If/when you decide to up and leave Victoria please donât come to QLD. Weâve got enough ex-pat southerners up here driving up house prices and farking things up for everyone else. And we can fark things up well enough on our own.
Not being smart or anything but if you check the ABS Victoriaâs population is growing as strongly as Queensland. Same in percentage terms, more in sheer volume.
Victoria has 124k people join it over the 12 months to March 25.
20k more than the next closest in NSW.
Queenslands property boom is largely being driven by speculators.
Jacinta Allen inherited a tonne of debt and the way she is transforming the state should be commended.
We had an influx post-COVID but then itâs always been a bit of a cliche that QLD is full of southerners.. Regardless, I was being a smartarse with my initial post.
Common long term trends(as in for as long as I can remember). NSW and then Victoria get the lions share of overseas migrants.
Queensland has always been âwhite flightâ much more of its growth has been internal.
Victoria now almost has net zero loss of internal migrants though, and it has the highest birth rate in the country.
Itâs actually the wonder economy of the country in terms of sustainable growth.(havenât looked at wages though)
Itâs also the only state meeting its construction targets each year, through developer friendly housing policy.(plenty of carrots and a little bit of a stick to discourage land banking - so developers donât bide their time) - thatâs why houses havenât gone bananas. Supply is up and those buying are owner occupiers. Not geared to the â â â â â â â property investors.
Crime is on the up, but it is still relatively safe compared to parts of south east Queensland like for like. That would be the C grade amongst a lot of A grades on Allenâs report card.
See, this is what â â â â â me. A lot of property investors are just mums and dads that are looking at their retirements and the future of their kids. I would rather see more people owning houses and self-funding their retirements, rather than having to give everyone continued tax payer funded handouts.
There is also a reason that builders are banking houses, itâs because they are waiting for the economy to get to the point that they can make some money out of building. Not sure if you have noticed how many builders have gone bust recently, this is due to the big build projects that have driven up the costs of materials and skilled labour. Why go work for a builder whoâs paying you $50 an hour, when you can go work on a union site on the big build projects where you can earn $200.
Developers can make a bunch of money now. They hoard land to make more money later and heat up the market. They admit this themselves.
âMum and dad investorsâ are still treating a basic human right as a source of income. Our tax system rewards them handsomely for this. Inequality is inequality, no matter who is causing it.
We have one of the best and most robust superannuation systems in the world. We are funding our own retirement, itâs not a Farking charity.
I do agree with you that handouts on the demand side will not fix the broken, unfair and corrupt supply side. But why donât you mention the handouts to rental owners?
I am 100% opposed to this. On the other hand, mum and dad investors are being forced to pay obscene taxes on investments meaning that they need to raise rental prices to cover their costs. If government looks to relax these taxes, these things you talk about will also reduce.
My issue is that people work their backsides off, sacrifice time with family, donât go out for dinner or shows etc to save and invest their money into property for their retirements and kids inheritance. The government likes to give away money to those that do the opposite and therefore tax the hard workers more. Tell me how thatâs fair?
My parents immigrated to Australia with just a suitcase back in the 1960âs, no handouts, didnât speak English, didnât have any education, but yet somehow managed to work their backsides off doing any jobs they could get in factories or on building sites, yet they were able to make something of themselves. Yet there are so many people out there that had all the privilages that they didnât and leech off the tax man. This is why everything is so expensive, the government is gifting money to those that donât want to sacrifice anything, they just expect it on a silver platter, whilst taking from those that have sacrificed. This is what increases rents and everything else, because these people have worked hard for whatever wealth they accumulated and donât want to give it up.
I grew up in a household where the Smiths and Jonesâs got toys for their birthdays and Christmases whilst my parents used to work night shift just to put food on the table, Iâd get the essentials, socks, jocks etc. So to tell me that people canât afford property is bullshit, people just donât want to sacrifice their standards of living because they know that Jacinta and Dan will come along and give them a nice tax payer handout. What they donât realize is that each of those handouts has a flow on affect to rentals, food, employment etc.
You mention that companies are productive things, not in Australia. Companies are going bust everywhere and several friends of mine have lost a lot of money investing in them. Property is a tangible asset and for a lot of the older population thatâs all they understand.
I have no problem people coming here to work, I have a problem with those that come here to sponge off tax payers. Itâs not sustainable.
I donât know how to solve the housing crisis. Iâm just a chocolate seller. The thing is, from what I can see governments of all persuasions want property prices to go up âsustainablyâ. At a sustainable level of growth. Issue is, what is sustainably?
Governments rely on property related taxes and this in part explains the underperformance of the Melbourne market post covid. They rely on these taxes to pay for everything they spend on in the economy.. In Victoriaâs case the infrastructure program is a focus of higher taxes to fund it. itâs a national thing though.
I get frustrated that governments continue to âpretendâ they arenât responsible in creating excess demand for property and thus higher prices. They clearly are and they know it.
Property ownership for the youth is a dying ambition and governments have played their significant part in knowingly destroying the dream due to political opportunism. And due to self interest, the home owners / property investors out there are broadly comfortable with the status quo. And their kids will rely on a potential inheritance or be left probs my renting in a shared house for a significant portion of their lives.
