"I for one welcome our insect overlords" - The Politics Thread

[FFC Mariner]

I love the "young people will never own a house" narrative
Always been the case. So will, some won't.
Easy excuse to justify not trying.

 

[Man Overboard]

Hi FFC,
I dont think its that simple to say its not a matter of trying. One daughter worked part time since she was fourteen and kept working part time through school and also thru university. She is a good saver, doesnt drink, smoke, or use drugs. She used much of her savings last month to buy a brand new car because she didnt think she and her boyfriend would ever have enough to buy a house.

 

[Capn Gus Bloodbeard]

Yep....when the deposit requirements are growing faster than people can save, it's not a good situation.

Ah, here we go. It's the 'sabotage Labor's economy' budget.

God, that Alison/Matilda story was f**king cringey and cynical. This is the 'let's see who we can make forget that we've spent the best part of the last decade f**king you over' budget. The 'we just care so goddamn much' about you all spiel was predictable. Sadly I'm sure people will be buying it

 

[Man Overboard]

I loved Concetta's spray about SloMo and Hawke.

 

[Man Overboard]

Sadly I'm sure people will be buying it

Its bad enough that democracy is perverted by vote-buying, what really gives me the shits is that we are being bribed with our own taxes. Its not like local branches have held chook raffles over the last three years to pay for it

 

[Wombat]

I love the "young people will never own a house" narrative
Always been the case. So will, some won't.
Easy excuse to justify not trying.

My son is 23yo and just bought his first house. You dont work hard you dont get.

 

[Man Overboard]

My son is 23yo and just bought his first house. You dont work hard you dont get.

Thats fantastic, but its not just about working hard. So many jobs now are casual temporary or part time and I wonder how young people can arrange a lease let alone a mortgage.
Shelter is a fundamental necessity, like food, water and medical care. While rental properties have a place in the mix for temporary/itinerant accommodation I don't believe that it should be all that young people should aspire to. Nowadays, you need two incomes, often help from parents for a deposit, and affordable locations are shrinking. Even regional towns which were once an option are now unaffordable for both renters AND buyers.
Labor chickened out on reforms to negative gearing at last election after a scare campaign, and probably will again, which is why I am voting for the Affordable Housing Party . I think that there should be a cap on the number of investment properties a person/family/entity owns, abolition of negative gearing, limit the purchase of housing to Australian citizens and tax capital gains on the properties.
I hope the bubble bursts and the arse falls out of the property market. Any perceived increase in value in your residence is often negated by the need to purchase a subsequent place to live anyway [because those have also gone up in value].

 

[true believer]

I love the "young people will never own a house" narrative
Always been the case. So will, some won't.
Easy excuse to justify not trying.

home ownership in the 90's was something like 66% it's now low 30's .
this is a direct result of unlimited negative gearing on property .
trying to be a young kid, buying a home. is pie in the sky when you're competing against .
someone who owns 10 properties and is having the tax payer subsidies their interest .
the "not trying" narrative is conservative dogma

 

[true believer]

My son is 23yo and just bought his first house. You dont work hard you dont get.

yeah and how much did momma and poppa wombat back him up .
i'll speculate it's rented to

 

[Insertnamehere]

home ownership in the 90's was something like 66% it's now low 30's .
this is a direct result of unlimited negative gearing on property .
trying to be a young kid, buying a home. is pie in the sky when you're competing against .
someone who owns 10 properties and is having the tax payer subsidies their interest .
the "not trying" narrative is conservative dogma

And cheap money. And CGT discount after 12m.

Its derisking on property by the taxpayer.

 

[FFC Mariner]

My son is 23yo and just bought his first house. You dont work hard you dont get.

Yup - my 3 have all done same. Work hard, live in the basement for a year and go without.

 

[pjennings]

It's not easy. I have one that is buying, one renting and one living with me with his wife saving for a deposit.

 

[pjennings]

I spoke to a guy from the US years ago. His mortgage repayments were tax deductions if it was his main home.

 

[FFC Mariner]

I spoke to a guy from the US years ago. His mortgage repayments were tax deductions if it was his main home.

But not on investment properties IIRC

 

[Man Overboard]

Saul Eslake on how Australia is failing first home buyers

One of Australia's leading economists explains how home ownership in Australia might be in terminal decline

www.brokernews.com.au

This

 

[TC Redline]

I love the "young people will never own a house" narrative
Always been the case. So will, some won't.
Easy excuse to justify not trying.

Pretty hard now FFC especially on the Coast but yes not impossible but pretty hard to do if they are young and single . i feel really sorry for young people or even divorcees trying to buy a house where a wealthy investor can pay 20k more than the desperate property buyers limit and they miss out on the purchase. Then they get hit with a double whammy of the lack of supply for rental properties to rent and the rich investor jacking up rents by $200 a week making the rent situation if they can afford it near impossible to save. It’s pretty awful current situation if you don’t own a house and I work in finance and see this scenario all the time.

 

[Wombat]

yeah and how much did momma and poppa wombat back him up .
i'll speculate it's rented to

He and his Mrs saved the deposit themselves while living in our Granny flat. (I still charged him a small rent to keep him grounded.) I didn't help him at all apart from sending him to a good school.

He did have to move to the Morriset area to be able to afford what he wanted.....but he can move South once he has built up some equity.

I didn't understand your comment about its rented?

 

[true believer]

He and his Mrs saved the deposit themselves while living in our Granny flat. (I still charged him a small rent to keep him grounded.) I didn't help him at all apart from sending him to a good school.

He did have to move to the Morriset area to be able to afford what he wanted.....but he can move South once he has built up some equity.

I didn't understand your comment about its rented?

negative geared .while living cheap with mom and pop .

so not a kid saving for a deposit while paying 500 a week in rent .
then bidding for a house against guys that have 5or 6 rental properties

ummm

 

[Man Overboard]

Front page of today's SMH. Not a fringe issue, and neither major party has a clue how to correct things. In fact if you read the Saul Eslake piece above, the major parties have no desire to slow the rise in prices.

 

[Insertnamehere]

Front page of today's SMH. Not a fringe issue, and neither major party has a clue how to correct things. In fact if you read the Saul Eslake piece above, the major parties have no desire to slow the rise in prices.

Partly because Labor got dudded last election for questioning CGT discount and neg gearing. IMO its not up to the govt to derisk non-productive investments, ala existing housing. Not to forget excessively cheap money.