Stop Immigration - I want to buy a house!

[Uncle Festivus]

Now the UnLucky country?

Wealthy migrants pricing locals out of Sydney property market Cashed up skilled migrants are driving up Australian property prices

• Skilled immigrants forcing up house prices
• Market driven by what highest bidder will pay
• Australian property 5.5 times household income

AUSTRALIAN families are being priced out of the property market by record numbers of highly paid skilled workers arriving from overseas.
Research by The Sunday Telegraph has revealed for the first time how skilled immigrants - predominantly from Britain, India and China - are forcing house prices to some of the highest levels in the world when compared with average incomes.

http://www.news.com.au/money/proper...-property-market/story-e6frfmd0-1225820461473

 

[skc]

Now the UnLucky country?

http://www.news.com.au/money/proper...-property-market/story-e6frfmd0-1225820461473

Bring slavery back. Those unskilled slaves would have no chance bidding up the house prices. Did we see a property bubble in the Mayan empire? I don't think so.

And ban the migrants from buying shares. It only takes the highest bidder to drive up the share price. I want to buy cheap shares!

And ban the migrants from buying food. Surely they are driving up inflation.

In fact, ban them from getting a job all together. They seem to be driving up the average salary. In fact, I bet you there is 98% correlation between average salary and increase in skilled migrants over the last decade. We don't need higher salaries!

 

[Timmy]

Uncle F. - stop it! You are only providing evidence for these researchers!

Australia ranked world number one for sinning
In a study of 35 countries, Australians come up as the most likely to commit one of the biblical seven deadly sins.
Topping each of the sin categories were South Korea (lust), the US (gluttony), Mexico (greed), Iceland (sloth and pride), South Africa (wrath) and Australia (envy).

 

[vincent191]

Uncle Festivus;

Don't forget that without Migrants the demand for Goods and Services (including housing) will drop and you might end up without a job.

 

[startrader]

Last year I returned to the area where I grew up, having been way for a number of years, and since then I have been keeping an eye on real estate in this area with a view to buying an apartment. At the same time I started noticing in my local fruit shop in Sylvania, NSW, the very large number of Chinese shopping there (obviously new arrivals as they weren't speaking English). Also a lot of the staff there are Chinese.

Over the last eight months I also started to notice the very fast rate at which the prices of apartments were rising in this area and last week official figures were released which show that real estate prices in Sylvania Waters have increased by 53 percent in the last year!!!

Now I have nothing against the Chinese but I sure have something against the fact that the government last year relaxed the requirements for foreigners buying property in Australia. 40% of home sales in Melbourne at the moment over $1million are to Chinese and Indian buyers.

I also think that the number of migrants we are getting at the moment is way too large. I think that short term it makes the economic numbers look good for the government but long term it's not good for us as the infrastructure etc. cannot keep pace.

This is a problem which is getting out of hand and should be addressed. Why on earth were those rules relating to foreign ownership relaxed?

This should be a concern for all Australians as how are our children at this rate going to be able to afford to buy a house in their own country?

 

[Trembling Hand]

I sure have something against the fact that the government last year relaxed the requirements for foreigners buying property in Australia. 40% of home sales in Melbourne at the moment over $1million are to Chinese and Indian buyers.

Source??

 

[startrader]

Source??

Just found the article, after a bit of searching. Probably not that reliable as it is the opinion of a Melbourne real estate agent (last few paragraphs of the article). The article is worth a read though, in my opinion.

http://www.brisbanetimes.com.au/bus...ock-to-australian-property-20091105-hzx3.html

 

[Timmy]

If Robots & Kincella were here they would be loving all this talk of strong residential RE prices ... they might be tempted to utter a quiet "Told ya so!"

 

[vincent191]

Who is going to build new houses and apartments if there is no one around to buy them? Don't forget the building and construction industry generates a hugh amount of employment and income via indirect taxes for the government. Without the migration scheme we may not have escape the global financial crisis and we might have to pay more in taxes.

In the earlier post in the USA right now you can buy houses - cheap, but you will also have to put up with high unemployment, stagnant wages and high government deficits which will eventually translate to higher taxes.

Which is the lesser of the two evils is very subjective.

 

[ChilliBlue]

The difference I havepersonally noted between many immigrants and Australian born is that the Australian born expect to have exactly what their parents have at the present moment the minute they start working.

They do see that their parents had an older smaller unit or home, the furniture was bare minimal and often second hand and their kids had second hand.

There were no overseas holidays each year, no 2 new cars in the driveway along with the boat and caravan.

Goods purchased lived their entire lifespan and were not updated every 2-3 years.

No eating out every day no buying of coffees everyday.

tell that to a Gen X or Y that is how you save to buy a nice home and they will puke.

Many of them change jobs every 2-3 years along with all their wordly posessions and simply are not good credit risks for the lenders.

Hey, I not bagging anyone who does enjoy the niceties in life, but you cannot complain if you cant afford to buy a property.

Everything is attainable if you are smart in working hard and saving. Life does not always give you things you want simply because you think you derserve it.

Sorry but that is my two cents worth.

My background is of a low income home because my father died quite young.

However, at the age of 25 I already had one house paid off. It was a very basic red brick home down the coast. From humber beginnings I now have have beautiful home 20 minutes from Sydney as well as a subtantial nest egg.

I could have moaned and waited for it, but what would that have achieved?

 

[Mofra]

I could have moaned and waited for it, but what would that have achieved?

Instead you moan about (incorrect) stereotypes on the younger generation now. What progress

 

[Mr J]

They don't see that their parents had an older smaller unit or home, the furniture was bare minimal and often second hand and their kids had second hand.

Of course we expect it - it's the world we have grown up in. Our parents saw a different example in their parents, so it seems logical there is going to be a difference in expectations. Did we create this attitude? No, we picked it up by being fortunate enough to live in excess. You can't blame us for it, do you really think that the majority of boomers would have been any different?

 

[wayneL]

Of course we expect it - it's the world we have grown up in. Our parents saw a different example in their parents, so it seems logical there is going to be a difference in expectations. Did we create this attitude? No, we picked it up by being fortunate enough to live in excess. You can't blame us for it, do you really think that the majority of boomers would have been any different?

Yes

It's chicken and egg stuff. We would not have the economy we have without the heightened expectations & spending.

People expect what they're conditioned to expect.

It's also a function of available credit.

Our parents couldn't get credit cards (depending how old we are ) and most certainly couldn't get anywhere near the credit that is available today. Plus technology has made many things cheaper, relatively.

Pull the rug from the credit bubble and the whole game changes.

 

[startrader]

The difference I havepersonally noted between many immigrants and Australian born is that the Australian born expect to have exactly what their parents have at the present moment the minute they start working.

They do see that their parents had an older smaller unit or home, the furniture was bare minimal and often second hand and their kids had second hand.

There were no overseas holidays each year, no 2 new cars in the driveway along with the boat and caravan.

Goods purchased lived their entire lifespan and were not updated every 2-3 years.

No eating out every day no buying of coffees everyday.

tell that to a Gen X or Y that is how you save to buy a nice home and they will puke.

Many of them change jobs every 2-3 years along with all their wordly posessions and simply are not good credit risks for the lenders.

Hey, I not bagging anyone who does enjoy the niceties in life, but you cannot complain if you cant afford to buy a property.

Everything is attainable if you are smart in working hard and saving. Life does not always give you things you want simply because you think you derserve it.

Sorry but that is my two cents worth.

My background is of a low income home because my father died quite young.

However, at the age of 25 I already had one house paid off. It was a very basic red brick home down the coast. From humber beginnings I now have have beautiful home 20 minutes from Sydney as well as a subtantial nest egg.

I could have moaned and waited for it, but what would that have achieved?

I have three children aged 28, 26 and 24. All of them are extremely frugal, have no credit cards, do not change jobs every 2-3 years, rarely go on holidays, do not eat out every day and work hard.

The eldest has bought a tiny apartment with her husband, and both of them are on high salaries.

My other two children have very little prospect of being able to buy any property as after they have paid their weekly rent and bills there is very little left over. So at the rate they are going it will take years to save a deposit for a shoe box of an apartment.

 

[Trembling Hand]

I have three children aged 28, 26 and 24. All of them are extremely frugal, have no credit cards, do not change jobs every 2-3 years, rarely go on holidays, do not eat out every day and work hard.

The eldest has bought a tiny apartment with her husband, and both of them are on high salaries.

My other two children have very little prospect of being able to buy any property as after they have paid their weekly rent and bills there is very little left over. So at the rate they are going it will take years to save a deposit for a shoe box of an apartment.

Well startrader the trade that needs to be done here seems obvious,

Change jobs.

 

[skc]

Let me start by saying that I have met many younger workers who had the stereotypical attitude, and many who work as hard as anyone I've seen. There are also as many who are frugal as those who live on credit cards... So I am actually quite impartial when it comes to younger generations.

Of course we expect it - it's the world we have grown up in. Our parents saw a different example in their parents, so it seems logical there is going to be a difference in expectations. Did we create this attitude? No, we picked it up by being fortunate enough to live in excess. You can't blame us for it, do you really think that the majority of boomers would have been any different?

But this response actually fits the stereotype quite well. Instead of seeing their own failures, accepting responsibility and looking for a solution, this response is basically saying "Not our fault, can't blame us, you wouldn't have been able to do any better so why should we". Way to go!

 

[Mr J]

It does, but the only purpose of that post is to counter those criticising younger generations and taking no responsibility for their own influence. Sure, irresponsible kids have themselves to blame, but I would bet their parents aren't setting a good example.

 

[GumbyLearner]

I had a very interesting experience recently.

I was on a plane enroute from Incheon to Melbourne. Seated next to me was a young bloke from China. Quite an affable and friendly character. We got chatting about various things in between his portable gaming console sessions. I asked him if he would like to read a book but he told me he hated reading. I was reading the 48 Laws of War by Robert Greene.

He recently graduated from an Aussie University in IT and had just obtained Australian permanent residency.The young man also told me that he resided in Toorak and his family were in the Iron Ore business back in China.

He asked me where I lived. I told him I lived in Asia. He asked me why I didn't live in Australia? I told him it was too expensive and that Asia will have a more prosperous future than western countries. I also told him that I have considered obtaining Korean citizenship. He was stunned by this and asked me why I didn't want to keep an Australian passport. I told him there were benefits learning a new language and living in a different culture that Australia didn't provide.

It's a strange world we live in Master Jack.

 

[Wysiwyg]

He asked me where I lived. I told him I lived in Asia. He asked me why I didn't live in Australia? I told him it was too expensive and that Asia will have a more prosperous future than western countries. I also told him that I have considered obtaining Korean citizenship. He was stunned by this and asked me why I didn't want to keep an Australian passport. I told him there were benefits learning a new language and living in a different culture that Australia didn't provide.

Wondering if can buy two houses for the cost of one Australian?

It's a strange world we live in Master Jack.

Yes it is.

 

[GumbyLearner]

I had a very interesting experience recently.

I was on a plane enroute from Incheon to Melbourne. Seated next to me was a young bloke from China. Quite an affable and friendly character. We got chatting about various things in between his portable gaming console sessions. I asked him if he would like to read a book but he told me he hated reading. I was reading the 48 Laws of War by Robert Greene.

He recently graduated from an Aussie University in IT and had just obtained Australian permanent residency.The young man also told me that he resided in Toorak and his family were in the Iron Ore business back in China.

He asked me where I lived. I told him I lived in Asia. He asked me why I didn't live in Australia? I told him it was too expensive and that Asia will have a more prosperous future than western countries. I also told him that I have considered obtaining Korean citizenship. He was stunned by this and asked me why I didn't want to keep an Australian passport. I told him there were benefits learning a new language and living in a different culture that Australia didn't provide.

It's a strange world we live in Master Jack.

correction the book I was reading was the 48 Laws of Power by Robert Greene.