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Tlazolteotl View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Tlazolteotl Quote  Post ReplyReply Direct Link To This Post Posted: 02 Apr 2024 at 9:57am
The landed gentry and the peasants.LOL
An honest politician is one who when he is bought will stay bought.

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Post Options Post Options   Thanks (0) Thanks(0)   Quote jujuno Quote  Post ReplyReply Direct Link To This Post Posted: 02 Apr 2024 at 10:02am
Originally posted by oneonesit oneonesit wrote:

Most average young folk have given up even thinking about buying a place in Sydney. Many have tried & failed - seeing their Deposit / Loan requirements move further away . Most the casual talk I hear amongst their discussion is moving out of Sydney in order the be able to purchase a place. Easier said than done of course.

I think we are creating a massive 2 class system that will be entrenched forever unless we turn things on their head. All I ever hear are new schemes that can only continue the spiral. The latest is allowing people to draw down on Super to help buy a home. That for me is only going to fuel more price increases & only make it worse - with bugger all Super at retirement age. Anything that makes it easier in the short-term to enter the current market can only make things harder

At some point we are going to have to accept we need to reset property values - via a government prepared to reduce property investment incentives that continually fuel the market.

That of course will cause hardship of course - esp to those who have extended themselves in more recent times to get into the market. Maybe some sort off off-set subsidy is needed for those in that category.

 That allowance, during Covid, was what tipped the bucket in my daughter's favour, to secure her home.
 
 She had fifty thousand saved, but both her and her husband drew ten thousand each out of their super to complete the deposit.
 
 Why shouldn't they? It is their money. Who is to say they will still be alive in forty years, to retire on super.  

 Not everyone has parents who can help subsidise.

 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote oneonesit Quote  Post ReplyReply Direct Link To This Post Posted: 02 Apr 2024 at 10:05am
Originally posted by jujuno jujuno wrote:

 Somewhere in the vicinity of seventy thousand. She put up the deposit, herself. Her husband is not the most responsible of savers, nice bloke that he is. 
I see it from both sides. A daughter (33) who got into the market 6 years ago (2 B/R apartment) & currently selling & upgrading to a townhouse in same area. My son (35) is fortunately married to a RAAF partner & gets heavily subsidised accommodation. Even so, they accept that when she leaves in near future they will not be able to afford their own place in Sydney. Not good savers unfortunately. Looking at regional options
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Post Options Post Options   Thanks (0) Thanks(0)   Quote jujuno Quote  Post ReplyReply Direct Link To This Post Posted: 02 Apr 2024 at 10:07am
Originally posted by Tlazolteotl Tlazolteotl wrote:

The landed gentry and the peasants.LOL

 What is that supposed to mean? Was it aimed at oneone or me?

 Both my daughter and her husband started life in the exact situation. In a one-parent family. But with different views of what is required to get somewhere in life. 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote oneonesit Quote  Post ReplyReply Direct Link To This Post Posted: 02 Apr 2024 at 10:09am
Why not put a limit on investment properties ? If not by number - but say total market value of properties you own. Say 2 million $ worth of investment properties going forward (not retrospective). 

This would automatically take heat out of the market I would have thought.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote oneonesit Quote  Post ReplyReply Direct Link To This Post Posted: 02 Apr 2024 at 10:12am
& maybe if you own more than say 2 million $ worth of investment properties you pay a lot more tax on the amount over to act as a financial disincentive.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote oneonesit Quote  Post ReplyReply Direct Link To This Post Posted: 02 Apr 2024 at 10:13am
Combine that with a massive cut in immigration for a few years & problem solved

Move over Dim Jim - I think I've got it sorted LOL
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Post Options Post Options   Thanks (0) Thanks(0)   Quote oneonesit Quote  Post ReplyReply Direct Link To This Post Posted: 02 Apr 2024 at 10:17am
Originally posted by jujuno jujuno wrote:

Originally posted by oneonesit oneonesit wrote:

Most average young folk have given up even thinking about buying a place in Sydney. Many have tried & failed - seeing their Deposit / Loan requirements move further away . Most the casual talk I hear amongst their discussion is moving out of Sydney in order the be able to purchase a place. Easier said than done of course.

I think we are creating a massive 2 class system that will be entrenched forever unless we turn things on their head. All I ever hear are new schemes that can only continue the spiral. The latest is allowing people to draw down on Super to help buy a home. That for me is only going to fuel more price increases & only make it worse - with bugger all Super at retirement age. Anything that makes it easier in the short-term to enter the current market can only make things harder

At some point we are going to have to accept we need to reset property values - via a government prepared to reduce property investment incentives that continually fuel the market.

That of course will cause hardship of course - esp to those who have extended themselves in more recent times to get into the market. Maybe some sort off off-set subsidy is needed for those in that category.

 That allowance, during Covid, was what tipped the bucket in my daughter's favour, to secure her home.
 
 She had fifty thousand saved, but both her and her husband drew ten thousand each out of their super to complete the deposit.
 
 Why shouldn't they? It is their money. Who is to say they will still be alive in forty years, to retire on super.  

 Not everyone has parents who can help subsidise.

 
Well if you take that approach you may as well just forget the term Super - add the 10% to wages & move on. Employers don't care - they pay the same either way. As long as you understand JJ all you will see is another surge in property values with all the extra loot available.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote oneonesit Quote  Post ReplyReply Direct Link To This Post Posted: 02 Apr 2024 at 10:22am
To summarise (for Tlaz)

Any change has got to hurt those already in the property market. 

If it doesn't - its not worth doing Ouch
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Post Options Post Options   Thanks (0) Thanks(0)   Quote oneonesit Quote  Post ReplyReply Direct Link To This Post Posted: 02 Apr 2024 at 10:25am
& Real Estate Agents need to be barred from any promotion / commentary

They are one of the biggest paid advertisers to all media - & are a huge part of the problem keeping the market overheated.

Parasitic pests
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Post Options Post Options   Thanks (0) Thanks(0)   Quote oneonesit Quote  Post ReplyReply Direct Link To This Post Posted: 02 Apr 2024 at 10:27am
& pls disregard my Profile

Furphy LOL
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Post Options Post Options   Thanks (0) Thanks(0)   Quote jujuno Quote  Post ReplyReply Direct Link To This Post Posted: 02 Apr 2024 at 10:36am
 So, better they keep that money in super, rather than have a chance to have a home and have kids.

 The government allowed it...and you supported that government, oneone. 

 Evil Smile  
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Post Options Post Options   Thanks (0) Thanks(0)   Quote jujuno Quote  Post ReplyReply Direct Link To This Post Posted: 02 Apr 2024 at 10:37am
Originally posted by oneonesit oneonesit wrote:

& pls disregard my Profile

Furphy LOL

 Seven posts in a row. I reckon that is one shy of your record...

 Wink
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Fiddlesticks Quote  Post ReplyReply Direct Link To This Post Posted: 02 Apr 2024 at 11:15am
Originally posted by oneonesit oneonesit wrote:

& Real Estate Agents need to be barred from any promotion / commentary

They are one of the biggest paid advertisers to all media - & are a huge part of the problem keeping the market overheated.

Parasitic pests

this is a part of the problem yes..
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oneonesit View Drop Down
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Post Options Post Options   Thanks (0) Thanks(0)   Quote oneonesit Quote  Post ReplyReply Direct Link To This Post Posted: 02 Apr 2024 at 12:14pm
Originally posted by jujuno jujuno wrote:

 So, better they keep that money in super, rather than have a chance to have a home and have kids.

 The government allowed it...and you supported that government, oneone. 

 Evil Smile  
Sorry - I should have realised you would not get it 

I will remember to make allowances next time ConfusedOuchLOL
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Post Options Post Options   Thanks (0) Thanks(0)   Quote jujuno Quote  Post ReplyReply Direct Link To This Post Posted: 02 Apr 2024 at 12:23pm
 Smart-arse...

 Censored
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Post Options Post Options   Thanks (0) Thanks(0)   Quote mc41 Quote  Post ReplyReply Direct Link To This Post Posted: 02 Apr 2024 at 1:23pm
what happens when using super to access finance for house/unit and you miss payments and lose house ?
what happens when you do retire and you are missing super because it was invested in the property ?  government kick in ?

don't think its so simple
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Fiddlesticks Quote  Post ReplyReply Direct Link To This Post Posted: 02 Apr 2024 at 3:09pm
Australian gov has never been one to look after the people, its more like a bank or business than a Gov. Not once have they been a proper social democracy, dedicated to really taking care of people. Post war it might have looked ok, but it soon went to crap once they started selling off public utilities and stopped building houses. Someone saw what was coming and used it to capitalise/accumulate enormous wealth. 

Seriously who are the bright sparks that work in Gov that forecast economics etc, that don't take mass immigration and no houses being built into any sort of equation? 

All I can say is that it was likely done on purpose to line the pockets of those who were lucky enough to get in early. Once massive wealth was achieved those who were the original forecasters were probably long gone and getting old, leaving this pile of dog sht we have now. 

F F S the country doesn't even own its own resources, what a sad joke. 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote jujuno Quote  Post ReplyReply Direct Link To This Post Posted: 02 Apr 2024 at 3:34pm
Originally posted by mc41 mc41 wrote:

what happens when using super to access finance for house/unit and you miss payments and lose house ?
what happens when you do retire and you are missing super because it was invested in the property ?  government kick in ?

don't think its so simple

 What happens if you never get your own home and forever live with the Sword of Damocles (being evicted from a rental property) hanging over your head?

 I had it happen twice, despite never missing a rent payment. Both places got sold by their owners from under me. Try feeling desperate, with two young children to raise on your own, when Real Estate agents rip up your application, simply because you are a single mother.    

 It is becoming worse now. There is no security in renting. And no guarantee you will get another rental, despite having a clean payment record. 

   Angry
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Post Options Post Options   Thanks (0) Thanks(0)   Quote jujuno Quote  Post ReplyReply Direct Link To This Post Posted: 02 Apr 2024 at 3:36pm
Originally posted by Fiddlesticks Fiddlesticks wrote:

Australian gov has never been one to look after the people, its more like a bank or business than a Gov. Not once have they been a proper social democracy, dedicated to really taking care of people. Post war it might have looked ok, but it soon went to crap once they started selling off public utilities and stopped building houses. Someone saw what was coming and used it to capitalise/accumulate enormous wealth. 

Seriously who are the bright sparks that work in Gov that forecast economics etc, that don't take mass immigration and no houses being built into any sort of equation? 

All I can say is that it was likely done on purpose to line the pockets of those who were lucky enough to get in early. Once massive wealth was achieved those who were the original forecasters were probably long gone and getting old, leaving this pile of dog sht we have now. 

F F S the country doesn't even own its own resources, what a sad joke. 

 Totally agree with this. 

 Clap
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Fiddlesticks Quote  Post ReplyReply Direct Link To This Post Posted: 02 Apr 2024 at 6:20pm
All houses are auctioned now, there is no price listings for homes in cities, they are just listed as for sale. 

Even if you scrimped and saved your whole life, worked 3 jobs for a deposit, you will not win an auction for a home. There will be someone else standing there at that auction that is going to out bid everyone. 

It will be unknown money or investors who are willing to pay a dollar more every single time. This is what new young people are up against and still they are being ridiculed as not working hard enough, eating too many burgers or collecting too many tattoos. 

Dead


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Post Options Post Options   Thanks (0) Thanks(0)   Quote Baghdad Bob Quote  Post ReplyReply Direct Link To This Post Posted: 02 Apr 2024 at 6:36pm
JJ, when a tenant signs a lease it is for a given term, not for life.

Fiddles, have you considered the winning bidder, who like the under bidder, also might have scrimped and saved and worked 3 jobs?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote goldey Quote  Post ReplyReply Direct Link To This Post Posted: 02 Apr 2024 at 8:47pm
Negative gearing needs to go .
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Post Options Post Options   Thanks (0) Thanks(0)   Quote jujuno Quote  Post ReplyReply Direct Link To This Post Posted: 02 Apr 2024 at 10:30pm
Originally posted by Baghdad Bob Baghdad Bob wrote:

JJ, when a tenant signs a lease it is for a given term, not for life.

Fiddles, have you considered the winning bidder, who like the under bidder, also might have scrimped and saved and worked 3 jobs?

 1. Duh, yes. But having your application torn up, despite having an unblemished record, is disgraceful. 

 2.  I doubt it. Daddy's money helps. 

 Ouch
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Baghdad Bob Quote  Post ReplyReply Direct Link To This Post Posted: 03 Apr 2024 at 7:13am
Originally posted by jujuno jujuno wrote:

Originally posted by Baghdad Bob Baghdad Bob wrote:

JJ, when a tenant signs a lease it is for a given term, not for life.

Fiddles, have you considered the winning bidder, who like the under bidder, also might have scrimped and saved and worked 3 jobs?

 1. Duh, yes. But having your application torn up, despite having an unblemished record, is disgraceful. 

 2.  I doubt it. Daddy's money helps. 

 Ouch

1. What if the landlord is forced to sell?
2. Not all winning bidders are funded by Daddy's money.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote mc41 Quote  Post ReplyReply Direct Link To This Post Posted: 03 Apr 2024 at 7:16am
Originally posted by Baghdad Bob Baghdad Bob wrote:

Originally posted by jujuno jujuno wrote:

Originally posted by Baghdad Bob Baghdad Bob wrote:

JJ, when a tenant signs a lease it is for a given term, not for life.

Fiddles, have you considered the winning bidder, who like the under bidder, also might have scrimped and saved and worked 3 jobs?

 1. Duh, yes. But having your application torn up, despite having an unblemished record, is disgraceful. 

 2.  I doubt it. Daddy's money helps. 

 Ouch

1. What if the landlord is forced to sell?
2. Not all winning bidders are funded by Daddy's money.
Correct. Many do sell their properties 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Baghdad Bob Quote  Post ReplyReply Direct Link To This Post Posted: 03 Apr 2024 at 7:19am
Originally posted by goldey goldey wrote:

Negative gearing needs to go .
Forget interest a landlord might pay on their loan to purchase a rental property, do you disallow a landlord claiming rates, land tax, repairs and maintenance if they exceed the rental creating a loss on that year's rental?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Tlazolteotl Quote  Post ReplyReply Direct Link To This Post Posted: 03 Apr 2024 at 7:45am

AMP’s chief economist Shane Oliver is willing to out himself as a NIMBY. He doesn’t want his suburb in Sydney’s beautiful northern beaches to resemble the Gold Coast with its proliferation of apartment towers, he says.

Putting an even more contrarian argument for an economist, he argues Australia’s record high immigration levels should be reduced to match the ability to provide new housing supply while steadily whittling away accumulated years of undersupply.

“We pump people into the economy and then we go, ‘surprise, surprise, house prices are expensive’,” he told The Australian Financial Review Property Summit.

“You will probably have to give the property industry special dispensation to get the sort of skills they need. But the critical aspect here is that you’ve got to match underlying demographic demand with underlying demographic supply.”

Yet while everyone can agree on the need to dramatically increase housing supply, particularly in Australia’s biggest cities and biggest immigrant cities of Sydney and Melbourne, there’s little agreement on how best to do it.

Oliver’s views, for example, will sound like heresy to much of the property market – not to mention a federal government heavily reliant on immigration for GDP growth figures even as per capita growth falls.

https://www.afr.com/property/residential/why-australian-housing-doesn-t-add-up-for-institutional-investors-20230912-p5e3xy


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Post Options Post Options   Thanks (0) Thanks(0)   Quote Rhino Quote  Post ReplyReply Direct Link To This Post Posted: 03 Apr 2024 at 8:13am
Lack of Trades does not help. Record numbers of apprentices leaving their roles before completing their time. Probably suggests either a work ethic issue among gen Z or the pay they get is rubbish. Or both perhaps?
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Post Options Post Options   Thanks (0) Thanks(0)   Quote goldey Quote  Post ReplyReply Direct Link To This Post Posted: 03 Apr 2024 at 3:33pm
I have two properties and have never claimed interest, ie  positively geared, and still did it as a sole parent,  so maybe others could do the same .
It might let young people into the market , like my son  ,  has anyone actually got any ideas on the subject that would stop greedy people from holding out people who just want one home ,instead of making excuses for the greedy and privileged.?? 
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