Look, I must be stupid.
I mean…kindergarten level stupid, because I do not get this.
Why do renters want interest rates to go up?
Why do renters want property values to go down?
If rates go up then they’re passing on all of that juicy goodness to you.
So you can’t save.
If they go up too much, then they can’t sell.
And you can’t afford to buy.
At least not here.
That’s why you’re renting.
handy, I know you’re heart’s in the right place, and you just want a fair go for people that are struggling.
But you want/need property prices to drop by 20-30%.
That’s what you want to put renters in a position to buy where they currently live.
And that’s just not going to happen.
That’s why rent is a thing.
What you actually want, is good economic conditions, no reason to raise rent, tax cuts and income increases.
Nope.
I’ve been a renter and I’ve been a sole property owner and I’ve been a (A, Bacchus) investment property owner.
And I will tell you this.
People rent, where they want to live, but cannot afford to buy.
Edit: if my point isn’t clear, then I’ll expand.
That is not bloodsucking, it’s not exploiting, it is actually providing a service.
People get to live in a place that they cannot afford to buy into.
They choose to do that.
It’s just an added on cost that will be (count on it) passed on to the renter.
They’re already paying body corporate, and water, and all maintenance (lol…how’s that for a lark? Oh…we broke this…fix it…because That’s how real life works).
You want a revolution in property because you think the current situation is unfair, but the fact is that everything you’re hoping for makes things worse for renters.
Including the Victorian State Government going whoops, we need a lot more cash, let’s hit up the people whose expenses have doubled in the last four years.
Morons.
I want what you want.
I just think you’re barracking for the actual opposite of what you want.
When it comes to rents a landlord is a price taker.(to an extent anyone renting will consider transaction costs of moving and accept some rent increases).
Your getting better or worse rents based on the availability more broadly of homes to rent and the number of people looking.
Now i don’t think theres a people shortage in Melbourne is there? So what encourages new construction?
I think if your sitting on a property or land which can be developed then land tax is a bit of a motivator to do something with it.
You and Bacchus should be buddies.
Pretending this tax is doing stuff.
The vast majority of investment property owners are one property.
That’s who it’s hitting. That’s who’s passing it on to renters.
That’s who doesn’t have some sort of family trust/accountant friendly bullshit going on.
I’ve seen your posts.
For at least a year, probably longer.
You think you want 12% interest rates and 33% property value reductions.
Which…not judging, but that’s an Incredibly ■■■■■■ thing to hope for.
It would destroy…I dunno…it would destroy a lot.
Of actual people. Not just investors.
What you Actually want, is lower interest rates, no rent rises, reasonable income increases, maybe a tax benefit here and there to those who just need it.
A functioning economy.
You think disaster will raise the lowest, and that has Never been the case.
Actually its doing something. Its raising revenue on those holding larger property portfolios in Victoria.
Land Tax is a better way for state governments to gather revenue from property than stamp duties (which discourages transaction and barrier to entry).
I don’t know how land tax is applied in Victoria but usually it its applied in a manner to encourage some behaviour and not others than is desirable for the community at large then its a good tax
Bu okay…let’s follow that thread and presume for a moment that it’s not just a cash grab but a targetted, societal influencer.
Landlord costs go up.
That’s just a fact.
They brought on a cost where previously there wasn’t one.
So, for the most part, that increases rents.
In a market where rents are increasing Anyway, because we’re a quarter of the way through a Massive skills injection. Which is needed. Sure. But we still have to accept it’s happening.
We are bringing in more migrants than we have houses for.
Which is why we have eighty applicants for one rental property.
Listen to what real estate agents are saying. They’re saying the conditions for investing in property in Victoria are forcing investors interstate and it’s having an effect on the market.
I’m pushing for the club to do the Collingwood thing, a game on the Gold Coast, followed by the GABBA the following week. You can see them at Cazaly Stadium the third week
