Australian Housing Affordability Discussion

[whatmeworry]

Pretty horrible thing to say really as it will drag a lot of people down with it.

Well that's why we can't get housing reform as both sides realise Australia's main business is selling property to foreign kids studying some ticky tacky course.

 

[Isochronous]

Pretty horrible thing to say really as it will drag a lot of people down with it.

It's called being smart enough not to overleverage.

 

[cove]

Yes there are many Australian families who are over borrowed and don't have 9 months of funds set aside to handle a downturn in their financial circumstances.

 

[Cool Cat Phil]

I'm looking forward to the big housing crash and the foreclosures starting so I can partake in the fire sale.

In interested to know what you may think or be hoping for in a crash in Australian real estate values in the larger capital cities? 20% drop, 50% drop?



I would agree that Australian Real estate values in comparison to income levels are out of control and the " Great Australian Dream" is out of reach for a larger percentage of Young working Australians, particularly Millennials than what it was 20 years ago.
A correction in Australian real estate values in our larger capital cities would have enormous consequences and would shake up all demographics of Australians no doubt.

 

[RAM]

Well that's why we can't get housing reform as both sides realise Australia's main business is selling property to foreign kids studying some ticky tacky course.

No you have missed the point!

Many, if not most from the feedback I get from them, pay the course fees as a "Citizenship" fee. Once they have competed their course (or before even in some cases) they start the process to become Australian citizens.

One group I know of sponsors current uni students as 'scarce workers' aka 457 so they get the citizenship before they have even completed their degrees in some cases.

An Australian citizenship & passport is considered a VERY valuable commodity in many countries - especially in China and the feedback is Australia 'sells' it for much less than either the US or Canada does.

It got to the stage in 1990 that the countries taking advantage of this rort had become a large enough proportion of voters in 8 Federal seats that neither side was willing to close the rort down. How do I know - it is amazing what people will discuss after their second bottle of red at lunch.

Snouts in trough drive the decisions and keeping 'your party' in power and on the receiving end of the over $500,000 per week 'declared' donations drives the governing of Australia and every state unfortunately.

 

[JohnK]

Pretty horrible thing to say really as it will drag a lot of people down with it.

Unfortunately too many people have borrowed more than they can afford.

 

[cove]

I have used this low interest rate period to go mortgage free so it seems that many are doing quite the opposite and going upwards in mortgage debt. Mrscove was pleased that I removed our bank from our homes.

 

[whatmeworry]

No you have missed the point!

Many, if not most from the feedback I get from them, pay the course fees as a "Citizenship" fee. Once they have competed their course (or before even in some cases) they start the process to become Australian citizens.

One group I know of sponsors current uni students as 'scarce workers' aka 457 so they get the citizenship before they have even completed their degrees in some cases.

An Australian citizenship & passport is considered a VERY valuable commodity in many countries - especially in China and the feedback is Australia 'sells' it for much less than either the US or Canada does.

It got to the stage in 1990 that the countries taking advantage of this rort had become a large enough proportion of voters in 8 Federal seats that neither side was willing to close the rort down. How do I know - it is amazing what people will discuss after their second bottle of red at lunch.

Snouts in trough drive the decisions and keeping 'your party' in power and on the receiving end of the over $500,000 per week 'declared' donations drives the governing of Australia and every state unfortunately.

Well the property and education are deeply intertwined now. Last episode of Utopia really showed how everybody is getting cut of the grossly inflated pie.

 

[RAM]

Well the property and education are deeply intertwined now. Last episode of Utopia really showed how everybody is getting cut of the grossly inflated pie.

Curses, now I'll have to download it... instead of doing what I'm supposed to...

 

[burmans]

Yes there are many Australian families who are over borrowed and don't have 9 months of funds set aside to handle a downturn in their financial circumstances.

Unfortunately too many people have borrowed more than they can afford.

I'm looking forward to the big housing crash and the foreclosures starting so I can partake in the fire sale.

Would have to suggest there is a difference between recognising there's a problem and taking active pleasure out of others misfortune.

 

[whatmeworry]

Curses, now I'll have to download it... instead of doing what I'm supposed to...

Last episode more pertains to infrastructure ie. MEL airport link but definitely highlights how everybody has their snouts in the trough. Lawyers, Consultants, Political parties, Banks, Unions etc

 

[RAM]

Would have to suggest there is a difference between recognising there's a problem and taking active pleasure out of others misfortune.

Is that the difference between lawyers and the rest?

 

[RAM]

Last episode more pertains to infrastructure ie. MEL airport link but definitely highlights how everybody has their snouts in the trough. Lawyers, Consultants, Political parties, Banks, Unions etc

Unfortunately it is too true. I wrote to the team behind Utopia and tried to get them to do an episode on the CBD & South East Light Rail.

I provided them with some key points to play with:

• Cost blew-out by over 30% but max carrying capacity per hour halved vs claims made by Gladys
• Media release announcing 'huge win for the community' stated that capacity had actually increased
• Journey times actually longer than buses to be eliminated
• AM peak hour cut inward passenger capacity (current buses vs LRV) by around 10,000 passengers/hour
• Nearly $300m of 'benefits' due to making stops up to 2km apart vs bus stops avg of 400m - $300 due to health benefits of people walking further to LRV stops!
• 73 bus stops (in one direction) replaced with 19 LRV stops.
• SSG/SCG complained about bridge linking stop to Sydney Boys/Girls would block view of their advertising/naming rights signs - so bridge moved and 2,000 students/staff required to walk across train lines 2x a day vs not cross them.
• Route 610X buses take the 2,000 students/staff in 9 minutes in the afternoon, LRV to take between 36 to 56 minutes provided UNSW students CUT use of public transport!

I could go on but you get the picture.

The team from Utopia gave me some hints about creating a youtube video about it a la Utopia but with a darkened room and silhouettes talking about it..

Never got the time.

However did manage to get the NSW State Auditor General to investigate it and confirm that Gladys had indeed been misleading the community.

Audit report reveals public misled on Sydney's light rail cost blowout

The outcome though is straight out of Utopia - despite the consortium's major supplier/member admitting to systemically bribing MPs and Govt officials around the world for projects in a plea bargain with the US Gov with a AUD1.1bn fine- they also got the contract for the NW rail.

[h=3]Alstom Pleads Guilty and Agrees to Pay $772 Million ... - FBI.gov[/h]https://www.fbi.gov/.../alstom-pleads-guilty-and-agrees-to-pay-772-million-criminal-...



Dec 22, 2014 - WASHINGTON Alstom S. A. (Alstom), a French power and transportation company, pleaded guilty today and agreed to pay a $772290000 fine ..

Curiously enough the NSW Govt was the only one in the world in 2014 to give them any business. Why could that be?

..and that is why stamp duty needs to be so high thanks to all those snouts....

 

[cove]

Perth rentals have continued to slump with lease renewals and more people are sharing each home. I believe the Sydney rental market has started to decline as well so that is probably a precursor to a slump in home prices.

 

[whatmeworry]

For a grand a week you can have a bedroom with a toilet in room. Somewhere in Brissy.

https://www.domain.com.au/property-profile/28-451-gregory-terrace-spring-hill-qld-4000

 

[CaptJCool]

For a grand a week you can have a bedroom with a toilet in room. Somewhere in Brissy.




https://www.domain.com.au/property-profile/28-451-gregory-terrace-spring-hill-qld-4000

Youre jokin me right ?

photoshopped.
Just how did that pass Council regulations ? ?

 

[travelislife]

Youre jokin me right ?

photoshopped.
Just how did that pass Council regulations ? ?

Council would have nothing to do with it normally (or here in Victoria anyway). If it complies with the NCC/BCA then a building surveyor can't not approve it.

 

[whatmeworry]

Youre jokin me right ?

photoshopped.
Just how did that pass Council regulations ? ?

No idea.

Here is another view.

Also a home in Melbourne has non enclosed toilet.



Bathroom and toilet inside the bedroom: The worst home design trend ever

Affordable Housing in Sydney.

 

[Happy Dude]

Those dunny in room places are called studio apartments, aren't they? Granted, they usually have a more substantial partition but I've seen curtains and sliding panels too.

They also look a lot like a room in The Pod Hotel in NYC.

 

[Happy Dude]

I'm looking forward to the big housing crash and the foreclosures starting so I can partake in the fire sale.

Why wait, it's already happening. According to Four Corners the other night, prices of waterside mansions in Perth have crashed 30%.

If there's enough people ready to pounce, the price might not drop as far as one might hope. But a more interesting question is what is the property worth after you've bought it? Do you think there's opportunity for huge capital gains in a short period in a fire sale market?