The future of Australian property prices

[ROE]

You know you can't just move to an EU country right ? Those are first rate nations, where most migrants want to go first, we're 3rd or 4th on the list after EU and USA, but you keep believing the lies.

Plenty of migrants cant come here either but some how, without English, hard work and determination and the right mind set they end up here and a lot of them end up rich

 

[waterbottle]

Plenty of migrants cant come here either but some how, without English, hard work and determination and the right mind set they end up here and a lot of them end up rich

eh... that's debatable. Our immigration policy is definitely skewed towards letting in the rich, skilled, healthy migrants into our country whilst send the poor, unskilled and unhealthy to Nauru.
We are definitely selective about who we let in, so it's false to paint immigrants who have been allowed to enter as some sort of downtrodden underclass.

 

[waterbottle]

Well Hockey just got on abc24 and announced that he's selling off 6 foreign-owned properties and investigating another 400.

Pretty strict penalties too: loss of all capital gains with the transaction, possible fine & 3yrs imprisonment for those who assist.

 

[qldfrog]

eh... that's debatable. Our immigration policy is definitely skewed towards letting in the rich, skilled, healthy migrants into our country whilst send the poor, unskilled and unhealthy to Nauru.
We are definitely selective about who we let in, so it's false to paint immigrants who have been allowed to enter as some sort of downtrodden underclass.

yes we do for migrants (even if the selection has got very loose lately as the need to prop up the housing boom got more urgent..
but we do no selection on the so called refugees or illegal immigrants to name same properly who may not arrive by boat so much lately but still get off planes in our airports everyday

 

[waterbottle]

yes we do for migrants (even if the selection has got very loose lately as the need to prop up the housing boom got more urgent..
but we do no selection on the so called refugees or illegal immigrants to name same properly who may not arrive by boat so much lately but still get off planes in our airports everyday

That in itself is selection - if you can manage to come here by plane then you're allowed in, by boat you get sent to Nauru

 

[sptrawler]

That in itself is selection - if you can manage to come here by plane then you're allowed in, by boat you get sent to Nauru

With regard property, if you came in by plane you have a passport, so you have the proof of identity to buy a property.

If you came in by shonky boat from Indonesia, you would have either given your passport to the smugglers, or thrown it overboard.
Which then makes it somewhat difficult to buy property.

Maybe we could get all the do gooders, to go guarantor for them.

 

[banco]

Well Hockey just got on abc24 and announced that he's selling off 6 foreign-owned properties and investigating another 400.

Pretty strict penalties too: loss of all capital gains with the transaction, possible fine & 3yrs imprisonment for those who assist.

I'll be interested to see how far they go with it as anecdotally seems like the number of properties that have breached the rules are in the thousands.

Also shows how useless FIRB are/were. Although I think FIRB was ideologically disposed to not bother enforcing the law.

 

[qldfrog]

That in itself is selection - if you can manage to come here by plane then you're allowed in, by boat you get sent to Nauru

boat is not cheaper, it is a matter of getting some (false or otherwise passport and a tourist visa;
the selection is then on country of origin, not $
many irakis or iranians have more assets than many indians, yet landing as a tourist is not as easier for the formers as for the later;
the passport you travel with when coming in can then disappear once you are here.

 

[trainspotter]

Sell em a house boat then

 

[SmokeyGhost]

Could always buy at Roxby Downs. Properties going cheap(er) there.

 

[waterbottle]

South Australian unemployment could hit 9%

I don't know if this is even including the expected pull out by Holden in 2017.

I wonder what all those investors who bought into SA property expecting a boom were expecting

EDIT: just punched in Adelaide, SA into the house.ksou.cn search engine and it's stating that the median house price is 28% lower compared to last year!!! Is this real life????

 

[sptrawler]

South Australian unemployment could hit 9%

I don't know if this is even including the expected pull out by Holden in 2017.

I wonder what all those investors who bought into SA property expecting a boom were expecting

EDIT: just punched in Adelaide, SA into the house.ksou.cn search engine and it's stating that the median house price is 28% lower compared to last year!!! Is this real life????

Well it had to happen, sooner or later.

W.A isn't far behind.IMO

 

[Smurf1976]

I'm a moderately frequent visitor to SA, been there twice this year thus far, and my anecdotal "on the street" observation is that things aren't good economically.

It's not dead by any means, but it's not exactly crowded anywhere either. Places which used to be full are now somewhat empty. Events which sell out elsewhere either don't sell out in SA or aren't bothering to go there at all. There's cranes on the Adelaide skyline yes, but most of them are at the new hospital site and that's a one-off government project. Just walking around the CBD it's not hard to find something that looks rundown.

Even without looking at unemployment stats, I'd say that SA has overtaken Tas for the "bottom of the heap" title economically. Not that Tas is exactly booming, but it seems to be doing better than SA at the moment. Just my observations as a reasonably frequent visitor - things seemed to start going downhill a couple of years ago and that was before the big announcements with Holden etc closing.

 

[Mrmagoo]

South Australian unemployment could hit 9%

I don't know if this is even including the expected pull out by Holden in 2017.

I wonder what all those investors who bought into SA property expecting a boom were expecting

EDIT: just punched in Adelaide, SA into the house.ksou.cn search engine and it's stating that the median house price is 28% lower compared to last year!!! Is this real life????

Well we can only hope that figure falls further so that people living and working in SA can afford to buy again.

Cheap houses prices are a good thing for the economy.

 

[tech/a]

Like everywhere else there are pockets of doom
And there are pockets of amazing opportunity.

There are the few who wallow in doom and
There are the few who can benefit from opportunity

Unfortunately the Magoos of the world can't
Take part in property opportunities.
Even here in SA.

Money makes Money.
But that's always been the case
And always will be.

Best get a few bucks!
Or be happy with what you've got

 

[qldfrog]

anyone on the impact of the yuan recent moves:
will chinese money be slowed down or will it be seen as another push to get out of china as soon as possible by chinese buyers?

 

[tech/a]

Well Chinese investors have been pretty astute so far.
May slow things down but then again may speed things
Up. If I was a wealthy Chinese I'd be diversifying.

 

[CanOz]

anyone on the impact of the yuan recent moves:
will chinese money be slowed down or will it be seen as another push to get out of china as soon as possible by chinese buyers?

I've heard whispers, a few calling the top of the Australian property market as the yuan devalues....

It's got to have an affect somehow....but the Aussie dollar hasn't gained that much against the yuan, it's fallen as well....

 

[waterbottle]

Just reporting some extra things that I've read about:

• APRA is targetting the big banks AND smaller institutions RE: home loan lending. They are going after all ADIs with assets > $1 billion. Limiting home loan growth to <10.9% p.a with no rules as to how that is achieved.
• ATO will soon request that lends provide them with the TFNs of applicants in an effort to root out illegal foreign purchases.

 

[sptrawler]

Just reporting some extra things that I've read about:

• APRA is targetting the big banks AND smaller institutions RE: home loan lending. They are going after all ADIs with assets > $1 billion. Limiting home loan growth to <10.9% p.a with no rules as to how that is achieved.
• ATO will soon request that lends provide them with the TFNs of applicants in an effort to root out illegal foreign purchases.

It won't only be illegal foreign purchasers, IMO it will be any purchaser without underlying means, i.e money laundering, proceeds of crime etc.

Apparently the tax dept computer, has amazing data matching capability, limited only by imagination.