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Old Nov 29th 2010, 7:36 pm   #76
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Default Re: The Great Australian Property Swindle

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Originally Posted by Amazulu View Post
The Great Rock and Roll Swindle is so much more fun than this thread
The level of fun possible to get out of this thread is directly proportional to whether the reader has a mortgage or not, or owns or not.
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Old Nov 29th 2010, 9:49 pm   #77
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Default Re: The Great Australian Property Swindle

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Duh, duh, duh makes more sense than this thread!
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Old Nov 30th 2010, 12:02 am   #78
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Default Re: The Great Australian Property Swindle

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I think the main problem has been buy to let. Now the average joe can own 1 to 30+ dwellings which has reduced the supply and pushed up prices.

Until we heavily tax these greedy bastards for owning more than 2 dwellings then the housing market will not return to sensible levels.

I've never really understood this dislike of landlords, when I first went to university there was not enough space in halls and I had no money (or inclination) to buy a house, so I needed a private landlord - same after uni when I moved for my first job, same again when I moved to London to work. Private landlords offer a service that many people need.

I can't see why you would want to tax a landlord business any more than any other business. Currently landlords will pay VAT on letting agents fees and any works they have undertaken and income tax on their profits (or business rate tax if the are a ltd co). If you charged them (heavily) any more tax they would have to pass it onto their tenants to ensure they got a reasonable rate of return on their business.
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Old Nov 30th 2010, 12:05 am   #79
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Default Re: The Great Australian Property Swindle

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I think the main problem has been buy to let. Now the average joe can own 1 to 30+ dwellings which has reduced the supply and pushed up prices.

Until we heavily tax these greedy bastards for owning more than 2 dwellings then the housing market will not return to sensible levels.

Greed is good
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Old Nov 30th 2010, 12:05 am   #80
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Default Re: The Great Australian Property Swindle

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I've never really understood this dislike of landlords, when I first went to university there was not enough space in halls and I had no money (or inclination) to buy a house, so I needed a private landlord - same after uni when I moved for my first job, same again when I moved to London to work. Private landlords offer a service that many people need.

I can't see why you would want to tax a landlord business any more than any other business. Currently landlords will pay VAT on letting agents fees and any works they have undertaken and income tax on their profits (or business rate tax if the are a ltd co). If you charged them (heavily) any more tax they would have to pass it onto their tenants to ensure they got a reasonable rate of return on their business.
Those that do pay tax. There is quite a problem with this, I am led to believe.
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Old Nov 30th 2010, 12:07 am   #81
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Default Re: The Great Australian Property Swindle

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Those that do pay tax. There is quite a problem with this, I am led to believe.
That's no different than any business though - a lot of builders/plumbers etc under-declare their incomes.
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Old Nov 30th 2010, 12:12 am   #82
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Default Re: The Great Australian Property Swindle

I've no particular problem with landlords, there are good and bad ones. They heavily subsidise my lifestyle, so what's not to like? I wish there were more quality ones but I haven't done too badly in the past.
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Old Nov 30th 2010, 12:16 am   #83
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I've no particular problem with landlords, there are good and bad ones. They heavily subsidise my lifestyle, so what's not to like? I wish there were more quality ones but I haven't done too badly in the past.
I've had three good ones and two shits, so they're doing all right for the moment.
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Old Nov 30th 2010, 12:37 am   #84
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I've had three good ones and two shits, so they're doing all right for the moment.
I've a feeling that a good property manager is half the battle. I've had one bad landlord but I ended up sub-leasing the place so I didn't have to suffer any of his BS. I knew the property manager that time, as I had leased my previous place from them, and even they couldn't stand the guy.
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Old Nov 30th 2010, 12:52 am   #85
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Default Re: The Great Australian Property Swindle

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I've a feeling that a good property manager is half the battle. I've had one bad landlord but I ended up sub-leasing the place so I didn't have to suffer any of his BS. I knew the property manager that time, as I had leased my previous place from them, and even they couldn't stand the guy.
Of the three good landlords I've had, two were independent without agents, and one had an agent. Of the two shits, both had agents. Who were also shits.
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Old Nov 30th 2010, 12:56 am   #86
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Default Re: The Great Australian Property Swindle

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Of the three good landlords I've had, two were independent without agents, and one had an agent. Of the two shits, both had agents. Who were also shits.
Which city if you don't mind me asking? I know of some terrible property managers here in Brisbane, but also some sterling ones. You get to know the reputations after a while.

We wanted to inspect a property in Brisbane a few months back, but the agent whose sign was out front could not confirm or deny if they were managing the property or if it was for lease. We decided to cut them out and went to the agents who had sold the place most recently, also reputable property managers. They were able to confirm with the owner in about 30 mins that he was still renovating the property and had no plans to lease it out as of yet.
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Old Nov 30th 2010, 6:04 am   #87
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Default Re: The Great Australian Property Swindle

Bubble has burst in Perth. As I said, the weakest links go first. The writing was on the wall as clear as day here in Perth.

9 months of continuous drops for Perth - ho hum. Glad I sold up, renting and getting a nice 6.5% on my house proceedings. Now is the time to be out of property in Perth. The falls will escalate when all the negative gearing folk realise they are sitting on dud investments. Just like Ireland, too confident, too much money piled into property with no regard for the future. When this baby goes, it will be catastrophic I'm afraid.

Housing slump continues ......

http://au.news.yahoo.com/thewest/a/-...ump-continues/

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Perth's housing market continues to tank, with new figures showing home prices across the city dropping another 1.8 percent in October.

RP Data-Rismark, in its latest report on the state of the national housing market, found prices in Perth dropped 3.3 percent in the October quarter to be the worst-performing market in the country.
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Old Nov 30th 2010, 9:26 am   #88
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Default Re: The Great Australian Property Swindle

Now, not being an expert on these things and I can understand why property prices could stagnate, or maybe drop a little, but surely if the "bubble" was going to burst, it would have done so during the global recession, not during the recovery?????????

Apart from rising interest rates, would rising employment, projected household incomes and economic outlook, at the very least, not stabilise house prices????
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Old Nov 30th 2010, 9:41 am   #89
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Default Re: The Great Australian Property Swindle

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if the "bubble" was going to burst, it would have done so during the global recession, not during the recovery?????????
Ireland's economy survived the 2001/2002 market turbulence. Much (most?) of it is down to sentiment. That and a huge injection of cash from Mr Rudd.
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Old Nov 30th 2010, 10:14 am   #90
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Default Re: The Great Australian Property Swindle

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I'm not sure if you're being intentionally funny here.
I was trying to get you to back up your claim on the distressed mortgages in Australia. And you have now provided 4 links to Irish mortgages to back it up...

My 0.1% (pure guesswork) is just as concise and clear as your
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Judging by the number of distressed mortgages I would say quite a lot.
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How many distressed mortgages are there, in comparison to total mortgages ?
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It would be difficult to put a number on for many reasons, some of them intentional.
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So it is an unknown number, that we cannot use to rely on, or make statements based on.
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No, we know enough. Your question was quite specific.
 
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