Forum Index Off Topic Australian Housing Market Situation

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I just crossed this video (Exposing Australia's housing crisis)

https://www.youtube.com/watch?v=AB6yM9puTY0

Can any Australians chime on this?

Reinhart
Aug 16, 2019 17:44:14 PM

The Australian 60 Minutes, much like its American counterpart, is a long-standing institution of sunday nights -- many of us grew up waiting for it to be over so we could watch whatever movie was on after it. So yeah, what they report on tends to be real and significant to hundreds of thousands of Australians. So what exactly do you want the chime-in about? Is our housing market situation as they say? Yep.

鬼殺し
Aug 17, 2019 02:40:48 AM

- Land tax too high
- High Tax barrier for oversea investors
- Overly tight banking loan policies
- Negative forecast for economy (domestic and international reasons)
- Less construction = less jobs for people working in this sector

I'm not too worried yet...so far it's holding.

Antigegner
Aug 17, 2019 08:34:43 AM

I want my minutes back.

There isn't a housing crisis btw, there is a debt crisis and its a global thing.

You know "debt" that thing banks call "assets" in the biggest wordplay and con in human history.

Bailing out the 2008 financial crisis means everybody unanimously agreed to say "fuck reality" instead of rebooting.

Fuck going into policy, welfare/social cost, using the tax and inflation to hook future generations on permanent loans.

This show explained nothing of relevance as far as i can see.

Peace,

-Boem-

Boem
Aug 17, 2019 13:58:23 PM

"
Boem wrote:
there is a debt crisis and its a global thing.
You know "debt" that thing banks call "assets" in the biggest wordplay and con in human history.

we are creating a debt star muhahahaha

whineston
Aug 17, 2019 17:17:31 PM

"
whineston wrote:
"
Boem wrote:
there is a debt crisis and its a global thing.
You know "debt" that thing banks call "assets" in the biggest wordplay and con in human history.

we are creating a debt star muhahahaha


It's all fun and games in a democracy untill you erode the middle class which is the prerequisit for such a goverment structure.

The welfare state was a nice ploy to undermine capitalism "on behalf of the poor" which by any standart have never benefited from the regulations it enforces and allows the debt to be pushed on the next generation nullifying their ability to move within the society's wealth brackets.

It's all very sad while the inteligentia pat one another on the back for being so righteous and having good intentions.

Peace,

-Boem-

Boem
Aug 17, 2019 18:33:31 PM

60 Minutes is a step above A Current Affair, but they pull from a lot of the same sensationalist playbook. If they say there's a "crisis", the reality is probably more like "a slight uptick in a trend, that if absolutely everything goes wrong for a sustained period, could eventually lead to a moderately bad outcome for some people". Don't look to Nine for sensible reporting.

GusTheCrocodile
Aug 18, 2019 04:47:15 AM

"
60 Minutes is a step above A Current Affair, but they pull from a lot of the same sensationalist playbook. If they say there's a "crisis", the reality is probably more like "a slight uptick in a trend, that if absolutely everything goes wrong for a sustained period, could eventually lead to a moderately bad outcome for some people". Don't look to Nine for sensible reporting.


While this is largely true, there's plenty of evidence in everyday suburban Australian life that we are in a housing crisis. Plenty. No need to downplay something just because certain sources tend to exaggerate them.

https://www.abc.net.au/news/2019-06-10/new-property-listings-lowest-in-12-years/11186152

If you'd rather a slightly more balanced view. I do own my own place in suburban Sydney and I'm constantly being bombarded by agents asking if I'm selling or want an appraisal. It's incredibly turgid right now, and yet you see duplexes and apartment buildings springing up, several per suburb. And you can bet they're not going to be cheap either.

We briefly considered upsizing from our townhouse but the cost to do so would be ridiculous. Even ignoring the improvements I've done on this place in the past 7 years, it's appreciated by about 30%. As has everything else around it...and I'm fairly sure we're past that peak and heading for a fall.

I was under the impression you might not live in an urban area, so perhaps you're not as intimately aware of how grim the housing market situation in the larger cities has become.

https://www.forbes.com/sites/johnmauldin/2019/04/08/australia-is-on-the-brink-of-a-housing-collapse-that-resembles-2008/#43782f9b74da

Ignore the sensational title; the article itself has some good information and situates us in relation to international examples such as Ireland.

鬼殺し
Aug 18, 2019 07:50:11 AM

"
鬼殺し wrote:
While this is largely true, there's plenty of evidence in everyday suburban Australian life that we are in a housing crisis. Plenty. No need to downplay something just because certain sources tend to exaggerate them.
When things are being exaggerated is precisely the time to downplay the exaggerated version of them.

GusTheCrocodile
Aug 18, 2019 08:42:04 AM

"
"
鬼殺し wrote:
While this is largely true, there's plenty of evidence in everyday suburban Australian life that we are in a housing crisis. Plenty. No need to downplay something just because certain sources tend to exaggerate them.
When things are being exaggerated is precisely the time to downplay the exaggerated version of them.


Not to the extent you did.

The fact that you cherrypicked for your response and didn't engage with anything else I said confirms that this isn't going to be much of a dialogue, and the extent to which the situation might or might not be exaggerated is to me very much secondary to the fact that there is a situation. I answered Reinhart to the best of my knowledge as someone specifically asked and with some hands-on experience (albeit reluctantly so; I find the whole topic very depressing). This is not going to turn into a larger discussion of media sensationalism. I believe that is skirting too close to a breach of the current CoC.

鬼殺し
Aug 18, 2019 08:47:11 AM
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