The future of Australian property prices

[sptrawler]

I'm no lawyer, but there would have to be a case of negligence there for the property manager and the landlord. It'd be a hard sell to say that you were unaware, or couldn't reasonable believe, that their was a risk to the occupants. If I was them, I'd be lawyering up ASAP. With years of neglect and no expense put into reasonable maintainence, at some point the risk is going to be actualised. Those at a company are held to those standards, so I can't see why landlords aren't. In fact, if the property is owned through a corporation and they are a director or officer of said company, they could be held liable under the corporations act i would think. but again, i'm no lawyer so who knows.

My parents live on the GC and have been at their property for about 10yrs now. Maintenance hasn't been done on the property either and the property managers complain if anything is reported. They get told 'can't you just fix it yourself' kinda stuff. So stories like these don't surprise me; what surprises me is that you don't hear more. Needless to say, if the LL or PM try to hassle my parents I'd be going over the tenancy act with a fine tooth comb. I get rather annoyed with investors who take on the asset but refuse to take on any risk or costs associated with having the asset. Baffles me, personally.

Apparently there was a period of gyprock ceiling being glued up with a different glue, I think one was blue and the other was yellow, but when people started blowing in insulation, one of the glues started letting go.
So it probably isn't an uncommon issue and many may not even know they have a problem.
A bit off topic, but a good heads up for those considering the property market.

Causes and warning signs of spontaneous ceiling collapse

The Building Commission has become aware of a number of ceiling collapses, particularly in homes completed between the years 2005 and 2009, which prompted an investigation into what caused the ceilings to fail. The Building Commission has inspected seven homes where ceiling failures had been...

www.commerce.wa.gov.au

 

[farmerge]

The joys of renting and not keeping up the maintenance.

Woman crushed while sleeping as ceiling of rental property collapses

A real estate agency and a Queensland landlord are in hot water after a woman was injured when the bedroom ceiling caved in as she slept.

au.news.yahoo.com

A woman says she’s now too afraid to sleep after the ceiling collapsed on her in the middle of the night in a rental property on the Gold Coast in a shocking case that has raised questions around the neglect and responsibility of landlords.
Since the incident in October, which left Ms Ware with head, neck and back injuries requiring pain medication and physiotherapy, the New Zealander says she’s suffered mentally.

“I’ve had terrible anxiety, nightmares, hypervigilance and sleeplessness,” she explained. “I’m constantly waiting for something else bad to happen.. I revisit that night every time I close my eyes.”

Tragically it’s not the first time a ceiling had collapsed in the property with an elderly relative narrowly missing being hit when the roof collapsed in another bedroom. Ms Ware’s sister said she had raised issues with the property manager around cracking and sagging in the ceilings at every inspection over the last “three or four years”, the Courier Mail reported.

“I kept contacting Ray White and asking them what was happening with it but they kept saying they were waiting for a response from the landlord,” she told the publication.

Not good enough the property manager should be had up for neglect of duty.

 

[farmerge]

Apparently there was a period of gyprock ceiling being glued up with a different glue, I think one was blue and the other was yellow, but when people started blowing in insulation, one of the glues started letting go.
So it probably isn't an uncommon issue and many may not even know they have a problem.
A bit off topic, but a good heads up for those considering the property market.

Causes and warning signs of spontaneous ceiling collapse

The Building Commission has become aware of a number of ceiling collapses, particularly in homes completed between the years 2005 and 2009, which prompted an investigation into what caused the ceilings to fail. The Building Commission has inspected seven homes where ceiling failures had been...

www.commerce.wa.gov.au

Yeah lawyer up and screw them to the floorthen they can also watch to see the ceilings are going to come adrift.

 

[sptrawler]

Yeah lawyer up and screw them to the floorthen they can also watch to see the ceilings are going to come adrift.

Also any renter take note, there are a lot of ceilings glued up badly, get the camera out and take it from there.

There are two sides to every story, as usual, it will be interesting to see if a phenomena develops.
It usually does with a bit of stimulus and imagination. ?

 

[basilio]

So here's one guys creative solution to the housing crisis. Just jump in the garbage skip.

(Well worth checking out..)

Artist builds home in a rubbish skip to protest against soaring rental prices in London ​

Posted 14h ago14 hours ago

Artist Harrison Marshall inside the rubbish skip which he has converted into a home.(Reuters: Henry Nicholls)
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An artist has built a home in a rubbish skip in London and plans to live in it for a year, seeking to draw attention to the "crazy" price of renting a room in Britain's capital during a cost-of-living crisis.

Key points:​

• A man living in a specially-adapted rubbish skip in south London says it's the only way he can afford to live in the area
• Artist Harrison Marshall plans to live in the dumpster for a year
• He hopes it will draw attention to Britain's "crazy" cost-of-living crisis

Harrison Marshall, 28, moved into the specially-adapted skip on a patch of grass in Bermondsey, south London a month ago, explaining that it was the only way he could afford to live in the central area near where he works.

Returning to the city after a period abroad, he said he struggled to find somewhere to live given the shortage of housing.
"As was the case with thousands of people across the city and across the country, the prices had gone crazy. Rent was mad," Marshall said.

'Rent was mad': Artist moves into rubbish skip in protest at 'crazy' London costs

An artist builds a home in a rubbish skip in London and plans to live in it for a year, seeking to draw attention to the "crazy" price of renting a room in Britain's capital during a cost-of-living crisis.

www.abc.net.au

 

[dyna]

there are a lot of ceilings glued up badly,

At least those sheets aren't 12 mm anymore ( but still very heavy ) and they're screwed on these days, not just a blob of gunk and an effing nail.
Reactive soils don't keep the roof frame from moving about , either.
I'm surprised nobody's ever been killed by these unnecessarily heavy ceilings. It's only for appearance after all.

 

[Dona Ferentes]

So here's one guys creative solution to the housing crisis. Just jump in the garbage skip.

Redefining the term 'Dumpster Dive '.

 

[Belli]

there are a lot of ceilings glued up badly,

Tell me about it.

This place was built in 1982 and when I started doing renovations it was noticed the glue used for the ceiling plaster had failed. It was really just a nail in each corner holding the whole lot up. Down it all came. And a couple of battens had warped causing additional cracking of the cornices. That problem was fixed as well. Overall the roof itself has held up well probably because it's a truss roof constructed from jarrah (yep, that was not uncommon in them thare days.)

 

[IFocus]

Tell me about it.

This place was built in 1982 and when I started doing renovations it was noticed the glue used for the ceiling plaster had failed. It was really just a nail in each corner holding the whole lot up. Down it all came. And a couple of battens had warped causing additional cracking of the cornices. That problem was fixed as well. Overall the roof itself has held up well probably because it's a truss roof constructed from jarrah (yep, that was not uncommon in them thare days.)

Same built in 1992 ceilings started sagging about 10 years later as the glue let go mine had the odd horse hair plaster attached in places which stopped the complete collapse ended up screwing up all the ceilings in every room in the place (5 beds + study).

 

[Warr87]

Steve owns 12 properties and is swimming in debt. He says landlords are other side of the rental crisis

www.9news.com.au

For months, we've read stories about the cost of living crunch for renters and mortgage holders trying to pay off the family home as the pain of 10 straight interest rate hikes hits hard.
But a landlord who has multiple mortgages on his 12 properties says his property portfolio has also become unaffordable and wants to share the reality and consequences of the recent rate rises and how they are squeezing landlords.
Steve* - who doesn't want to be identified - is a retired businessman in his 70s who expected his dozen properties to fund his retirement in lieu of superannuation.

"We are really struggling financially," Steve told 9news.com.au.

I wonder how many are shedding a tear for the poor bloke who's just having a hard time with his 12 properties. I mean, he just wants to retire with 12 properties ... it's certainly not been fair on him.

 

[Dona Ferentes]

Steve owns 12 properties and is swimming in debt. He says landlords are other side of the rental crisis

www.9news.com.au

I wonder how many are shedding a tear for the poor bloke who's just having a hard time with his 12 properties. I mean, he just wants to retire with 12 properties ... it's certainly not been fair on him.

70's ... mortgages = debt ... astute businessman !

 

[Warr87]

70's ... mortgages = debt ... astute businessman !

My thoughts exactly. Sounds like he's heavily leveraged too. Probably used the equity in a few properties to take out a maximum LVR loan on a few more properties.

 

[Junior]

Steve owns 12 properties and is swimming in debt. He says landlords are other side of the rental crisis

www.9news.com.au

I wonder how many are shedding a tear for the poor bloke who's just having a hard time with his 12 properties. I mean, he just wants to retire with 12 properties ... it's certainly not been fair on him.

Jeeezus, are these stories real?? Retiring with 12 highly leveraged properties, to fund your retirement "in lieu of superannuation". Sounds like a really savvy 'ex-businessman'

 

[wayneL]

Jeeezus, are these stories real?? Retiring with 12 highly leveraged properties, to fund your retirement "in lieu of superannuation". Sounds like a really savvy 'ex-businessman'

Recency bias kills.

 

[againsthegrain]

Jeeezus, are these stories real?? Retiring with 12 highly leveraged properties, to fund your retirement "in lieu of superannuation". Sounds like a really savvy 'ex-businessman'

Good chance its not entirely real, this is news.com.au where spruiking property is a daily habit and most journalists there if you can call them that are invested in re.

 

[farmerge]

Steve owns 12 properties and is swimming in debt. He says landlords are other side of the rental crisis

www.9news.com.au

I wonder how many are shedding a tear for the poor bloke who's just having a hard time with his 12 properties. I mean, he just wants to retire with 12 properties ... it's certainly not been fair on him.

Well the poor sod could always downsize a tad and not have the worry of collecting 12 rents weekly.

 

[againsthegrain]

Well the poor sod could always downsize a tad and not have the worry of collecting 12 rents weekly.

When his on his death bed in 5-20 years getting 1 less or 1 more ip won't be something he will be thinking of

 

[Warr87]

When his on his death bed in 5-20 years getting 1 less or 1 more ip won't be something he will be thinking of

Haha yea exactly.

I also don't know how real the article is. You also have to wonder if they're aim was to garnish sympathy for landlords or was it to draw the ire of others? Thought the 'Australian dream' was to own your own property, unless it's now morphed into be a 'property mogul'

 

[farmerge]

Haha yea exactly.

I also don't know how real the article is. You also have to wonder if they're aim was to garnish sympathy for landlords or was it to draw the ire of others? Thought the 'Australian dream' was to own your own property, unless it's now morphed into be a 'property mogul'

Twiggy has set the bar pretty high now.

 

[Dona Ferentes]

This is a long and ongoing thread. (Mine is #15,980 .... )
... I guess as it addresses the  Future, and that leaves the topic open ended.

qldfrog raised this important point elsewhere :

But if the problem is too dear housing and no one wants to tackle the real issue: council gouging on fees and exemption, red rape,

And one thing I've noticed is the slow, snail-paced even, pace of redevelopment in established suburbs. A lot of blame rests on the DA, the development process, that needs so many ticks before anything happens and money can be spent. Existing properties can be sold in the million dollar++ range (mostly of late at auction, so it's locked in), and then ... ... ... inaction, a stalled opaque process or complete stasis, and it can be years until the go-ahead is given. Meantime, the big dollars are on hold ... which when interest rates were low and the boom was on, didn't impinge too much. But now proces have stalled/ dropped and capital is no longer 'free.'

But the bureaucracy, oh the inscrutable process. The hoops to jump through. ... Red tape.

Meantime, empty places, lives and plans set on hold. And costs are impacting and flowing through, with scarcity through inaction a big contributor. Surely this must be an element in housing unaffordability.