|
JBP posted:Being able to get a tax break on genuine savings for a house is not the shittest idea ever mooted, particularly considering the government of Australia right now. If I could bank my $500 a month or so like I do now and get tax concessions on it plus interest, I'd be pretty happy with that. The problem is it's no solution to housing affordability because the kind of person who would gain the best advantage from and can afford to reduce their taxable income (ie. high income) isn't the kind of person who is totally locked out of the property market (low income).
|
#
?
May 9, 2017 08:54
|
|
|
|
| # ? May 13, 2024 22:07 |
|
|
JBP posted:Being able to get a tax break on genuine savings for a house is not the shittest idea ever mooted, particularly considering the government of Australia right now. If I could bank my $500 a month or so like I do now and get tax concessions on it plus interest, I'd be pretty happy with that. agreed, but something tells me there'll be a catch, because why wouldn't you just salary sacrifice enough first home savings to take you down a tax bracket and profit hardcore on that? hooman posted:The problem is it's no solution to housing affordability because the kind of person who would gain the best advantage from and can afford to reduce their taxable income (ie. high income) isn't the kind of person who is totally locked out of the property market (low income). yeah also the catch is that it'd increase demand and make prices inflate EVEN FURTHER
|
|
#
?
May 9, 2017 08:57
|
|
|
It's also worth remembering that HECS/HELP repayments are calculated off your annual gross and salary-sacrificing will gently caress you unless you remember to tell your payroll to pay extra tax each fortnight.
|
|
#
?
May 9, 2017 09:00
|
|
|
hooman posted:The problem is it's no solution to housing affordability because the kind of person who would gain the best advantage from and can afford to reduce their taxable income (ie. high income) isn't the kind of person who is totally locked out of the property market (low income). Middle income younger people are locked out as well, which was never the case historically. I don't earn a lot of money and I don't save a lot of money, but something is better than nothing and it only counts for your first home, so you can't be using it to buy a shitload of property. Like I am 33 and live with my GF, we don't pull down fat stacks or anything like that, but we also don't earn minimum wage. We could save $1000 a month combined by foregoing a few things which adds up to a lot of money with a tax incentive and interest. Sure someone on over $100k a year is getting more benefit, but they're already in the game and it's only their first home that they can use it for. If they did away with negative gearing and replaced it with something like this system for one house I'd be all for it. I'm not saying wow this is great, I'm just saying given the government situation it's better than nothing. Please commence firing your guaranteed minimum income and free housing arguments at me because I am out of touch. The Before Times posted:agreed, but something tells me there'll be a catch, because why wouldn't you just salary sacrifice enough first home savings to take you down a tax bracket and profit hardcore on that? Oh yeah there will be some kind of monstrous loving humdinger of a catch in there. The tax bracket sacrifice thing wouldn't make a difference to me as my income is under 87k. I have on the other hand paid my HECS off, which is nice. JBP fucked around with this message at 09:08 on May 9, 2017 |
|
#
?
May 9, 2017 09:04
|
|
|
Giving people more money to buy houses just means people spend more money on houses. They don't become anymore affordable and any of the 'bonus' is negated by higher prices.
|
|
#
?
May 9, 2017 09:09
|
|
|
Prices are demonstrably cooling of late.
|
|
#
?
May 9, 2017 09:10
|
|
|
You know what budget night needs more of? Grape memes
|
|
#
?
May 9, 2017 09:11
|
|
|
|
|
#
?
May 9, 2017 09:12
|
|
|
I've got enough for a deposit on a place, but gently caress buying a house at the moment, especially since I would like to buy near where I currently rent. What the government is proposing isn't making me change my mind.
|
|
#
?
May 9, 2017 09:13
|
|
|
You Am I posted:I've got enough for a deposit on a place, but gently caress buying a house at the moment, especially since I would like to buy near where I currently rent. 
|
|
#
?
May 9, 2017 09:14
|
|
|
Randoms on twitter talking about the banking levy being used to fund the NDIS, no source but wouldn't the optics of the banks resisting that be pretty amazing?
|
|
#
?
May 9, 2017 09:23
|
|
|
JBP posted:Prices are demonstrably cooling of late. This is misleading, they're cooling everywhere except Sydney and Melbourne. Anecdotes are not the plural of data, I get that, but I work as a credit assessor for a big 4 bank and I get to see a lot of house values on a daily basis across the country. Valuations outside of Melbourne and Sydney are flat and falling - there's a good reason that the big 4 are now insisting on re-valuations on a lot of their property profiles / customer groups because in some cases, valuations haven't been done in up to 10 years. Sales are taking upwards of six months to sell in parts of aus, and multiple years in other parts because they just cant find the buyers. Anecdotally, I recall one couple in WA buying a property for $600k at the peak of the market, and after two years on the market they sold it for $250k
|
|
#
?
May 9, 2017 09:31
|
|
|
Periphery posted:So I can just live of the money I've saved for a deposit while salary sacrificing 100% of my income resulting in a big bonus from the government to use on a house deposit? negative gear your deposit so you can buy a house to negatively gear?
|
|
#
?
May 9, 2017 09:31
|
|
|
tithin posted:This is misleading, they're cooling everywhere except Sydney and Melbourne. Ah ok. I had it in my head that Melbourne was as well, perhaps I was misled myself. Sydney is a write off as far as I'm concerned.
|
|
#
?
May 9, 2017 09:32
|
|
|
tithin posted:This is misleading, they're cooling everywhere except Sydney and Melbourne. pity that's all linked to high unemployment because i'd love to get a job in one of those places and cash in on that sweet sweet affordable housing
|
|
#
?
May 9, 2017 09:35
|
|
|
Without hearing any real details, it sounds to me like the first home buyers grant 2, for fewer, richer people. Which means it would probably be good for the people who get in during the first few months, and people working in property and bad for everyone else forever (which is approximately how long the policy will be in for)
|
|
#
?
May 9, 2017 09:36
|
|
|
JBP posted:Ah ok. I had it in my head that Melbourne was as well, perhaps I was misled myself. Sydney is a write off as far as I'm concerned. I think the latest edition of some statistic on house prices in Melbourne showed they hadn't grown nearly as much as they had in the past which some people suggested was the market getting close to it's peak
|
|
#
?
May 9, 2017 09:36
|
|
|
JBP posted:Prices are demonstrably cooling of late. That's pretty much irrelevant. The simple fact is that adding more demand to the system will never have a positive effect on housing affordability.
|
|
#
?
May 9, 2017 09:37
|
|
|
gay picnic defence posted:I think the latest edition of some statistic on house prices in Melbourne showed they hadn't grown nearly as much as they had in the past which some people suggested was the market getting close to it's peak this could give it the shot in the arm speculators need!
|
|
#
?
May 9, 2017 09:40
|
|
|
JBP posted:Ah ok. I had it in my head that Melbourne was as well, perhaps I was misled myself. Sydney is a write off as far as I'm concerned. There's an apartment glut in Melbourne and Brisbane that is going to keep getting worse (or better YMMV) as new developments come online. There's no suggestion that it will spill over to houses though.
|
|
#
?
May 9, 2017 09:41
|
|
|
Periphery posted:In addition to what Tithin said: But those nice developers will see the market signal and increase supply and definitely won't continue an incestuous game of just buying up pre-existing homes!
|
|
#
?
May 9, 2017 09:41
|
|
|
NoNotTheMindProbe posted:There's an apartment glut in Melbourne and Brisbane that is going to keep getting worse (or better YMMV) as new developments come online. There's no suggestion that it will spill over to houses though. Sydney is getting a shitload of apartments around Green Square which might have a similar effect in the medium term.
|
|
#
?
May 9, 2017 09:43
|
|
|
NoNotTheMindProbe posted:There's an apartment glut in Melbourne and Brisbane that is going to keep getting worse (or better YMMV) as new developments come online. There's no suggestion that it will spill over to houses though. Why do people have to live in a house? What God given right do Australians have to a block?
|
|
#
?
May 9, 2017 09:45
|
|
|
The one given to us by right of conquest and extermination. 
|
|
#
?
May 9, 2017 09:48
|
|
|
|
|
#
?
May 9, 2017 09:55
|
|
|
JBP posted:Why do people have to live in a house? What God given right do Australians have to a block? They don't, but nearly all the apartments built recently are absolute poo poo in terms of quality and design. If you are looking for anything but a small 1 or 2 bed apartment with paper thin walls, no storage space and a functionally challenging kitchen/living/dining space then you are poo poo out of luck. Oh, and that'll still set you back $400k+ in Melbourne. There are some 3 bed places but not nearly enough if you want to cater towards the diverse needs of the community. Good luck finding anything that is even remotely suitable for a young family.
|
|
#
?
May 9, 2017 09:56
|
|
|
Periphery posted:In addition to what Tithin said: Well technically if more people have a deposit to pay for a house they are more affordable. It just happens to throw a fuckload more fuel on the fire as well which is an entirely separate issue and not one I'm convinced the right believe exists
|
|
#
?
May 9, 2017 09:56
|
|
|
I'd happily live in an apartment but they don't make them in family configurations, just penthouses.
|
|
#
?
May 9, 2017 09:58
|
|
|
were the First Home Saver Accounts seriously that unpopular that literally no one even recalls them as evidence that this idea has already been tried? (I used them purely because it was a free lunch and ended up getting the cash for whatever I wanted. the best of all possible results.) I don't see the difference between pre-tax money vs the FHSA government co-contribution, either way it's money out of the govies pocket going into the industry. better than using money from super but still a poo poo idea, that's already been tried, that doesn't deal with the problem.
|
|
#
?
May 9, 2017 10:00
|
|
|
There was some talk of introducing new standards to force developers to build apartments that people might actually want to live in but the developers were having none of it. I suppose it doesn't matter when your business model consists of selling them off the plan to foreign investors who are more interested in the school zone than what the place actually looks like
|
|
#
?
May 9, 2017 10:00
|
|
|
G-Spot Run posted:I'd happily live in an apartment but they don't make them in family configurations, just penthouses. Same. I'd jump on a 3/4 bedroom with a decent kitchen and some storage space. I don't need extra bathrooms, or giant bedrooms, or any of the bells and whistles developers throw in to make their shitboxes sell before people realise they'll fall to bits in 20 years.
|
|
#
?
May 9, 2017 10:01
|
|
|
In another sign the collapse is near: http://www.abc.net.au/news/2017-05-08/housing-market-peak-called-by-economists/8507404 posted:Another steep fall in dwelling approvals is being taken as confirmation that Australia's record residential building boom is at or near its peak, and will start receding later this year. Thank god the economy hasn't been propped up by construction jobs! Oh poo poo.
|
|
#
?
May 9, 2017 10:01
|
|
|
Smashed Avo
|
|
#
?
May 9, 2017 10:02
|
|
|
I'd happily live in an apartment except carrying the kayak up and down stairs would be a pain in the arse so i'm pretty much limited to units with a lockable garage
|
|
#
?
May 9, 2017 10:02
|
|
|
gay picnic defence posted:There was some talk of introducing new standards to force developers to build apartments that people might actually want to live in but the developers were having none of it. I suppose it doesn't matter when your business model consists of selling them off the plan to foreign investors who are more interested in the school zone than what the place actually looks like Melbourne recently brought these in but as you'd expect the developer lobby made sure they were pretty watered down. Sydney has had them for a while but I don't know much about theirs - except that Melbourne's standards are generally lower.
|
|
#
?
May 9, 2017 10:03
|
|
|
Periphery posted:In another sign the collapse is near: This happened right before the housing crash in the US too iirc
|
|
#
?
May 9, 2017 10:04
|
|
|
To clarify, many of the 3 bedroom places I've seen (or 2.5 as one is usually only big enough for a single so it's an overstated study/nursery, which is fine but let's be clear) would have the "children's" bedrooms on a separate floor to the parents, often kids on the entry way floor which isn't safe imo.
|
|
#
?
May 9, 2017 10:04
|
|
|
JBP posted:Being able to get a tax break on genuine savings for a house is not the shittest idea ever mooted, particularly considering the government of Australia right now. If I could bank my $500 a month or so like I do now and get tax concessions on it plus interest, I'd be pretty happy with that. Actually it's a loving poo poo idea due to the way pre-tax spending interacts with marginal tax rates
|
|
#
?
May 9, 2017 10:06
|
|
|
Periphery posted:Melbourne recently brought these in but as you'd expect the developer lobby made sure they were pretty watered down. Sydney has had them for a while but I don't know much about theirs - except that Melbourne's standards are generally lower. I think those tiny 'dog box' apartments are still ok in Melbourne. It even took the near incineration of one tower to force the introduction of restrictions on highly flammable cladding, which the developers had previously deemed an unnecessary inconvenience (and therefore the government hadn't introduced it)
|
|
#
?
May 9, 2017 10:06
|
|
|
|
| # ? May 13, 2024 22:07 |
|
|
“At the Liberal event, young men skolled the final remnants of beer and wine that was left in half-full glasses and planned to meet at different locations around the Sydney CBD. Some were heading to The Ivy—the natural kick-on location for this set. Others would head to the casino. Some invited groups back to private rooms in the hotel. One group had a small bag of coke stored in the back of their room’s TV. It was then racked up using, appropriately, a Medicare card to split the white powder and then hoovered down by young women, clutching at their nostrils. I packed up my gear and made my way down the escalators of the hotel. Descending ahead of me was a group of the young Liberal faithful, dressed as mini-Malcolm Turnbulls, sporting Herringbone suits, Hermès ties and matching pocket squares. They started a chant: “gently caress LABOR!” “gently caress LABOR!” “gently caress LABOR!” Arm-in-arm they continued all the way to the bottom floor of the hotel, spilling out onto the street and into waiting taxis.” Excerpt From: Mark Di Stefano. “What a Time to be Alive.” iBooks.
|
|
#
?
May 9, 2017 10:07
|
|