- First Home Buyers being outbid are not purchasing sites to be developed (most of that stock is 1+ million plus)
- ‘buy what that like’ is not correct, it has to be FIRB approved for foreign investors, so the government can control the stock out flow to locals/overseas. if they have broken any laws, fines and sale of property can occur and also go after local lawyers and real estate agents here
- Yes this happens, with most likely the student on the title. Students have a permanent visa, so technically they are not foreign investors as they are Australians.
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“Date is not the plural of anecdote” or whatever, but anyway…
A couple of months ago one of the shittier apartments in our block was up for grabs. Hadn’t been reno’d since the Whitlam era, cold in winter, hot in summer…you know the type. Auction attracted a massive crowd, 95% young couples, some with kids. The other 5% were me, a couple of others from the block just curious to see who our new neighbours would be, and a local well-to-do-fellow I knew from various avenues who was on his way to the supermarket and stopped for a look.
Guess who outbid everyone else there in a matter of minutes.
Whether the government should intervene in one way or another is one thing.
However if people are being consistently outbid then they are in the wrong market. Regardless of what they are hearing from agents, of what they think, or what their research is telling them.
I recall seeing a couple of TV some time ago saying they had been outbid on 20 properties. If that is the case then clearly they cant afford what they are looking at. They need to be looking at properties that they think will go for below what they can afford.
I know there’s plenty of students here on Blitz, that are working their way through Uni, like many have before them, . & I would also assume many parents who have kids on the same journey.
They might be interested in making a phone call or 2 this week.
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Sorry. I’m not calling C Bernardi.
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or Hinch
or Xenophon
or Leyjohjelm
or Hanson
or Roberts
Agree. I think that the role that government plays in housing affordability is way over estimated. They can have a minor impact but there are many other factors that influence price to a much larger degree.
Julie Bishop was blindsided on the China extradition treaty, which was seen as an announceabke - at the request of China - during the Chinese Premier’s visit .
The treaty was signed 10 years ago, but never ratified.
Under the Australian constitution, treaty powers rest with the Executive, subject to any requirement for implementing legislation ( which appears to be the case here).
She thought she had Labor support, but not so. Further, Abetz was threatening to cross the floor.
A bit sloppy on her part for not going round the traps. So far she has escaped scrutiny in her portfolio.
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Are Labor embarrassed that they once had Mark Latham as a leader?
Yes.
I’m embarrassed he’s Australian
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That is an interesting question.
I reckon Latham was OK as Labor Leader, and while he always was “different”, he never showed me his lunatic side while he was Leader. I actually liked reading his book and his insight into political life is worth a read. I got my copy for $2 at a book shop junk sale.
Many have analysed his behavior as narcissistic and indeed he likes to be in the limelight, and loves a controversy. He did give us Peter Garrett as an MP though.
So yep, I do now regret he ever was Leader, but I think the same about Simon Crean, Kim Beasley and K Rudd.
She is not as smart as she thinks she is and now she is becoming to have less market value to the Tories. Not that that will worry her with one of the safest seats in Australia.
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I don’t think he was bad until he was hospitalised for that acute pancreatitis attack. He may have had some adverse iatrogenic event from that.
I don’t believe his behaviour has any blow-back on Labor these days. But if there was any doubt before that he is a d*ckhead, there isn’t anymore.
I’ve not heard of one proposal for lowering costs that I can see actually working long term. Stupid stuff like letting people use their super. Easier borrowing. Etc etc etc. Will only lead to more buyers and more demand.
But ultimately every level of govt are getting serious dollars off property investors, developers and rising property prices, either in taxes or otherwise - and while that’s the case, nothing will change. There’s no problem for them. “Always back self-interest, at least you know it’s trying”
I don’t see the super thing as such a bad idea, and if it’s tied into building. A lot of flow on benefit to more building.
And when/if the property market crashes back down?
Think of Joe average if it all goes ■■■■ up, he’s used his super to get into a mortgage, and only paid off interest on the $400k mortgage on his brick veneer on a 1/8th acre block in Upper West Morang that’s actually worth about $260k. Where can he go?
Not to mention - easier finance just gets more buyers into the market, and more finance available to people who’d already be buying. People who would be spending $350k can now spend $400k, etc. And more demand and same supply only means one thing.
Prices have to come down. That’s the real problem. Access to finance is not a problem at all, it’s a piece of ■■■■ if you’re in a steady job.
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Actually the only workable solution is if house prices stabilise or increase below inflation, and wages go up sharply so today’s prices become more affordable.
If prices fell by 30%, then Banks would be in a bind and they may start calling loans like they did in USA which led to a further drop in house values because of so many mortgagee auctions. Cannot see that happening, but something has to be done. Company profits are at an all time high, wages growth is low or going backwards; full-time employment is farked. Great time for a Labor Government to come in and fix it !!
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Too many punters.
The woes of house prices can all be corrallatted(SP?) with immigration figures.
Its absolutely boom time in terms of importing people into Australia. Insane numbers of middle class workers. I think we’ll over 100k per year, a jumbo load plus a week.
Not so sure it’s a good thing when most of them just go to Melbourne or Sydney.
They are the ones creating such extra demand for a place to live. Either through a rental or settling to live and buying.