonesit
Champion Joined: 06 Aug 2012 Status: Offline Points: 37159 |
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I'm predicting it will all start coming to a head by the time the ALP win the next election. Every cloud has its silver lining.
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Passing Through
Champion Joined: 09 Jan 2013 Location: At home Status: Offline Points: 79532 |
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Oil prices will continue to go up with Russia and Saudi Arabia colluding to control the price upwards.
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Mr Prospector
Champion Joined: 08 Dec 2008 Status: Offline Points: 2025 |
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People have nearly always voted with their pockets . When times are getting tough they vote Labour and when times are good they vote Liberal .
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oneonesit
Champion Joined: 06 Aug 2012 Status: Offline Points: 37159 |
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In defence of the good Dr & Macca, if we revisit the first few page of this thread at 2013 many were predicting impending doom & gloom. Similar reasoning as what is being proposed now. Fortunes been made since.
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oneonesit
Champion Joined: 06 Aug 2012 Status: Offline Points: 37159 |
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Bit like predicting when that final straw breaks the poor old camels back !
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Dr E
Champion Joined: 05 Feb 2013 Location: Australia Status: Offline Points: 28563 |
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Supply and demand ladies - that will ALWAYS determine prices.
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In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!
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Tlazolteotl
Champion Joined: 02 Oct 2012 Location: Elephant Butte Status: Offline Points: 31417 |
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I though Redemption was Brooke. Oh, you've gone back to your original name.
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An honest politician is one who when he is bought will stay bought.
Simon Cameron |
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Dr E
Champion Joined: 05 Feb 2013 Location: Australia Status: Offline Points: 28563 |
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In fact, the biggest current threat to demand is a result of the pointless Banking Royal Commission.
Claims of endemic predatory lending are a joke. There is simply no evidence to support that. However, the regulators, who everyone knew were not doing their jobs effectively - imagine that, an ineffectual Public Service Bureaucracy! - have completely over reacted, and has caused a totally unfounded "credit crunch" ... this is just starting to be commented upon ... watch this space! So, if you find that people are having trouble buying property, thank the ALP/Greens Collusion, and in particular Bullgelati Bill, who has NOTHING MORE ORIGINAL as a policy than BANK BASHING! Just today, the simpleton sweetheart is calling on the Banking RC to extend so that ALL people who made submissions can be heard ... There were more than 10,000 submissions ff$ ... you can see the Socialist come shining through - how much would THAT cost, and to achieve what??? ... it's clearly not HIS money is it! Combine that with his populist Negative Gearing and Capital Gains TAX HIKES ... #NeverShorten
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In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!
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Passing Through
Champion Joined: 09 Jan 2013 Location: At home Status: Offline Points: 79532 |
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Banking, where if you rob them you go to prison, but if they rob you they get pay rises and bonuses.
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maccamax
Champion Joined: 19 Jun 2010 Status: Offline Points: 41473 |
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Nice of you oneone to recognise the good Doc and some others telling people to go buy a House in 2013.
It was good advice and with our supply & demand unchanged , Whats new pussycat. I have friends & family who got on the wrong train many years ago and had all of those reasons that your better off renting. Others made millions. Strange to say and sad , those same people who missed the boat way back then are front of the queue with similar reasoning today. |
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Dr E
Champion Joined: 05 Feb 2013 Location: Australia Status: Offline Points: 28563 |
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Are they simply smarter than Unionists? ... they are no more corrupt!
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In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!
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Second Chance
Champion Joined: 02 Dec 2007 Status: Offline Points: 45716 |
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I'm a unionist. Does that make me corrupt?
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Dr E
Champion Joined: 05 Feb 2013 Location: Australia Status: Offline Points: 28563 |
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Are you in jail yet?
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In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!
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Whale
Champion Joined: 01 Jun 2009 Location: St Kilda Beach Status: Offline Points: 38719 |
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Second Chance
Champion Joined: 02 Dec 2007 Status: Offline Points: 45716 |
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How many members of a Union are in jail for being members? And how many members of a Union aren't in jail for being members?
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Whale
Champion Joined: 01 Jun 2009 Location: St Kilda Beach Status: Offline Points: 38719 |
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Dr E
Champion Joined: 05 Feb 2013 Location: Australia Status: Offline Points: 28563 |
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Is this a trick question? How did the colt pull up? ... you should be out celebrating, shouldn't you?
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In reference to every post in the Trump thread ... "There may have been a tiny bit of license taken there" ... Ok, Thanks for the "heads up" PT!
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