Who is responsible for housing affordability? | 7.30
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- čas přidán 31. 05. 2024
- House prices have increased by more than 20 per cent during the past year, one of the fastest rises in the nation's history. Housing affordability is yet again shaping up as a major election issue but as Alan Kohler reports in this special investigation, it's complicated, with no simple solution.
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This is the real thing people should be protesting about.
This and living wages and restoration of dropped medicare rebates.
nope millenials are even too lazy to do that. Suck it up and buy something within your means!
@@tjmarx Did you not listen to the report? 11 million Australians are home owners, sounds like they managed it fine.
Totally.
Why should we need to let my tax support the house price increase, which makes many people including our kids worse off?
The price increase only benefits the banks and the small portion of top end of town people.
It is time to protest on the street.
Sam Oak Nice blinkers you got there, enjoy all that.
Banning foreign investors and/or placing a cap on boomers would help. Daryl and Sherley don't need a fifth investment property. I need my first house to be safe and start a family in.
Need to ban or tax investors full stop (especially domestic). International investors only make a small portion. it’s the local investors using their self managed super funds that are the larger portion pushing up prices and reaping tax benefits from negative gearing.
Could also waive stamp duty regardless of the house price, as long as the buyer can prove this is a first home. The $650k cap in NSW is the biggest joke. Can't buy a shed for that currently.
@@OneGuyInMelb There was a really interesting article posted by The Guardian a couple weeks ago on money laundering through Australian property by a large asian country. Worth a read!
@@HMac7 Yep... and all over the world they are doing it... and that country is as crook as they come.
@@OneGuyInMelb That is not true. A very small portion of SMSFs hold residential property and negative gearing is only truly beneficial if held in your own name. The reality is that housing is a reliable and easy to understand investment so the bulk of Australian's are comfortable with it.
Property is literally sucking money out of the economy in Australia, killing investment and innovation.
Exactly. Abolish that shit and let the money flow into innovative market based technology
Price high does not take money from the system.
Everywhere is the same except Schandavina with their own warfare system.
Exactly. Everyone is spending so much money each week paying off their obscene mortgage- it means they won't have money left over to afford buying take away, to buy other 'things' , invest in the stock market etc etc. It has a snowball effect on the rest of the economy
@@clam4597 what jackson wrote
The whole thing can only be described as a housing ponzi.
A ponzi that just keeps going one way...Up!
@@glassy2937 no the money just filters to the top lol
@@glassy2937 wot goes up must come down, anyway wage growth isn't keeping up, they're going to run out of extenuating circumstances soon enough. When the head of the reserve goes out of his way to emphasize he wont be lifting rates...that's when you run !
Pandemic made rich richer
@Not Convinced try deflation with high interest poor will feel more
The average politician owns multiple houses and enjoy the benefits of negative gearing etc. The politicians line their own pockets and will be hesitant for any change.
Agree. If they don't want change, the only way to go is to witch hunting against either foreign investment or domestic immigrant, possibly go down to racism line and destroy Australia as nation.
Crocodile tears from politicians, hold my beer whilst I call my buyers agent
100%. With impending election no major parties want to touch this issue with a ten foot pole. It’s just going to be kicked further down the road.
@Not Convinced I'm Not Convinced
@@copy_dingo416 haha hahahaha
Hard to believe someone is trying to use the inability of the poor to buy houses to argue that we should give a tax break to the rich.
yeah or giving tax breaks to Indian or Chinese investors.
Oh well, when the next war comes along this county is going to ask entire generation of young combat age people who have no wealth or title to fight and die. The question of why and how much will cost this country. It’s a matter of national security that young people are vested in this nation.
@@MrWhitmen1981 that's an interesting point...
@@MrWhitmen1981 This is a really great point. But most of the young generation are going to inherit their wealth from their parents and they have a vested interest in the nation which is there family not a piece of land.
@@MrWhitmen1981 very interesting point
DUH, PROPERTY SHOULD NOT BE A SPECULATIVE ASSET. ITS WHERE PEOPLE LIVE.
@Doreen Murphy Just wait until the RBA starts putting interest rates up , your property values are going to fall, To contain inflation rates should be at Least 10pct , housing will fall 80pct if that happens all those clever investors who think they are so smart are going to have to go bust if they are leveraged even a bit and the banks will take the loss .
It drives me crazy when people buy a house and all of a sudden start cheering for prices to go up. It doesn't change anything for you because if you move, your next house will be more expensive and eat up all your gains, and if you never move then it doesn't matter if the value is zero or a billion. Cheering for higher house prices makes no sense any way you look at it but people just look at a number on a screen and ignore the bigger picture.
Exactly
where did you go to school?
@@royharper2003 He obviously didn't go to school.
@@peterjna12 Tell me where I'm wrong so I can fix it.
@@royharper2003 A STEM degree at the #1 university in my state/one of the top universities in the world.
Where did you go to school?
LNP said they are bringing 200,000 skilled migrants into Australia’s. Where are they going to live?? Already in a rental housing crisis for last 5years too!!
Apartments are pretty empty atm.
How about first educating the people who are already here!
Immigration is good but the problem is the promise of the welfare state gives promises to those that won’t want to work and want to live off the tax payer that’s what I have a problem with.
Only immigrants can improve Penrith
@@kelvinjames6344 my family are immigrants to this country. We saw out counter parts using the welfare system and had no intentions of working. If we limit the amount of hand outs the government gives. This will truely be beneficial, as welfare system has done more harm that good look at the commonwealth countries and USA.
Allowing property to become a "Portfolio" for investment/income/retirement is the crux of the problem. LIMIT ownership of property to a max of say 2 for any registered voting citizen!
Labor’s answer of restricting negative gearing to new builds only would have made a significant difference but changing the investment scheme rules is unpalatable to a lot of voters who love the benefits.
@Graeme D D facts
not going to happen, too much tax revenue generated from large scale investment purchases.
I'd say 3 is a good/fair number. A person can have their main property, a holiday shack and 1 investment property. Speaking as a renter too. Anything more than that is excess and greed.
80%~ of property investors own only one property.
10%~ own 2 two.
1%~ own 5 or more.
the entire economy has been warped around residential property prices.
It's John Howards Ponzi scheme
I own a home and I'm more than happy for house prices to plummet. They need to. The status quo is madness. If the purpose of housing is to house wage earners, all other things being equal our policy settings should target house price growth to be in line with wage growth. Anything else requires increasingly negative interest rates or increasing inequality. The maths is really very simple.
Yea only people with multiple properties, aka investors don't want to see the housing market to crash and return to a sane level. If you are just own the one home then you won't benefit from a high housing price. You can't sell your home and profit, if you do then you'll need to buy a new home and pay a high price, just like all the first time buyers; and your children need to buy homes too and they are likely to need the bank of mom and dad to afford one. Only the people with multiple houses as investments oppose affordable housing as they have gained hundreds of thousands from this insanity.
Yes, I own a home too but I would love prices to plummet so that my 4 kids can buy in future.
My complait is high price equate to high property tax, it is 50% more since 10 year ago. Maybe Aussie tax are so low thus why massive speculation? My local govt definitely want price up so they can increase their salary. THe lobbyist are working hard to keep price up knowing interest rate cannot be low so long, so they have been lobbying for past 6yrs for the govt to back 40 yrs mortgage . This will only drive price higher but less payment on a monthly basis so it seems
@BARF if my son was a slave I could buy his freedom and solve his problem, but not solve THE problem of slavery. Guess what? If house prices come down, you still keep your house, at the price you agreed to pay for. But you dont get to keep your assumptions that house prices can increase faster than wages forever and it not be morally reprehensible.
@@minervali631 i mean why would they want u buying the property when u can rent off them for the rest of ur life
I've moved to Sweden in the last year, where housing is much more affordable. They limit investment properties in areas where housing is needed by placing a limit on how long you can rent out for, and how much you can bring in. Most housing associations (almost unavoidable to be in one) allow 1-2 years over the life of your ownership and you can only charge up to 110% of your mortgage and services costs as rent. It just isn't worth investing, save for wanting to spend the year in different parts of the country.
My apartment is in the middle of the second-largest city and cost only $250k. This includes power, water, heating, landline, and internet.
My living expenses now are less than a third what they were in Sydney - and I was still 40 minutes away from the centre by public transport then
Those Scandinavians just do life right don't they?
haha. I'm Gavle (I'm lucky because my mum is Swedish) couldn't agree more. It's nice to have a government that looks after its people. Hope you're enjoying Gothernburg.
Oh how I miss living in Sweden! Really enjoyed my time in Goteborg. How is the job market at the moment?
Wow 😳 sounds dreamy
Ditto Germany and most of Nth Europe.
Why are people allowed to buy more than 3 houses? I've always found that disgusting. So many people buy houses as investments which makes it impossible for people who want to actually LIVE IN THEIR OWN HOME and build a life in Australia.
If anyone truly reflects on it for more than 5 seconds they'd realise how selfish it is. I'm not sure I could feel comfortable with myself knowing I'm earning more than my fair share exploiting the misfortunes of other Australians. Not only are you taking a property off the market and artificially inflating prices, you're also then forcing someone into the rental trap putting them further behind still!
Well, it’s freedom to purchase. However it’s not the mom and pop investors that’s cause the issues.
@@toddpacker7058 True.
80% ~of investors own 1 property.
10% ~ own 2
These are often people wo have upsized or downsized and kept the original property.
@@brownshit1 Some people will never be able to afford to buy for a variety of reasons or even want to buy.
The government has chosen to not supply public housing, leaving it to the private market.
This is what is so infuriating about the glib references to the Bank Of Mum And Dad. It's like LOL dad was a hairdresser in the 70's and has managed to negative gear his way to 4 properties and now I call him the Dad Bank Manger haha. There needs to be less incentive to owning multiple properties.
Housing is a basic human right (ICESCR Article 11).
I think housing should be affordable even on basic wage.
Many of us don't have a bank of Mum and Dad or half a mil in borrowing capacity let a lone what's going on now.
exactly, said it for ages. Anything that is a necessity for humans should be affordable on the basic level. greed reigns supreme in society.
Never should of made a business out of basic human rights
..think if food went up same as houses and homes...60% population would be dead from starvation and poor nutrition...
Instead we have an epidemic of anxiety in millenials and below due to NO security
When one has no stable safe secure housing they develop PTSD......this is fact
Happens to animals too.
They also are the first generation to have a single epidemic and a baby drought due to NO security being a home to have a family......
China has a law if you are a foreigner you cant own land or property. This needs to be introduced to Australia. Its disgusting that our own government cant do one of the basics for people .....provide affordable housing. As a 36 year old Australian I have never seen our country this bad.
I agree with your comment Aussie Guy.
I believe it’s only going to continuously get worse.
The wealthy, politicians, CEO’s of banks ect don’t care about the homeless, the poor, low income earners and middle class people.
That’s why things are the way they are.
@@cheryltanswell2736 And the reason that they don't care, is more than likely a good percentage of them are property investors. Got to look after themselves first and foremost.
Well if you knew the law a little better you'd know they cant buy houses, they can buy units, and nobody is stopping you from buying outs side of major cities where it is insanely affordable for almost any Australian...................... So yeah I disagree.
@@lesliegrayson1722
So I should move 400km inland and live in a sh!t hole so I can be a home owner? Guess I’ll quit my job, say goodbye to all my social ties and move somewhere with no work for me.
You’re not thinking it through, mate. It shouldn’t be half a million dollars to break into the property market within striking distance of a major city.
@@lesliegrayson1722 🤡
Boomers ruined it for everyone. Met an older lady when moving house and selling some plants she owned 33 houses and was complaining how hard it is having to rent them out to renters blew my mind. She had no kids and no partner. She dies and had so many houses for what? Your old you don’t need anywhere near that much. It’s a joke
Time to "befriend" her now!
Stupid greed that’s all it is
A house I was renting on the mid North coast got sold out from under me in 2017. The new owner rocked up on my door step with his daughter on a Sunday afternoon without notice and said we have 40 properties so I know what I'm doing and will really look after you, but I don't want to go through the agent because I manage them myself. I contacted the agent the next morning and gave notice. They were not impressed with our new landlord and had to explain to him he could not just turn up like that. If he knew what he was doing he would know that we have a right to quiet and peaceful enjoyment and that is in breach of the lease. I'm fed up of moving and just want to be able to hang up a picture without having to get permission!
What she does with her homes and her money is none of your business! She's old, youre young..you have many chances in life to go far take every opportunity and dont waste time worrying about other people's business!
@@OpiumBride The OP just wanted to buy plants! The older lady made it his/her business by whinging about it.
About 7 years ago, after 18 years in rental accommodation, we (our family) finally saved enough to get a land loan in what turned out to be a goldmine area of Hobart. We paid $179k for a 1341m2 block (big but steep sloped) about 20 minutes from the CBD by footpower, 4 minutes by car at midnight, 40 minutes normally. We spent (after house, fences, driveway, etc) just under half a million for a very modest 5bd house. Immediately we were charged rates on a $680k valuation. Today our property is worth well over a million, which is utterly stupid. Great for someone in the distant future, but this is our forever home. We are burdened with costs beyond our wealth as home-owners because of a market we aren't part of. Many of our neighbours are 2x, 3x our capital expenditure for fancier houses worth the same as ours. We are only winners if we sell (and we wont), whilst many of our neighbours are only winners if they stay (and they didn't want that). The whole housing market is bass ackward. $0.02
I feel very sorry for those people who have $1 million plus mortgages. Wow !!
You need a huge salary to be able to service that beast. Don't forget ongoing costs of living, periodic maintenence to the house, car, and everything else that goes with it. Wait till they have children, my God, they have no clue what's in store then !!
This country is going to shit pretty quickly. Thank you stupid Governments.
They likely don't think that way (the couple with the 1.4 million dollar loan) because they got the money form their parents. Things hurt more when they come from our own pocket. To them it's just numbers on a computer and "she'll be right "
They will be waiting for there parents to die and then will be loaded.
@@2partiesnotpreferred226 yeah the sad thing is that’s probably something they factored in to the equation - inheritence. That or their parents are loaded and they can always ask for more money from them. They seemed way to casual with their responses for a $1.4 million dollar loan for it to be a concern for them.
@@2partiesnotpreferred226 It's a sad fact, I know. Having it handed to them on a platter wreaks of selfishness and the sense of entitlement which is fast becoming the norm. Everything I own I worked my arse off for. Hard work, long hours and dedication to my job. This modern generation are pretty arrogant and ignorant too and I'll be waiting for the day to say "I told you so".
@@milld9345 what they need to factor in as people can live to 100, so they could be waiting til 70 or more unless they get some before then. I guess it's a safety net. Some are lucky, many are not.
Even a garage with a bed one side and bathroom cubical and a small kitchen area would be a dream now! Loads of people are living in cars and still going to a full time job. It's crazy. How bad can we let it get.
$1.4M loan at 2% (30year) is $5175/month...
At 5% this will be $7500/month...
At 7%, $9500/month...
Be interested to see how this couple are doing in 5 years time..
I remember I was paying 17% in the late 80s, calculate that!
@@johnstirling6597 based on prices it was still not as high as the property market in 2017, let alone now
@@johnstirling6597 And you had wages rises of 10% a year. Would love to have high interest rates and rising wages.
@@johnstirling6597 yet even with the high interest rates, a middle income family could still comfortably afford to buy a home.
Work till drop.
Fully agree. The government created this unaffortability with poor policies in place
inflation set by the reserve bank - real inflation in Australia is around 10%
Fully agreed. Especially for those immigrants. Send them to the rural and let them invest and work there.
and they could fix it if they ran a goverment based rent to buy allow the owners to pay a small fee per fortnight till the lands payed in full and then hand over a deed to the house that home owner isnt ever gona need rent assistence
The LNP federal government hasn’t been building any houses. Wow must be nice to have “The bank of Mum and Dad”. Pitty the LNP doesn’t realise this isn’t a reality for every citizen. Seriously.
Come to Canberra. The Labour Greens had enforced new regulations that mean your only hope are tiny apartments. Their recent ballot for a block of land .. over 7000 for each block and something like 10 released. No houses below 900k. Biggest gap between houses and units in the country. It's not just one party
@@Jasmate Agree........I watch the housing market as kind of a hobby for years now and one thing I noticed is Canberra is 90% apartments. It's almost impossible there to own a free standing house.
@@karenmbbaxtermost who buy apartments will never be able to upgrade into houses because the gap widens. The government here thinks it's very woke for families to live in Chinese investor grade tiny apartments never built for families. Most voters already have houses and nothing will change until the boomers need to sell and have nothing they like to move into.
@@Jasmate the new suburbs have a lot of tiny homes. And then a few family homes. Lots of families live in these tiny homes. It's not like Australia is a tiny country. Land should be very cheap.
Like most 30 year olds we used the bank of mum and dad.... That really annoyed me, most i know do not have the bank of mum and dad. Glad I'm out of the country l.
Tax allowances are disgraceful…the banks are making the money
People want reliable rentals like in Europe. People are sick of living in fear of eviction
@Not Convinced Reliable renting is socialism? I'm 27 and I'm being told to take out 500k for a loan for an apartment on 40k because it's unreliable. Go figure.
House’s have become the new toilet paper…FOMO = panic buying.
Take away tax incentives and raise interest rate, problem solved.
Then the rent will increase so I'll be saving less for the deposit. Not a solution.
Seems that simple, but the banks wouldn't allow it. They're really the ones controlling it all, not the government, RBA etc.
@@LiNGLiNGrawr Raising interest rates would lead to a decrease in property prices as demand would decrease. This would increase the supply of housing on the market which would decrease rent, not increase.
@@LiNGLiNGrawr no, rent will come down when willing buyers flock to buy properties from those over leveraged speculators owning 5-20 properties each flooding the market.
Just one word. Greed.
Why should we work hard? What should we teach to our kids?
I also don't understand this ignorant peasant lie that says one should work hard. Work efficiently, produce quality and act with respect, kindness and good character. Send narcs packing and nothing more in life is needed to be happy.
Love Costello blaming the RBA, both him and Howard are responsible for this mess, they halved the CGT on housing investment 20 years ago, which turbo-charged negative gearing. Well done mate, take a bow.
No. inflation set by the reserve bank - real inflation in Australia is around 10%
I work in healthcare industry and have seen many patients on the waiting list for a state housing and they've been waiting for over 10 years. I don't think the government is doing enough to help people in need.
Costello's got some gall to him hey? He's the very architect of the mess we find ourselves in.
I was about to say the same thing, his ( and John Howards)policies caused this to happen.
@@johnstirling6597 Right? And then he gibbers on about how under Menzies the capital gain tax was 0%. Under his watch, capital gains tax was decreased *AND* negative gearing introduced. His hypocrisy knows no bounds.
And now he sells his consultancy on the tax laws he helped to create
@@justjess8704 Disgraceful. Remember when elder statesmen would just toddle off into obscurity? Now we're saddled with this anthropomorphic potato.
@@mattstirling7494 not to mention his hand in our current media landscape as a board member for channel 9
houses stopped being seen as homes after 2008. all people talk about is how many houses they own.
There can be a lot of jealousy and greed attributed to that. Keeping up with the Joneses is the order of the day.
One neighbour buys a BMW, you go out and buy the Mercedes.
Another buys a boat, the other buys a yacht.
One builds a two storey house, the other builds a three story house.
You buy another property, the other does the same.
People can't stand to see others doing better than themselves. It is a proper sickness.
@@tonymontana897 no need to keep up with the Jones, they are broke anyway.
@@kg9836 Says who? I own 5 homes outright and I'm in my late 40's
@@sandysandra8450 I was referring to purchasing luxury cars etc... depreciating assets. Rather own homes and drive a reasonable car.
The jones are dying off
It's the chens
The habib s
The sighns
no hope of owning a home = serious social problems
Absolutely. Pollies afraid of losing votes if the market corrects, when they should _really_ be afraid of losing civil order (and even their lives) if economic justice doesn't prevail.
@Rachel Parker that's fine if you have one of those bougie "knowledge worker" jobs, with the privilege to work from your own home. Not much comfort for people who do hands-on jobs like manufacturing, or warehousing, or health care. Let them eat cake?
"Don't cry for me, Argentina..."
@@damonroberts7372 Have to get a better security system and hire some guards for my mansion lol
Oh, you needn't worry about the pitchfork-wielding masses, @@chooba77 - you won't even survive the coming wig-powder shortage.
The capital gains tax discounts should really not apply to property. It's just an excuse for people to buy property as an investment. Property should never be treated the same thing as other CGT assets like shares.
Property should not be an investment at all. We all know this, it's obvious stuff. The problem isn't difficult to fix. There's just no will from the boomers in power who benefit so much, taking from the using and giving to themselves. What regressive times we live in, where the old take from the young.
SOME property should be allowed as investment, like holiday homes. But city centers and high density cities must never be an investment.
@@Keep_calm_and_slave_on , um, government? banks? It's just simple capitalism. Supply and demand, just lile gravity. The people who turn housing into investments are people who have capital or people who have enough income to borrow. Government and banks isn't the problem, they just do what tye majority of voters want. The pr0blem is the voters, why do they allow conservative governments who keep destroying housing and zoning legislations.
Would have been great for them to explore some of the measures NZ introduced earlier this year. A lot of the same problems; rising house prices, limited supply, RBA says it wasn’t in their remit, negative gearing incentivising investors (not owner occupiers).
NZ added housing to their reserve bank’s remit, removed the ability of investors to write off their investment mortgage interest payments on tax. Time will tell whether it had worked, but at least the NZ government is trying to make housing affordable.
Will result in everyone selling investments and crashing the market. Real nice for the people that worked hard and saved up the deposit and just bought at a peak. Financial ruin them for the sake of people that are too dumb or useless to save.
@@AC-wc7ju That won't happen.
@@mr12aT good lol
@One Guy unfortunately i don't think that will stop anything first off both house prices and rents are more expensive here in NZ than when I lived in Melbourne, not to mention that investors can't write off mortgages on older properties but they still can still rite off their mortgages on new builds even multiple new builds so they will probably sell their properties and build new ones.
Labor lost the last election because they had policies like this. The LNP and Palmer suggested that Labor was implementing a 'death tax' that all the uneducated people believed was true. People should've been arrested for that misinformation.
It honestly makes me cry sometimes. How can millennials and gen zs have any hope for the future or want to start families. I have no doubt birth rates will continue to decline because of this.
Tbh I'm childfree and this is one of the reasons why I made this choice. Like what is the point of bringing a child in to instability? There just isn't any incentive given by the government at all. Whatever... let them rely on immigrants, I guess.
Remember that ABBA song "money, money,money" ?
"It's a rich man's world"... Ahahaaaa
It still rings true.
We dont need any more kids, the humans are destroying the planet with its constant consumption and crazy pollution. The young people (im a millenial) will need to find some other way.
People on public housing (mostly welfare recipients) could have many kids especially some "never worked professional single parents" rely on 4+ kids to receive big free money from gov.
Child free. No point. Can't afford it.
Most people venture into crypto to be a millionaire, meanwhile, I just want to be debt free
That's very practical and smart goal, a wise man once said do everything you can to get outta debt, one of his tips to getting rich
Assets that can make you wealthy
Gold
Crypto
Stock
Real estate
When you invest in crypto you are buying a day you don't need to work.
Cry'pto currency will outsmart the banking system in the nearest future serving as a global fiat. Already making over 85% profit from my investment.
I have been into crypt0 investment for 4years, it's a very lucrative one. But I had challenges starting on my own, till I came in contact with *Anna Wilson* of UCLA Anderson financial institution who helped me trade crypt0 and managed my account. I will advice newbies to learn and invest right so you won't pass through the challenges I went through.
Capitalists, landlords, and people trading houses like Yugioh cards. Same as it ever was.
The degree to which we've swallowed housing as a "market" rather than a basic responsibility of governing bodies is truly heartbreaking.
And the government isnt building houses despite housing crisis. Likely on purpose because they like the inflation
And people winge about the price of milk.
Your moronic fellow citizens taking out huge loans. Glad theyre rewarding the financially responsible whove been saving
@Rachel Parker no just a reasonably priced one. All the idiots rushing out to get a million dollar loan are not very wise.
Couple who bought $1.75M house - “We made sure we weren’t over-extending ourselves”
Also them - Couldn’t even come up with a 20% deposit. Had to leech off parents
your mad at the wrong people
Agree. They want cheap, afford property, and they want it happens in center of sydney plus swimming pool in yard? Common, you can't have the shop.
HAHAHHAHAA classic !
Right?? And they said 'like pretty much everyone else who is 30yrs old in this country we had to borrow from the bank of mum and dad'. Wtf have these people been doing since they started working? Did they not save anything in all those years? We need to overhaul the education system and actually teach people about budgeting and saving their hard earned money. Clearly their parents didn't teach them anything.
@@Jackson-rf6rv you are 100% spot on !
Feels like a hopeless situation which ever way you look at it. I've watched reports like this many times before and it feels like they lead absolutely no where because there are no real solutions. I just accept I'm saving more for a rainy day then a house deposit.
I'm with you dude, I just wish I had more rights and protection as a renter, I've lost count of the times I've been kicked out out of my (rental) home for no goddam reason, and I have a squeaky clean rental record.
well the journalists in abc are all private school kids who are the children of the investors so there is why this program is so tepid, its just that their audience are normal renters and homeless people so we cant have them either questioning abc bias or uprising because of the truth so they run crap like this. even the single mother they got is full time employed which is still in the top 50% of australians.
'Too big to fail' appears to be the dominant attitude now among policy makers. The RBA governor has oft lamented that they can't allow ultra-low interest rates to rise, because it will cause too many mortgage defaults, smash the banks and crush confidence. Thus the economy remains hostage to the interests of property.
"Rich people will get angry at us if we take just a little of their blood money"
Its more about the economy needing debt - lots of it. and debt needs security - and land and housing is the gold standard security.
even if you cut the interest rates this only helps the midel class lower class aussies dont benerfit from this
13:14 Costello's weasel-worded response when questioned about the effect of CGT and the CGT discount deserved to be challenged. The whole point of negative gearing is not that it is _merely_ "tax advantaged" investment (like, say, making voluntary super contributions). It allows the investor to become a _net recipient_ of tax revenue. We (taxpayers) are all _helping_ that landlord to pay off their rental property - whether we like it, or not.
It's due to the LNP Governments have been hemming and hawing for 15 years over the introduction of money-laundering laws, laws which would stem the flood of black market money into Australia’s property market; laws which would finally drag this nation into line with global standards on AML-CTF (that’s the regulatory vernacular for Anti-Money Laundering and Counter Terrorism Financing). Twiggy Forrest promoted the cashless debit card and how he as a non-elected person got to tell the government to implement this card through a company that is run by LNP members. Then Australia's rich and powerful have fought for decades to maintain exemptions from financial disclosures so that they can conceal their wealth, power, and corporate interests.This also voted down by the Libs
Negative gearing is available across all investment classes. Theres nothing stopping you from benefiting also. Stop whinging and start learning how to better invest your money to support the lifestyle you want.
@@zooks3894 yeah your clearly middel class
Unregulated corporate greed caused the homelessness of ordinary people, it’s a shame. Public officials need to do their job and work for THE PEOPLE not for party campaign contributions!
There are some pretty easy solutions to this house house affordability crisis in Australia. Cut all the Government grants, increase the capital gain tax on investment property, get rid of negative gearing, increase the liquidity ratio of Australian banks and reduce quantitative easing in Australia. Canberra needs to wake up to this. Otherwise you are destined future generations of Australians to a life of renting.
Govt made those rules so they could benefit themselves! as if they would make their portfolios suffer! As if the politicians care about our future, just their own, skim as much money into their pockets in the time they have then off to double dip retirement while earning 6 figure consulting job..
And make work from home a right (unless the role requires on site) so that people can spread out and live anywhere they want.
if you make it less appealing for private rental providers and the supply of rentals reduces the price of rents will go up
@@maaduece5132 90% of investors dont increase supply, owner occupiers do the bulk of the building. So making it less appealing to investors will just mean more people owning rather than renting. Rents won't go up.
@Rachel Parker Where did you move ? if you dont mind
Its the same everywhere. I live in Canada and the last few years just got nuts. I stay in Quebec because rent is 1/2 of what it is everywhere else, and the wages are the same. 4/5 of us can't afford Vancouver or Toronto and still have any life and even Montreal is starting to catch up. Lacking rent control programs, investment crazes and LOTS of money laundering are to blame.
Blame the government who allow this to happen to its people.
They may give you a few good reason as why.
Come on.
A lot of multiple property owning buyers living in very stringy tight budget without any decent furniture and life style still wanna to GET MORE premises.
The government SHOULD impose hefty tax for those greedy " house rich" but living in VERY POVERITY as well as multiple home owners to fight with the first home buying youngsters.
This is related with national law. A lot of people protesting freedom and why not protesting about this REAL ISSUE.
Yes! It used to be you would work your way up to the dream home. Now they own 6 shit boxes and live in one of them. Rather then enjoying a better lifestyles now. Are they planning on doing all there living when they are 80 lol
Australia is amonst the most urbanised countries in the World. Keating is right, we need a high-speed train up the Eastern Seaboard, opening up regional towns and cities.
You are dreaming. China's HSR is not turning a profit. Have a look at what the Japanese say about the minimum amount of pax per km is to break even.
Most regional towns house prices have exploded.. people have moved from down south to more rural Qld... My house went up by 300k last year... Used it to buy a house in Brisbane...
it's a demand problem, not a supply one.
People in those towns aren't going to thank you for pricing them out of their communities.
@@Jablicek depends if you already own
.. it's great for us lol.
I'm genuinely interested to know what salary the young people were on who bought a first home for 1.7 mil.
They also had the bank of mum and dad who could also help provide as guarators.
From the banks perspective it must be enough to pay off a $1.4mil loan in 30 years with a 3% serviceability buffer. Depending on their rate probably id say around 160-200k per annum.
@@sorousha19 in nz debt to income ratio is about 6 or 7 time im sure it would be similar in aus , so a 900k mortage need s 150k income
@@maaduece5132 True but its important to note that the DTI ratio is not how banks calculate loan potential. The actual process is more detailed and nuanced, accounting for many factors. The 6x income figure is just a median finding after the fact. The reality is more varied and there are lots of people who have less or more leverage depending on these factors.
Money is (or was) cheap...over thirty years - 1.4m probably cost them something like $1,100 a week. They probably borrowed short term to get the lowest rates say 1.25%ish. Gets nasty real fast if interest rates increase though. So two average salaries would just squeeze in. But perhaps they have some greater earning power than average?
Housing is a macroeconomic issue that requires macroeconomic solutions, not Homebuyer bandaids. The negative gearing issue is also a complete red herring. Essentially - increase interest rates to the decades long average of about 7%, drop immigration and let the aging population return supply to market (case study: Tokyo), and increase lending requirements eg 50% downpayment with max term of 20 years (case study: China). Then decrease the monetary supply by shrinking M2 and M3 with whatever RBA financial tools are available to it.
Geez ezra, this is a youtube comment and here you are spouting real ideas and arguments. Weird and commendable! Thanks and keep it up.
Never gonna happen
Great ideas, the problem with them is that they just might work.. so where is the need for growth in debt going to come from? As we need keep the financial system happily growing otherwise the RB will fret about its unhappy cohort of lenders? A stable sustainable population is not a recipe for growth.
@@chrisjury6931 The argument to this is that infinite growth cannot continue indefinitely - ultimately you want to be in a situation like norway, with a stable population and high incomes and a good quality of life for everyone. Egalitarian. Importing working aged adults from abroad to buff up numbers and skew the demographics is just borrowing from the future to make the current landowners/voters rich. I dont think politicians can implement any of my suggestions - it's political suicide because the boomer generation is a large voting block. Once gen X and Y start voting, things will change.... It is inevitable as they are getting older.
There should be a hard cap on the number of properties someone can own (and negative gearing abolished). One house for you to live in and maybe 1 more for investment purposes. This would help bring down house prices to their long term historical level of around 4.5 times the average yearly income…unlike now, where they are around 12 times the average yearly income. But as we all know, this is all by design to make the GDP numbers look good for the gov. and create the so called “wealth effect” so people can go out and spend more….
We actually need to have a Royal Commission into the housing affordability crisis in Australia. We’ve created a huge moral hazard when it comes to the property market.
Getting rid of negative gearing, even if they do it over a few years, would get a lot of people out of investment property. Taxing more heavily beyond a second house would be useful. Shifting the negative gearing tax breaks to actual homes would give homeowners the tax break, not multiple property owners.
A hard cap on our population would be the real solution.
@Meg Meggee - House prices would become so much cheap if you were only allowed one investment property, that the majority of renters would be able to afford their own home and possibly a rental property as well. For those that choose to rent, there would still be enough rental stock out there to satisfy the market as you would have the potential for more people to own an investment property, instead of the majority of investment properties being concentrated in the hands of the few.
Leave auctions just for luxury properties… they inflate house prices horrendously .
Peter Costello is wrong. I own my own house but if it dropped in value I wouldn't care in the slightest because if I sold it for less then the next house I buy to live in will also costs less. So it balances out. It is stupid to think that we want houses prices to keep going up and up!
You would care: it is what sustained consumer / investor confidence
What isn't addressed as a contributing factor is also house size. Families have gotten smaller, more people live alone or as single parent families, but houses have doubled in size.
2 bathrooms & a minimum of 2 living areas are seen as necessary, rather than extras.
Auctions are also a terrible way of selling something at a reasonable price, it feeds panic buying.
Who’s responsible? The RBA and Banks. The greater the availability of credit the higher the housing prices. Who benefits? Government and Banks. Who loses? The rest of the economy who misses out on the money that’s only going into repaying mortgages. That means a less productive economy, a less diverse economy, a more vulnerable economy. We should all be furious!
100% why do you want the nations wealth funneled in one direction
@@maxg1600 because Australians are spoon fed and if they get what they want, they'll become lazy.
Spot on
I'm an expat in Pennsylvania. Housing in the majority of the US is far ahead of Australia. From Harrisburg Pennsylvania, to Charlotte North Carolina, to Minneapolis Minnesota etc you can find nice houses, in nice suburbs for $300,000. Private health insurance here is the same cost as Australia ( I've compared notes with family back home, one member who has cancer), and really life here is better. The US has problems but this housing crisis stopped my family, and I from moving back home. Australia is a mess. Yes the US has guns etc, but Australia needs to wake up. She won't be right mate.
US have grown older to have network of small towns, regional cities to provide housing affordability, e.g young urban renters can U haul to small towns to have family once urban areas become too expensive, Australians are concentrate only in few large cities such as Sydney and Melbourn, in other words, properties in Sydney and Melbourn are still too cheap that unable drive people move to small towns and regional areas... E.g It was very unaffordable in 19 century when majority of US dwellings lives in New York and Philadelphia few urban centers.
I've been watching this from Germany where house prices are reasonable. Australia will nolonger attract foreign 'skilled' labour when these people can afford a lovely home and garden in Europe. The present Australian government will only attract the excessively well off crooks like themselves who expect they will also get cheap labour to maintain the house(es) for them.
USA is better than Australia at everything
@@kelvinjames6344 especially mass shootings.
Everything is Australia is dearer - our car prices compared to the US are criminal. I agree. She won't be right mate. I think I'll also have to become an expat to have security from homelessness.
Liborals have increased immigration. Halved the capital gains tax, ignored Royal Commission recommendations.
I'm mid 30s just bought a house and id be more than happy to see house prices halve! So genorations to come can buy a house.
Housing should not be the Great Australian Dream. It should be the Great Australian Right. Housing is a Basic Human Right.
You can put a box in the woods and that is your home right there, but you can't force random people to build a home for you so you can live in it. Basic rights are things like shelter, water, food, freedom etc. ...a house built and maintained by someone else can't be forced to be given to you for cheap.
What?? Everyone in Australia has a roof over their head and if they need help they are given public housing AND a free income. Stop whinging. This country gives you everything on a plate. Far too many handouts. Other countries dont care and you have to support yourself.
@@zooks3894 have you seen all the homeless people on the street??
@@lijojake Mental health and drug problems mate. They have accommodation if they need it.
@@zooks3894 that's part of the reason. Why is there Vinnies CEO sleepout?
I remember my brother buying his first home in 1987.He and his young family were so excited and went through a government initiative called Homefund.
Interest rates rose to around 15% and he was busting his arse to make the repayments. House prices dropped and even though he made the repayments for a few years he ended up owing more than what the house was worth. Every fifth house was up for sale in the new subdivision in Western Sydney, where people could not make the repayments. My brother eventually lost his home also.
I just hope to God people borrowing over a million bucks, to buy their first home ,don't experience interest rate hikes and a collapse of the housing market like my brother experienced.
That was inflation - the silent thief - and still today - inflation set by the reserve bank - real inflation in Australia is around 10%
The Sydney couple kidding themselves that they 'own a home' when they have a 1.4 million dollar mortgage. Thats 1.4 million dollars plus interest that is sucked out of our economy and into the hands of bankers. House rich but lifestyle poor is the future unfortunately.
Learn what EQUITY is.
@@craigrodriguez8384 I know what equity is.
The housing market is scary now.
One of my neighbors just sold their home which they bought 3 years ago and has scooped more than 1 million. They first bought it and wanted to settle down and then they saw the price going up like crazy and they just took the opportunity.
I don't think there are too many people younger than 40 can afford a house within 20k radius from CBD.
This is so scary. I just hope there won't be too much bad loans after the interest rise later on because that will cause chain reaction.
Problem is, if that was their only home, they have to buy back into that market. But im assuming they are boomers so its their 5th house, so only profit for them...
Houses in general are unaffordable. Apartments are still okay but they're going up as well
1. Throw out negative gearing
2. Cap LVR to 50% for investors
3. Never ever have a 0.1% cash rate
You're welcome.
You’re totally right, nothing can be done.
Yeah thanks Einstein. No government or bank would agree to this. Look what happened after a royal commission into the banking system. Nothing!
Low interest rates and schemes that just pump more money into the system whilst also making housing an investment vehicle.
Big thanks to the team at the ABC for reporting on this important issue as it is effects millions of Aussies. It's shame our politicians on both sides continually ignore the housing situation.
Because they own investment properties themselves
Both sides? Labor tried to abolish negative gearing at the last election.
Labor care and have tried to, but the Australian population are too stupid that they voted for the Liberals the last election.
There has only been one party in power for 9 years....
I've created decent, well kept rental properties at fair prices. Any problem with that?
The young need to get off their clackers and save a deposit and make a start.
Cap rent so they're not as much of an investment, limit investors, flood the market
Sure
So why do all these programs ignore the Banks role in all of this?? Lending unaffordable loans is the problem here.....this is why they can't let the prices drop and the RBA can't treat inflation with increasing interest rates.
Well the RBA can and should, that's their damn job. They don't have to do what the banks want them to do. We should be asking why they're in cahoots with banks
I'll make it easy for you:
1) ban anyone except an adult human from owning residential property (no trusts or investment vehicles)
2) limit properties to 2 per person
3) limit loans size to a multiple of income (banks are being VERY irresponsible - and it is the mortgages they approve that drive increased prices, which improves their overall balance sheet).
Why is NO ONE talking about the role banks are playing in this. Every time their mortgages increase (on the small % of new home sales) their ENTIRE balance sheet / risk profile improves.
This is literally the same thing that happened in the GFC and I'm astounded nobody is pointing this out. Banks are lending more and more, then the RBA just lays down and says "oh sorry we can see you've bought a lot of mortgage bonds, if we rose the interest rate that would massively devalue that for you, ok we won't". Then the banks push it further and further. Unbelievable this is allowed to happen again, I guess society learned 0 from GFC. 🤷
and on the subject of banks for most low income / pentioners geting a loan from a bank is a pipe dream
@@wizard7314 maybe to the midel class but not to the lower class if ur on a lower earning its almost impossible and if ur on a pention then it is imposible
People doing Airbnb has caused a massive housing crisis in our area. More than 4,000 houses in the shire sit empty for most of the year while people who grew up here are forced to move away, share with 8 others or in their cars because of lack of affordability. Buying a house is just not an option with the wages around here and the massive jump in prices over the past 2 years.
I'm on the Central Coast, same here. I'm so grateful I was able to buy recently, even though I had to move 40 mins away, change schools for my kids, and still it was not exactly cheap. Because the limited rentals here are subject to bidding wars from Sydneysiders, and you're getting kicked out frequently so the landlord can sell, renting is scarily unstable. It's happened to my friends 3x in this pandemic, and we were almost made homeless a few months ago because despite having a good income and tenancy record, we weren't getting accepted. At any time in my current tiny suburb, there's 3 or 4 overpriced rentals and over 200 air bnb's. It's displacing families who have lived here for years, an absolute tragedy.
Negative gearing being openly exploited. The property pricing in this country is shameful.
China saw the housing market becoming what it is here... And now they're prepared to see their second largest property developer in ruins... Housing should not ever be an investment.
So sad 🥺 that hard working people are not able to afford the ever rising housing prices! This is something the Australians should fight for. The system is grossly unfair.
Australian politicians have turned this country into a unaffordable nightmare for the working poor , just take two everyday products which only 25 years ago were first cheap , water and electricity , because of political interference now the most expensive in the world , buisness also has to pay this making local manufacturing unaffordable .
Political interference? They all got bloody privatized. Thats like, the one thing that has changed about utilities in the past 25 years. And now you pay monopoly gouging prices for something that should be nationalized.
@@MrRipple123 Well who sold them , politicians , political interference ???????
Why is no-one talking about negative gearing? The ridiculous concept that you get tax breaks for essentially paying interest in perpetuity on the same loan amount?
Any economist worth their salt knows that supply-side economics never work as the additional supply just fuels whatever systemic wealth inequality is already there. What we need is demand-side policy -> removing negative gearing, capping weekly rent prices, limiting the amount of properties a person can own (everyone should own their own home before people are allowed to have more).
boosting supply of houses is different than supply-side economics (tax cuts for the rich) regardless of semantics we need more housing stock yesterday
People need to wake up and realise that investing in property actually requires work. Houses deteriorate. People are disgusting. Property investing is not easy nor is it cheap, yet we have so many ignorant people doing it. Houses will become infested with mould as the climate warms and humidity rises, and slumlords will be too lazy to fix the problem. Landlords do not give a stuff about anything.
You don't just buy a property then rent it out to some poor immigrant family, then kick back and get $500 into your bank account each week for doing nothing.
that and if the goverment had a payment system so if ur on assistence ( lower income ) that you can have the gov pay for a house for u and u pay them back ofer time eliminating the banks for most lower income its the banks that cause the bottle neck like its greate if u can get alone but most lower class cant
Could you prove that supply side economics doesn't work, instead of just appealing to an authority? Negative gearing comes about because of a bubble, which is caused by low interest rates. Capping rent is what you might do when rents are high, which comes from low supply of housing, stopping people from renting out properties just hurts renters (which there always are).
@@izdatsumcp supply and demand is a very real interaction we see on the daily in the world of economics. Supply-side and demand-side economic theory is how you would say look at a glass half full or half empty. let's take the recent covid toilet paper panic buying incident as an example - Woolies ran out of supply because demand increased significantly. If demand was normal say, Woolies wouldnt be able to increase or reduce demand by stocking double or triple the amount of toilet paper. Companies chart the demand for their products and then get supply to match (often using the tap of your loyalty card to see what youve purchasedand when) any economist who has passed the most basic econ101 class should be able to tell you this.
Me and my wife, who went to uni and have worked full-time for about 8 years now, were able to scrape enough together for a deposit on an apartment where we will have 1 child. It is not the Australian dream but, due to the Australian government's complete incompetence, it will have to do.
Owning a home shouldn't be a dream
-Local/state governments raising land rates.
-Interest rates.
-Higher taxes on land lords, like we are seeing in VIC.
-Real estate agents pushing higher returns.
-Greedy land lords.
A mix. But it needs to end.
Why is there not a ban during a pandemic. People being shunted from rentals all fir the sake of MONEY. It's world wide. There should have been a hold on this while this pandemic is still going on. It's disgusting!
It's almost as if money is more important than people's suffering
what's disgusting is all the free money the government handed out via disaster payments and the recipients are expecting free houses too! Choose one, a house or a job.
Its has to go on during the pandemic, its the great reset
The State Governments needs to re-establish the trust towards high rise apartments. They need to increase manpower of the council for building safety check during the built at every stage. Building certifiers can’t be trusted. Apartment owners need to have free legal recourse if things go wrong.
Seriously? That'll take years. We can't even build apartments in this country without them being absolute pieces of crap, cramming as many people into a small area for the sake of profit.
High rise apartments are in simlar investment grade as new cars.
They are nice while new but constantly lose value until sent to the wrecker.
What a useless story with no real exploration of how the problem could be solved. No questions asked about how people owning more then one property are contributing to the issue along with negative gearing.
In 1973 a solid 3 bedroom low set house I know well in Brisbane,15 minutes from the city center and on a good well located 900 sq mtr block cost around $11 K.
A similar one today is valued at $ 1.4 + M.
Gold Coast prices up 60% in 8 months in some areas. This is what happens when the government falls asleep at the wheel. Unfortunately, the only way to fix this will bankrupt the most recent entrants to the housing market.
Tax incentives for investment in housing must be reduced until the market reflects the desired average house valuation.
It's not rocket science.
I'm going to walk into the bush, build a tree house raise a flag and declare independence
good luck with that, lemme know if your successful and ill come and be a citizen
I’ll join you!
The tree is definitely owned by now and they'll start demanding rent
don't worry about house prices in regional areas increasing, the commercial real estate overlords are already pressuring people to go back to the office, I'm forecasting some sells at a loss
I'm excited that Starlink is coming online and my work isn't requiring office time. I might go fully homeless and mobile.
@@davescott7680 buy a bus and pimp it out lol
@@davescott7680 Have a look at the joyco campers, bloody great.
if you look at the average house price in Australia in 1970, and price it in ounces of gold you get around 380 ounces. If you take 2022 average price and price it in gold ounces you get around 380 ounces, the same.
The real problem is money supply, which has been exasperated since quantative easing ramped up after the 2008 crash, and then another big boost of quantative easing (increase in money supply) during covid.
Get rid of residental property investment
16:54 - Maybe if you're balls deep in a mega mortgage. I bought with a small mortgage and want prices to crash. It doesn't really matter if you have enough equity, if the market crashes all houses get cheaper, which means less stamp duty and costs if you decide to move later.
I feel like the answer given in this video to the original question was unsatisfying. It seemed to essentially be saying "the ministers are responsible, they should be dealing with it", but I didn't leave with a very clear understanding of what could be done. Especially if I am to think that the ministers are doing a bad job, and then choose to vote someone else in, I should know what options ministers do have.
Investors speculating is the biggest issue. The only thing that is going to help is more tax with each subsequent house. Negative gearing is killing house ownership for the young, but we don't have the numbers to win elections. Too many vested interests in housing
Same problem in NZ.
NO small house that is 3 bedrooms or less is worth more than $100,000. ALL these ridiculous gouged pricing is just fear tactics of never owning a home or BS perception location, location, location garbage manipulation!
The gall of Peter Costello to come on here and point fingers at the RBA. It is Liberal tax policy pushing cashed-up investors into the Australian housing market, to compete with prospective home-owners at the auction.
Same story over the pond our prices are ridiculous so sorry for first home buyers
Same problems in the U.S.
I could have sold my home at a hefty profit but where would I buy?
How about a wealth cap on politicians? Restrict them to a personal wealth cap tied to the median income (for example 10x or lower, which would invalidate candidates with around $8mil or more), so we don't continue to be ruled by a wealthy and out of touch minority.
That's too sensible-- it'll never happen.
We finally got our foot in last year, after being turned back by banks in 2018 with $60k savings and two full-time jobs. Told to look at getting a second job.
We need interstate high-speed rail networks in Australia BADLY!
I live in Auckland and watching this is like an exact mirror image of Housing market of Auckland.
Same in England, particularly London. My son bought in Jan 2021 first place, terraced house, 2 beds, tiny garden even by UK standards for equivalent of what this lady was looking at paying. In UK he paid £350,000 - about Aus$660,000. Only possible for him with my help and I will work until I die and have a mortgage. His place is much smaller and different and worse of course because it is in the SE in the UK rather than in Australia.
I'm surprised he even found something for £350k for anything anywhere near london. A 3 bed terrace in my home town near the station is £800k. And it needs updating!
We’ve decided to abandon Australia and take our money elsewhere. Me 33 her 31 no kids. I’m a b double driver making $100,000 she office worker $70,000
So which country are you going to live and work as a truck driver and earn 100k?
Same here - leaving to be far away from this time bomb and avoid becoming a lifetime serf for the entitled offspring of greedy boomers who hogged all property assets and got generous tax cuts for doing absolutely nothing to better this country. My wife is an essential healthcare worker. I guess Australia can replace her with a real estate agent to provide care for its sick people since they value this unproductive industry more than anything else.
@@kingdomfor1 The UK is paying about £70,000 but my gf has a Canadian passport. I won’t need to make the same money with a fair tax threshold and affordable housing
@@robmcd good luck .
Same here. Heading to the Czech Republic with our house deposit to buy something outright next year!
I hope the market absolutely crashes and all those greedy investors lose everything. Justice.
It will be the people who just purchased there first home that will suffer.
I bought brand new 4 by 2 in Perth for 285k... plus 10k first owner.... why is it so expensive in the east?
HOUSING IS A HUMAN RIGHT! WHY IS YOUR INVESTMENT WORRTH MORE THAN OUR RIGHT TO LIVE?!