The future of Australian property prices

[IFocus]

I wonder just how many times this sort of story has or is repeated.
Had a similar issue some years ago and took many months to get the eviction done.
Landlords have NO rights.

I had a few rentals and mostly at the harder end of the lower economical demographic if you know what I mean.

Most were amazing people and we looked after them, some were not so amazing if any longer term resident's complained about the problem people we would evict them.

Never ever had a problem doing this as long as you crossed the T's and dotted the I's followed the requirements it was straight forward and also having a good property manager and managing them plus any costs were just part of the business.

 

[TimeISmoney]

I had a few rentals and mostly at the harder end of the lower economical demographic if you know what I mean.

Most were amazing people and we looked after them, some were not so amazing if any longer term resident's complained about the problem people we would evict them.

Never ever had a problem doing this as long as you crossed the T's and dotted the I's followed the requirements it was straight forward and also having a good property manager and managing them plus any costs were just part of the business.

You could evict people years ago easily, and there was always some other unsuspecting landlord to take them in, but this isn't the case these days. All it takes is one bad tenant out of twenty and there is thousands of dollars of damage. To clean a house of meth residue is big dollars these days, then you have most new homes are made of gyprock/plasterboard these days.

The free tenacity advocacy groups that are funded by the government tell them how to prolong evictions to make it more painful for the owner. Top tier insurances are expensive, most of them are around 1 to 2 months rent worth and they don't cover everything or they try to get out paying out. It costs you more with solicitors to prove them wrong than to just fix damage up and move on with your life.

 

[JohnDe]

I had a few rentals and mostly at the harder end of the lower economical demographic if you know what I mean.

Most were amazing people and we looked after them, some were not so amazing if any longer term resident's complained about the problem people we would evict them.

Never ever had a problem doing this as long as you crossed the T's and dotted the I's followed the requirements it was straight forward and also having a good property manager and managing them plus any costs were just part of the business.

You were lucky.

I've had a couple of horrors. One was a long-term tenant, family with 4 children, got on well with them. Suddenly they stopped paying the rent, said they had financial issues. We tried to help, didn't want to throw a family out on the street. And then we found out that they were building a house, which is great but don't transfer your burdens onto other people with their own issues. I was paying a mortgage on the rental and had my own bills to pay. Suddenly communications were ignored, and we couldn't access the property for inspections. We went down the legal rabbit hole and found that the process of eviction is not easy.

When those tenants finally did a midnight run, they left the place like bomb went off, bags full of dope leaf and stem, even stole some of the lead light.

Our specific rental insurance didn't cover half the damage, they kept refereeing to 'wear & tear'.

In hindsight, my mistake was not taking into account that the husband kept changing jobs, they were all as a cook, and he was home a lot.

We took our losses, sold all our shares, worked many late nights and weekends with the help of friends and paid trades, and got the place ready for rent again.

When looking for new tenants we favoured people with professions and no children.

10 years later we bulldozed that place, built two homes, sold one and rented the other to two a same couple for 8 years, two divorced men both with good employment. The place is immaculate.

The other horror story was a property we purchased from our neighbour when she had to move to full time care. A nice young couple, our agent had done all the checks, and they did not have a blemish, both had good jobs.

First sign of a problem was in the second year, one rule we had was no dogs because of the polished floorboards, one night we heard a dog barking. We couldn't evict them, one reason was the market was saturated with cheap rental properties, it was a renter's market.

Next issue was when the police asked if they could access our back yard because they had to keep an eye on the male occupant next door that was having a psychotic episode and was threatening to kill himself. A medical negotiator managed to talk him out and he was taken to hospital.

Legally we could not evict him after that. We had to wait for the lease to end, while he paid rent at inconsistent dates, his partner left.

The only shining light when he did leave was that there was minimal damage, if you didn't take into account the dogs claw marks on the Baltic pine floorboards.

We ended up selling that property to my son, right when the rental market finally turned in favour of the landlord.

 

[wayneL]

I had a few rentals and mostly at the harder end of the lower economical demographic if you know what I mean.

Most were amazing people and we looked after them, some were not so amazing if any longer term resident's complained about the problem people we would evict them.

Never ever had a problem doing this as long as you crossed the T's and dotted the I's followed the requirements it was straight forward and also having a good property manager and managing them plus any costs were just part of the business.

So you are a capitalist after all?

 

[wayneL]

Oz one of the least affordable....

https://www.news.com.au/finance/real-estate/buying/australian-housing-affordability-one-of-the-worst-in-the-world/news-story/f6fef70772e2b5616b4184dce9a8ffce

 

[dyna]

Roger Montgomery analyses house prices in relation to our financial system , in last Tuesday's ( 11 th June ) ABC Radio " Nightlife " podcast . Not a good time for neg. gearing , he reckons .
Begins 36 minutes in .

 

[sptrawler]

We recently came back from a trip to Canada and I couldn't get over the massive apartment blocks surrounding the train stations, then today I noticed this headline in the Age.
It made sense, but it looked really weird when you come from Perth.

Council slams being shut out by state over plan for $1.6b tower project

A mayor in Melbourne’s east says her council only learnt that the planning minister had approved a huge development project when staff saw a news report.

www.theage.com.au

We were staying in a AirBnB on a normal streetscape 1km away from Metro Town and you would swear you were in Perth, then you see this.



But all around it is like normal suburbia, then you go to the next station on the sky train and there is more mega rise apartments.
We went for a run on the sky train to the end of the line, basically out in the sticks and this is the town centre.



Maybe that's the way we are going? It makes sense, as long as the prices, reflects the drop in amenity.

 

[qldfrog]

We recently came back from a trip to Canada and I couldn't get over the massive apartment blocks surrounding the train stations, then today I noticed this headline in the Age.
It made sense, but it looked really weird when you come from Perth.

Council slams being shut out by state over plan for $1.6b tower project

A mayor in Melbourne’s east says her council only learnt that the planning minister had approved a huge development project when staff saw a news report.

www.theage.com.au

We were staying in a AirBnB on a normal streetscape 1km away from Metro Town and you would swear you were in Perth, then you see this.

View attachment 179228

But all around it is like normal suburbia, then you go to the next station on the sky train and there is more mega rise apartments.
We went for a run on the sky train to the end of the line, basically out in the sticks and this is the town centre.

View attachment 179229

Maybe that's the way we are going? It makes sense, as long as the prices, reflects the drop in amenity.

Beautiful high density slums and crime nests.. Jesus...no hope whatsover...
When I had to choose Australia or Canada 30y ago, I think I made the right choice..not financially as I would have ended in the USA anyway, but for the life I gave to my kid till he flew off the nest

 

[qldfrog]

We recently came back from a trip to Canada and I couldn't get over the massive apartment blocks surrounding the train stations, then today I noticed this headline in the Age.
It made sense, but it looked really weird when you come from Perth.

Council slams being shut out by state over plan for $1.6b tower project

A mayor in Melbourne’s east says her council only learnt that the planning minister had approved a huge development project when staff saw a news report.

www.theage.com.au

We were staying in a AirBnB on a normal streetscape 1km away from Metro Town and you would swear you were in Perth, then you see this.

View attachment 179228

But all around it is like normal suburbia, then you go to the next station on the sky train and there is more mega rise apartments.
We went for a run on the sky train to the end of the line, basically out in the sticks and this is the town centre.

View attachment 179229

Maybe that's the way we are going? It makes sense, as long as the prices, reflects the drop in amenity.

Note that the first picture is a cut and paste of thousands of high density estates you see in China, many but not all in the so called ghost towns

 

[wayneL]

How about them apples?

 

[sptrawler]

How about them apples?

Over there it is obviously bought for shelter, whereas here it is a license to print money.

 

[sptrawler]

Note that the first picture is a cut and paste of thousands of high density estates you see in China, many but not all in the so called ghost towns

Yes sorry about that just googled metro town Vancouver and images, didn't check it as it looked about right.

Here is a photo, I took on the sky train as we entered a station on the way out to the end of the line. Shows the point I was making about high density around the stations.




I told you we went to the end of the line.

 

[divs4ever]

Yes sorry about that just googled metro town Vancouver and images, didn't check it as it looked about right.

Here is a photo, I took on the sky train as we entered a station on the way out to the end of the line. Shows the point I was making about high density around the stations.

View attachment 179286


I told you we went to the end of the line.

View attachment 179287

at one stage parts of Queensland were trying to massively increase population density near train stations , despite infrastructure gas from that policy

 

[sptrawler]

at one stage parts of Queensland were trying to massively increase population density near train stations , despite infrastructure gas from that policy

Yes I was shocked with the size and density of the apartments around the stations and then normal single storey dwellings in the suburbs between the stations.
It made sense, the skytrain was amazing, unmanned trains every 6 minutes and they were really quite fast
It was just the height of the apartments and the way they were clustered, was something I hadn't really seen before and we have travelled the World a bit.
In Perth you get a couple of stations eg Canning Bridge and Burswood, where there is high density, in Vancouver it was around a lot of the stations and new apartments were going up alongside them.

 

[farmerge]

Yes sorry about that just googled metro town Vancouver and images, didn't check it as it looked about right.

Here is a photo, I took on the sky train as we entered a station on the way out to the end of the line. Shows the point I was making about high density around the stations.

View attachment 179286


I told you we went to the end of the line.

View attachment 179287

@sptrawler Not for Her or Me. Just give us the green grass, space, fresh air and neighbours some distance away.
With apologies to Green Acres - Eddie Albert and Eva Gabor

 

[qldfrog]

Yes sorry about that just googled metro town Vancouver and images, didn't check it as it looked about right.

Here is a photo, I took on the sky train as we entered a station on the way out to the end of the line. Shows the point I was making about high density around the stations.

View attachment 179286


I told you we went to the end of the line.

View attachment 179287

just wanted to correct any mistaking..cut and paste was used as "mirror image", it looks just the same, but I am sure that what you posted was taken in Canada..just as bad as in China..
1.5 billion inhabitants vs a few dozens and both canada or us are supposed to live in the same rabbit hutches ..and be happy..with a new phone and a BS job

 

[sptrawler]

Now this is a classic idea, tax breaks for foreign investors to build social housing, probably to house the foreign people we're trying to employ to fill our defence force ranks
What is going on?

Greens, Liberals to team up to delay another Labor housing policy

A Labor plan to entice foreign investors to build apartments for renters has run into a roadblock in the Senate today, with the Greens and Coalition set to team up to single out a housing plan.

www.abc.net.au

A Labor plan to entice foreign investors to build apartments for renters has run into a roadblock in the Senate today, with the Greens and the Coalition teaming up to split up a government bill and single out a key housing measure.

The proposal is to cut the tax paid by those who want to build and operate 'Build to Rent' complexes (BTR) – that is, apartment complexes designed to be rented long-term rather than sold.

The model is popular elsewhere in the world, including the UK, US and Canada. But there is no similar maturity in the Australian market, which the government hopes it can change by luring foreign investors from those countries with expertise.

The proposal would let BTR operators claim a larger tax deduction for depreciation of their buildings, and it would also slash the overall tax rate from 30 per cent to 15 per cent for Managed Investment Trusts.

Treasury officials told Senate estimates earlier this week that this was exclusively targeting foreign investors, in particular from the UK, US and Canada.

BTR complexes would only be eligible if they have 50 or more homes for rent, if leases are available for at least three years, and if at least 10 per cent of the homes have "affordable" rent (of no more than three-quarters of market rates).

 

[qldfrog]

Now this is a classic idea, tax breaks for foreign investors to build social housing, probably to house the foreign people we're trying to employ to fill our defence force ranks
What is going on?

Greens, Liberals to team up to delay another Labor housing policy

A Labor plan to entice foreign investors to build apartments for renters has run into a roadblock in the Senate today, with the Greens and Coalition set to team up to single out a housing plan.

www.abc.net.au

A Labor plan to entice foreign investors to build apartments for renters has run into a roadblock in the Senate today, with the Greens and the Coalition teaming up to split up a government bill and single out a key housing measure.

The proposal is to cut the tax paid by those who want to build and operate 'Build to Rent' complexes (BTR) – that is, apartment complexes designed to be rented long-term rather than sold.

The model is popular elsewhere in the world, including the UK, US and Canada. But there is no similar maturity in the Australian market, which the government hopes it can change by luring foreign investors from those countries with expertise.

The proposal would let BTR operators claim a larger tax deduction for depreciation of their buildings, and it would also slash the overall tax rate from 30 per cent to 15 per cent for Managed Investment Trusts.

Treasury officials told Senate estimates earlier this week that this was exclusively targeting foreign investors, in particular from the UK, US and Canada.

BTR complexes would only be eligible if they have 50 or more homes for rent, if leases are available for at least three years, and if at least 10 per cent of the homes have "affordable" rent (of no more than three-quarters of market rates).

The easy way to get affordable rate is to build ghettos and slums.. welcome to ALP Australia

 

[sptrawler]

I'm expecting a huge call in this space, I don't know what it will be, but the issue is so big it has to attract some sort of action IMO.
Does anyone else think so, or am I just over reacting and over thinking?

 

[divs4ever]

I'm expecting a huge call in this space, I don't know what it will be, but the issue is so big it has to attract some sort of action IMO.
Does anyone else think so, or am I just over reacting and over thinking?

smart cities ( or some other fancy name )

you can see what is coming if you think about the news without just believing it