Maybe he was bored?
A lot of people reassessing their personal situation relevant to employment and lifestyle as this Covid-19 spread continues.
me included
I know its a slight deviation from the thread topic, but can I share an interesting stat from core logic? 25% of home buyers are investors who live in their new purchase while renovating, then after a year or two sell or lease to tenants. Sure, there has always been this sort of activity in the res property market but not at this level. I know a couple who have been doing this for 20 years, however, more recently quit their jobs to devote more of their time to this lucrative "hobby."
It's wankers like that that mean young families can't afford to buy a house
Lol..How do you draw that conclusion? Are you saying if they didn’t improve res properties it wouldn’t increase their value? Or because they could own 2 or 3 at the same time there is a short supply?
I guess it’s the BJ prophecy? Always someone else’s fault. People have no influence over their own goals because of other people creating problems for them?
Maybe you’re right.
"A young family may have a max budget of 1 million to buy a house in sydney. Can’t possibly go higher, and whenthey buy they’re moving in to live, raise their family, and maybe do renos at some point in time down the track. Flippers might offer 1.1million for the same property, knowing they’ll recoup their higher expenditure by doing the place up, and sell for 1.5-1.6 million a few years later."
There are two flaws in your assumptions..
1. You are assuming that the “young family” are always competing with the wealthier “Flipper.” This can only be possible on 25% or less of occasions, because that is the number of possible “Flippers” identified by Core Logic.
2. The average home turnover is 7 years, this includes all homes including your “young family” who have possibly renovated and increased the value before their sale.
"This destroys the opportunities for young people to buy a house in the first case as they offer more cash upfront, pricing young people out of the market. And then when they re-sell in a few years time that house in the suburb which was once 1 million is now 1.6 million, which further inhibits other young people from buying a property in that area.
Of course properties increase in value due to other factors, like location, but it’s the flippers and foreign investors who are pushing many young people to the outer limits of the city"
3. Australia’s economic prosperity depends a lot on Business and housing construction. The rules of the game are set by the ATO and our governments. The people (buyers) who participate in the game are not “wankers” as you call them, but buyers with different motivations. The prices are driven by policy, population growth, immigration, jobs etc., not by Flippers who are doing what the governments expect of them..creating jobs and tax revenue.
4. I can agree with you at least on the foreign buyers creating a problem and the increased states’ stamp duties along with the tougher lending criteria don’t go far enough imo.
what does this have to do with the board? get a thread and sort this drivel out - so I can block it
It has as much to do with the thread as your stupid remark.
LOL. literally.
Now you have set me straight, which board member can I blame or is it all of them?
Some posters always go too far to find out how far they can go. LOL I can see where the boundaries are quite clearly thank you. But don’t let me stop you LOL
did you just laugh at your own jokes?
www.change.org
