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Australias Real Estate Bubble (Read 8222 times)
Datalife
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Re: Australias Real Estate Bubble
Reply #30 - Feb 16th, 2014 at 2:57pm
 
A couple of differences between Oz and the US, we still have housing demand, not sure the statistics now but only a short while ago vacancy statistics in most states were as low (in the ACT for eg) as 1%.  In comparison for eg in Detroit there are something like 47000 vacant houses. 

Also, a big difference is that in the US a homeowner merely needs to hand over the keys to the bank to get out from under a negative equity without any residual debt, in Oz that is not possible and the banks will sell your property and still hound you for the difference.  No get out of debt for free deals.
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Laugh till you cry
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Re: Australias Real Estate Bubble
Reply #31 - Feb 16th, 2014 at 3:30pm
 
Datalife wrote on Feb 16th, 2014 at 2:57pm:
A couple of differences between Oz and the US, we still have housing demand, not sure the statistics now but only a short while ago vacancy statistics in most states were as low (in the ACT for eg) as 1%.  In comparison for eg in Detroit there are something like 47000 vacant houses. 

Also, a big difference is that in the US a homeowner merely needs to hand over the keys to the bank to get out from under a negative equity without any residual debt, in Oz that is not possible and the banks will sell your property and still hound you for the difference.  No get out of debt for free deals. 


In modern society with purported labour mobility as an objective, a house is a millstone around the worker's neck. Better to rent and find a new rental when one moves.

This is also supported by the theory of economic rationalism where a person should seek the best reward for his services. Unfortunately most punters don't like moving.
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red baron
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Re: Australias Real Estate Bubble
Reply #32 - Feb 16th, 2014 at 3:57pm
 
Two schools of thought on that one, Laugh till you Cry. Rents in Sydney are going ballistic.

If you can get into a mortgage, then some years down the track, you will be far better off than the renter, who sees their rent getting higher, higher and higher...I've been around a long time and I think your argument has as many holes in it as Swiss Cheese. Cheesy
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« Last Edit: Feb 16th, 2014 at 4:18pm by red baron »  
 
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Datalife
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Re: Australias Real Estate Bubble
Reply #33 - Feb 16th, 2014 at 4:05pm
 
Laugh till you cry wrote on Feb 16th, 2014 at 3:30pm:
 

In modern society with purported labour mobility as an objective, a house is a millstone around the worker's neck. Better to rent and find a new rental when one moves.



If it suits you fine, I prefer to own.  Plus ownership has given me a lot of flexibility, I had a place in the city when I was working, sold it and got a place in the country where I retired and have no debt at all. 

Enjoy your landlord inspections, another benefit no doubt. 
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Laugh till you cry
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Re: Australias Real Estate Bubble
Reply #34 - Feb 16th, 2014 at 4:52pm
 
Datalife wrote on Feb 16th, 2014 at 4:05pm:
Laugh till you cry wrote on Feb 16th, 2014 at 3:30pm:
 

In modern society with purported labour mobility as an objective, a house is a millstone around the worker's neck. Better to rent and find a new rental when one moves.



If it suits you fine, I prefer to own.  Plus ownership has given me a lot of flexibility, I had a place in the city when I was working, sold it and got a place in the country where I retired and have no debt at all. 

Enjoy your landlord inspections, another benefit no doubt. 


Exactly exemplifies labour mobility. You left the labour market and your house.

Some people don't want to give up city life because there are more resources and facilties.
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Please don't thank me. Effusive fawning and obeisance of disciples, mendicants, and foot-kissers embarrass me.
 
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John Smith
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Re: Australias Real Estate Bubble
Reply #35 - Feb 16th, 2014 at 5:51pm
 
Sir lastnail wrote on Feb 15th, 2014 at 10:45pm:
John Smith wrote on Feb 15th, 2014 at 10:15pm:
Sir lastnail wrote on Feb 15th, 2014 at 9:45pm:
it_is_the_light wrote on Feb 15th, 2014 at 4:28pm:
many blessings ,

there is no real estate

it is an illusion for you will never own any real estate

landless peasants ...

you will pay an annual duty or rates ...

if you do not pay these rates your house

will be taken from you

and as such you never own the real estate

so in fact , and consequently it is false estate

it is not real at all ..

many dupes believe it real and try to convince you

while you pay your rates , forever

yet the love within your heart is real

and so it is

in divine light

namaste

- : ) =



just to add to that you only really have land rights over your land to about 1 meter in depth. Below that the government has the ownership allowing a mining company to stake its claim Sad


that sort of twisted logic also means you have also never own cars, motorbikes, boats or anything else you pay an annual fee to use  Cheesy Cheesy Cheesy Cheesy Cheesy


the government doesn't give a sh.t about your ownership of consumables. What is important is the usage and not the ownership for which you are legally obliged to pay.

and light is correct. Try and not pay your rates for a few years and see how long you own your house Wink


o light is wrong ... I own my house, the rates are simply a service fee that comes with owning a house, much like owning a car means you pay rego.
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Our esteemed leader:
I hope that bitch who was running their brothels for them gets raped with a cactus.
 
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John Smith
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Re: Australias Real Estate Bubble
Reply #36 - Feb 16th, 2014 at 5:54pm
 
Laugh till you cry wrote on Feb 16th, 2014 at 3:30pm:
Datalife wrote on Feb 16th, 2014 at 2:57pm:
A couple of differences between Oz and the US, we still have housing demand, not sure the statistics now but only a short while ago vacancy statistics in most states were as low (in the ACT for eg) as 1%.  In comparison for eg in Detroit there are something like 47000 vacant houses. 

Also, a big difference is that in the US a homeowner merely needs to hand over the keys to the bank to get out from under a negative equity without any residual debt, in Oz that is not possible and the banks will sell your property and still hound you for the difference.  No get out of debt for free deals. 


In modern society with purported labour mobility as an objective, a house is a millstone around the worker's neck. Better to rent and find a new rental when one moves.

This is also supported by the theory of economic rationalism where a person should seek the best reward for his services. Unfortunately most punters don't like moving.


you think so laugh? I've got a tenant who in the last 15yrs paid in excess of $180 000 rent for the premises she lives in ... if she had bought it when she moved in, she would have paid $180 000 and accumulated at least another $200 000 in capital growth .... instead she paid the landlords mortgage, while the landlord got the growth
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Our esteemed leader:
I hope that bitch who was running their brothels for them gets raped with a cactus.
 
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Laugh till you cry
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Re: Australias Real Estate Bubble
Reply #37 - Feb 16th, 2014 at 5:55pm
 
John Smith wrote on Feb 16th, 2014 at 5:51pm:
Sir lastnail wrote on Feb 15th, 2014 at 10:45pm:
John Smith wrote on Feb 15th, 2014 at 10:15pm:
Sir lastnail wrote on Feb 15th, 2014 at 9:45pm:
it_is_the_light wrote on Feb 15th, 2014 at 4:28pm:
many blessings ,

there is no real estate

it is an illusion for you will never own any real estate

landless peasants ...

you will pay an annual duty or rates ...

if you do not pay these rates your house

will be taken from you

and as such you never own the real estate

so in fact , and consequently it is false estate

it is not real at all ..

many dupes believe it real and try to convince you

while you pay your rates , forever

yet the love within your heart is real

and so it is

in divine light

namaste

- : ) =



just to add to that you only really have land rights over your land to about 1 meter in depth. Below that the government has the ownership allowing a mining company to stake its claim Sad


that sort of twisted logic also means you have also never own cars, motorbikes, boats or anything else you pay an annual fee to use  Cheesy Cheesy Cheesy Cheesy Cheesy


the government doesn't give a sh.t about your ownership of consumables. What is important is the usage and not the ownership for which you are legally obliged to pay.

and light is correct. Try and not pay your rates for a few years and see how long you own your house Wink


o light is wrong ... I own my house, the rates are simply a service fee that comes with owning a house, much like owning a car means you pay rego.


It's not a service fee. It's a tax related to the value of the property.

Service is incidental and not guaranteed.
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Please don't thank me. Effusive fawning and obeisance of disciples, mendicants, and foot-kissers embarrass me.
 
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Sir lastnail
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Re: Australias Real Estate Bubble
Reply #38 - Feb 16th, 2014 at 8:41pm
 
John Smith wrote on Feb 16th, 2014 at 5:54pm:
Laugh till you cry wrote on Feb 16th, 2014 at 3:30pm:
Datalife wrote on Feb 16th, 2014 at 2:57pm:
A couple of differences between Oz and the US, we still have housing demand, not sure the statistics now but only a short while ago vacancy statistics in most states were as low (in the ACT for eg) as 1%.  In comparison for eg in Detroit there are something like 47000 vacant houses. 

Also, a big difference is that in the US a homeowner merely needs to hand over the keys to the bank to get out from under a negative equity without any residual debt, in Oz that is not possible and the banks will sell your property and still hound you for the difference.  No get out of debt for free deals. 


In modern society with purported labour mobility as an objective, a house is a millstone around the worker's neck. Better to rent and find a new rental when one moves.

This is also supported by the theory of economic rationalism where a person should seek the best reward for his services. Unfortunately most punters don't like moving.


you think so laugh? I've got a tenant who in the last 15yrs paid in excess of $180 000 rent for the premises she lives in ... if she had bought it when she moved in, she would have paid $180 000 and accumulated at least another $200 000 in capital growth .... instead she paid the landlords mortgage, while the landlord got the growth


isn't that what you parasites want and then on the other hand you don't want people to rent your dumps. Go figure !!

Why not abolish all middle class welfare for property hoarders and speculators and then see you how smug you are. And whilst they are at get rid of the first home buyers scam. Stop foreign investors buying up joints. No more government guarantees on bank deposits etc etc No more kicking the can down the road period for the property sector.

Wealth creators my arse Cheesy LOL






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« Last Edit: Feb 16th, 2014 at 9:50pm by Sir lastnail »  

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In August 2021, Newcastle Coroner Karen Dilks recorded that Lisa Shaw had died “due to complications of an AstraZeneca COVID vaccination”.
 
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Frances
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Re: Australias Real Estate Bubble
Reply #39 - Feb 16th, 2014 at 8:50pm
 
The bubble will burst at some time in the next year or two (sooner if Abbott keeps destroying jobs and industries) but I think that the worst that could happen is that prices will drop to about 40% of what they are now, plateau for a while and then recover, but only to about 60-70% of current values.  The banks may resist foreclosing until there is some recovery, as if they don't, they probably won't recover all the money they are owed.

Rents may drop a bit too, but to nowhere near the same extent.
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Sure God created man before woman. But then you always make a rough draft before the final masterpiece.
 
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it_is_the_light
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Re: Australias Real Estate Bubble
Reply #40 - Feb 16th, 2014 at 8:56pm
 
John Smith wrote on Feb 16th, 2014 at 5:51pm:
Sir lastnail wrote on Feb 15th, 2014 at 10:45pm:
John Smith wrote on Feb 15th, 2014 at 10:15pm:
Sir lastnail wrote on Feb 15th, 2014 at 9:45pm:
it_is_the_light wrote on Feb 15th, 2014 at 4:28pm:
many blessings ,

there is no real estate

it is an illusion for you will never own any real estate

landless peasants ...

you will pay an annual duty or rates ...

if you do not pay these rates your house

will be taken from you

and as such you never own the real estate

so in fact , and consequently it is false estate

it is not real at all ..

many dupes believe it real and try to convince you

while you pay your rates , forever

yet the love within your heart is real

and so it is

in divine light

namaste

- : ) =



just to add to that you only really have land rights over your land to about 1 meter in depth. Below that the government has the ownership allowing a mining company to stake its claim Sad


that sort of twisted logic also means you have also never own cars, motorbikes, boats or anything else you pay an annual fee to use  Cheesy Cheesy Cheesy Cheesy Cheesy


the government doesn't give a sh.t about your ownership of consumables. What is important is the usage and not the ownership for which you are legally obliged to pay.

and light is correct. Try and not pay your rates for a few years and see how long you own your house Wink


o light is wrong ... I own my house, the rates are simply a service fee that comes with owning a house, much like owning a car means you pay rego.


many blessings ,

try not paying your service fee .. see what happens .

you can put lipstick on a pig ,

its still a pig that you must pay rates for .

an illusion many have swallowed hook line and sinker ..

as it were .. and so it is

believe as you do so please there is no right or wrong

merely your interpretation of self inflicted

real estate dupery ..

so be it

namaste

- : ) =

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ॐ May Much LOVE and CHRISTS LIGHT be upon and within us all.... namasté ▲ - : )  ╰დ╮ॐ╭დ╯
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sherri
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Re: Australias Real Estate Bubble
Reply #41 - Feb 16th, 2014 at 9:12pm
 
Real estate prices can go up or down but the reality is it won't affect you unless you have a mortgage or need to sell or buy.
Older home owners who have paid off the mortgage won't have to worry too much.
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Frances
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Re: Australias Real Estate Bubble
Reply #42 - Feb 16th, 2014 at 9:15pm
 
It will be a good buying climate if prices drop, but it won't be very good if you're selling, especially if you have a big mortgage......
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Sure God created man before woman. But then you always make a rough draft before the final masterpiece.
 
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Swagman
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Re: Australias Real Estate Bubble
Reply #43 - Feb 16th, 2014 at 9:43pm
 
Frances wrote on Feb 16th, 2014 at 8:50pm:
The bubble will burst at some time in the next year or two (sooner if Abbott keeps destroying jobs and industries) but I think that the worst that could happen is that prices will drop to about 40% of what they are now, plateau for a while and then recover, but only to about 60-70% of current values.  The banks may resist foreclosing until there is some recovery, as if they don't, they probably won't recover all the money they are owed.

Rents may drop a bit too, but to nowhere near the same extent.


Abbott's not destroying jobs and there isn't a property bubble


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Sir lastnail
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Re: Australias Real Estate Bubble
Reply #44 - Feb 16th, 2014 at 9:44pm
 
Frances wrote on Feb 16th, 2014 at 8:50pm:
The bubble will burst at some time in the next year or two (sooner if Abbott keeps destroying jobs and industries) but I think that the worst that could happen is that prices will drop to about 40% of what they are now, plateau for a while and then recover, but only to about 60-70% of current values.  The banks may resist foreclosing until there is some recovery, as if they don't, they probably won't recover all the money they are owed.

Rents may drop a bit too, but to nowhere near the same extent.


There will be a dead cat bounce followed by another fall. On the 2nd fall is when Harry Dent recommended to get ready to buy a bargain Wink
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In August 2021, Newcastle Coroner Karen Dilks recorded that Lisa Shaw had died “due to complications of an AstraZeneca COVID vaccination”.
 
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