NSW seems serious about dropping stamp duty....they had to wait until I just paid a year's salary on it recently.

But what will replace it? A consumption tax, or a broader based land tax? Here's an idea, abolish negative gearing and pass the additional tax to the states.

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Harrow said..
NSW seems serious about dropping stamp duty....they had to wait until I just dropped a years salary on it recently.

But what will replace it? A consumption tax, or a broader based land tax? Here's an idea, abolish negative gearing and pass the additional tax to the states.

Except that NG doesn't leak all that much revenue when interest rates are low. It might affect prices a bit, but it would probably take several years for the gain in income tax revenue on a property to match the stamp duty on the sale.

The property market was flooded with Chinese buyers, they were buying and building in huge numbers. Over 30% of purchases were to Chinese nationals alone. In some markets, it is over 50%.

There is going to be a price drop on properties post covid19. We need to ban foreign ownership of Australian land regardless of size. Before the Chinese swoop in buy cheap properties.

It will cause a big drop in demand. Subsequently, an even larger drop in property prices and slower price recovery. It is the financial pain home owners need to accept to Make Australia Great Again.

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TonyAbbott said..
The property market was flooded with Chinese buyers, they were buying and building in huge numbers. Over 30% of purchases were to Chinese nationals alone. In some markets, it is over 50%.

There is going to be a price drop on properties post covid19. We need to ban foreign ownership of Australian land regardless of size. Before the Chinese swoop in buy cheap properties.

It will cause a big drop in demand. Subsequently, an even larger drop in property prices and slower price recovery. It is the financial pain home owners need to accept to Make Australia Great Again.

I support that. If you want to own land here, apply for citizenship and come live here.

I don't agree with all your ideas Tony, but that is a good call.

If you ban foreign residential land purchases, how would that affect flats? Strata title doesn't include the land.

I think it's just mis-worded MM, I'm sure Tony means any form of "real property" title. It doesn't have to be a complete ban either, just a 49% rule.

Chinese buyers flooding back in to snap up Aussie property as prices fall due to COVID-19 crisisChinese buyers are rushing back into the Australian property market as prices fall due to the coronavirus crisis, experts say.

www.news.com.au/finance/real-estate/buying/chinese-buyers-flooding-back-in-to-snap-up-aussie-property-as-prices-fall-due-to-covid19-crisis/news-story/c4c4d60d43ec8f52c404dd703d9a8dd3

Aussie has everything the CCP needs ...now theyll get it ...

Farming land is going up nation wide
www.abc.net.au/news/rural/2020-05-13/wa-agricultural-land-price-soars/12239300
Are people looking for hide out for next pandemic?
or next time will be rather nuclear armageddon on the table?

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bazz61 said..
Chinese buyers flooding back in to snap up Aussie property as prices fall due to COVID-19 crisisChinese buyers are rushing back into the Australian property market as prices fall due to the coronavirus crisis, experts say.

www.news.com.au/finance/real-estate/buying/chinese-buyers-flooding-back-in-to-snap-up-aussie-property-as-prices-fall-due-to-covid19-crisis/news-story/c4c4d60d43ec8f52c404dd703d9a8dd3

Aussie has everything the CCP needs ...now theyll get it ...

This news article reeks of "now is your only buying opportunity, get in before the Chinese buy everything". It seems more like an attempt to fuel the FOMO reaction of the Aussie property buyer, rather than a factual report of an increase in Chinese buyers.I'd like to see the actual numbers of mainland Chinese looking through our property portals and actual numbers of foreign purchasers before I'd take this for any more than an opinion piece.

But in saying that, the twists and turns in Australia's property Ponzi scheme never ceases to amaze me.

maybe not NSW, but just now starting to see some places near me begin to drop again. you've got to dig around a bit to find them and it seems agents are doing their best to hide them.

latest and biggest drop i've seen so far.

www.realestate.com.au/property/12-saltwater-tce-helensvale-qld-4212

I wonder if the gold coast will out-do it's GFC drops of 2010-2012? i wouldn't have thought possible till now

SQM used to allow you to look back a few years worth of graph.strangelythey have now limited it to just the last year or so

He told news.com.au conditions were "much worse" now than before the GFC and predicted Australia's real estate market could go down by 30 to 50 per cent.

www.news.com.au/finance/economy/world-economy/finance-expert-predicts-massive-bankruptcies-in-twoyear-meltdown/news-story/eb31a77fa22a108646973e06e1a0f388

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Haircut said..
SQM used to allow you to look back a few years worth of graph.strangelythey have now limited it to just the last year or so

I'm guessing these are the Airbnb places?

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Harrow said..

Haircut said..
SQM used to allow you to look back a few years worth of graph.strangelythey have now limited it to just the last year or so

I'm guessing these are the Airbnb places?

There will also be a contraction because of people working here that have had to return home, people that are on extended holiday here but also have to return or have moved to regional areas.

Then we have the thing that people always forget, when times are tough they move back home with their parents or move in with other people that then drops demand for rental accommodation.

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bazz61 said..
He told news.com.au conditions were "much worse" now than before the GFC and predicted Australia's real estate market could go down by 30 to 50 per cent.

www.news.com.au/finance/economy/world-economy/finance-expert-predicts-massive-bankruptcies-in-twoyear-meltdown/news-story/eb31a77fa22a108646973e06e1a0f388

Just based on the context of the story, I think this guy must have been predicting a crash for years as he seems to not be factoring in Covid19, just that there are asset bubbles. Not that he can't be right, its just that he appears to be one of these people that has been preaching that we were all set for a crash, but not actually able to say when.

No one could have predicted Covid19 with any certainty, and this guy appears to have just been predicting some sort of correction sometime.

I don't think Australia has been 'printing money' before, so why is it such an issue now?

I find it annoying when everyman on the street corner wants to tell you their prediction but none seem to be that confident that they are telling you all about it from the foyer of their luxury mansion.

In all fairness FN everything was indicating a steady "downward spiral" for the Australian economy but COVID-19 just made the plane "crash" quicker. No-one could predict the timing of a "crash" but they could certainly see things starting to head south.

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Paddles B'mere said..
In all fairness FN everything was indicating a steady "downward spiral" for the Australian economy but COVID-19 just made the plane "crash" quicker. No-one could predict the timing of a "crash" but they could certainly see things starting to head south.

Yeah I agree that things here were heading downwards, but I don't really know what the rest of the world was looking like.

Things heading south is always the case after seeing things head north. Its not much of a prediction.

Asset bubbles have been talked about for ages, but no one wants to bust them as the government of the day will get the blame, and in this case, the government of the day was just happy to push that problem down the road, and the opposition that wanted to address it was not voted in, possibly from this sort of policy change. "Everyone" seems to dislike the idea of housing prices going up, but at the same time want to personally see them rise if they already bought.

No one really saw Covid19 and the reaction to it happening. If they did, there would have been big sellups before hand. How many people expected almost all tourism stopping immediately? No one saw this one happening, and this guys claim that it was going to happen is meaningless as we will never know.

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Paddles B'mere said..
In all fairness FN everything was indicating a steady "downward spiral" for the Australian economy but COVID-19 just made the plane "crash" quicker. No-one could predict the timing of a "crash" but they could certainly see things starting to head south.

that's correct... but why was the truth held back during the last election , idealogy and manipulated by the media in favour of vested interests possibly ..?

Fark Bazz, you don't have to be a rocket scientist to figure that one out mate. But you know what? It probably wouldn't have made one bit of difference to the result, the electorate saw the ALP policy as making them worse off and that's how they voted. The LNP had next to no policy and that made the masses nice and comfy

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Paddles B'mere said..
Fark Bazz, you don't have to be a rocket scientist to figure that one out mate. But you know what? It probably wouldn't have made one bit of difference to the result, the electorate saw the ALP policy as making them worse off and that's how they voted. The LNP had next to no policy and that made the masses nice and comfy

yes dead right... greed prevailed , honesty& integrety was lost , and excessive debt now a huge burden for many .

Bazz, the debt already existed well before the election and was accrued over many different governments, but it was able to be serviced by unsustainable wage rises that masked the problem. The turning point was when the labour market could not afford to hand out any further wage increases and then reality hit home and it all contracted. Not even interest rate falls, tax offsets or any other government incentive packages could make people change, they simply couldn't afford any more debt and the economy simply couldn't afford to pay them any higher wages and here we are. Bring on a brave new world of low cost labour, low cost housing for the low cost workers and low cost basic foods for the low cost workers .................... bring on a brave new world of Australian manufacturing

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Paddles B'mere said..
Bazz, the debt already existed well before the election and was accrued over many different governments, but it was able to be serviced by unsustainable wage rises that masked the problem. The turning point was when the labour market could not afford to hand out any further wage increases and then reality hit home and it all contracted. Not even interest rate falls, tax offsets or any other government incentive packages could make people change, they simply couldn't afford any more debt and the economy simply couldn't afford to pay them any higher wages and here we are. Bring on a brave new world of low cost labour, low cost housing for the low cost workers and low cost basic foods for the low cost workers .................... bring on a brave new world of Australian manufacturing

No, I think the reason for lack of wage rises was a fundamental problem to the economy. We were running out of jobs. People were gradually getting pushed into short term jobs and caualised, and this is hidden in the unemployment stats.

With the approach that every job must be efficient, lots of things get pushed off shore and we lose local jobs, and there are none to fill the void.

My personal industry is IT and we were getting overloaded with cheaper imported people and the locals were being starved of opportunities,so much so that I would never recommend studying it at Uni as there is no career path here for a lot of people. Yet the cheap imports were somehow seen as a way to help the businesses here, yet all it did was increase the population and displace other people.

The macro level of management here is awful. Sure, get rid of the car industry. They are 'inefficient' and we can just have a few thousand more barristas and checkout workers... Terrible!

Its not 'no one's fault'. Its terrible management. The current government, and maybe others before them think its just a trainset and you turn it on and it runs and in this case they were taking money out of the economy to try and prove how clever they were and it was making the economy worse when it needed clever stimulus. Terrible management for the sake of their political careers!

given that Labor has had only 1 term in last 24 odd years , then the LIEberals should be held accountable for the economic mess they created ...

a good read here ...

thecorrespondent.com/466/the-neoliberal-era-is-ending-what-comes-next/61655148676-a00ee89a?fbclid=IwAR3vB-CAp4QLghUU6uWwgcaK5hy-8xEf-JGpt6QyqP6XC-i9FJNxNlwBMaQ

I understand what you're saying Bazz, but you must accept that the ALP would not really be able to make any real change because the electorate didn't want it. Even at the last election, with all the indicators showing a cooling economy, the electorate voted for no change .............. the LNP are simply doing what the electorate wanted them to do ................. ie the people got what they voted for

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Paddles B'mere said..
I understand what you're saying Bazz, but you must accept that the ALP would not really be able to make any real change because the electorate didn't want it. Even at the last election, with all the indicators showing a cooling economy, the electorate voted for no change .............. the LNP are simply doing what the electorate wanted them to do ................. ie the people got what they voted for

Nah, that is a BS excuse. The electorate were voting for a party that they had confidence in. That's all you can say as there are no stats to back anything else up other than popularlity.

Therefore, have they shown that they deserved this confidence. Not from where I am sitting as they don't seem to have done a good job despite telling us they were better.

Saying that the electorate got what they deserve is a poor response and 'no change' was not what people were really voting for in my opinion. What I think they were voting for was a government that is meant to lead, and they used the argument that a surplus was an example of how they are better. Without arguing that point, they didn't lead very well.

Sadly it seems like a popularity contest and if a party tells you it will give free icecream and sprinkles, then someone will vote for them even though they should know that they need to take it easy on the icecream and sprinkles.

Where are the tough macro changes to the economy? Instead we seem to be getting 'it's too hard and look at the rest of the world'. No kidding, look at the rest of the world and fix it for us!

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FormulaNova said..

Paddles B'mere said..
I understand what you're saying Bazz, but you must accept that the ALP would not really be able to make any real change because the electorate didn't want it. Even at the last election, with all the indicators showing a cooling economy, the electorate voted for no change .............. the LNP are simply doing what the electorate wanted them to do ................. ie the people got what they voted for

Nah, that is a BS excuse. The electorate were voting for a party that they had confidence in. That's all you can say as there are no stats to back anything else up other than popularlity.

Therefore, have they shown that they deserved this confidence. Not from where I am sitting as they don't seem to have done a good job despite telling us they were better.

Saying that the electorate got what they deserve is a poor response and 'no change' was not what people were really voting for in my opinion. What I think they were voting for was a government that is meant to lead, and they used the argument that a surplus was an example of how they are better. Without arguing that point, they didn't lead very well.

Sadly it seems like a popularity contest and if a party tells you it will give free icecream and sprinkles, then someone will vote for them even though they should know that they need to take it easy on the icecream and sprinkles.

Where are the tough macro changes to the economy? Instead we seem to be getting 'it's too hard and look at the rest of the world'. No kidding, look at the rest of the world and fix it for us!

Not quite following you there FN. The coalition won the election they should not have without having a policy platform going forward.
The voters saw through Shifty Bill and Labors ill thought out policies especially the voters in the union run State Labor State of Queensland. I would say that labor treated the electors like fools as you portray and suffered the consequences.

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Bananabender said..

FormulaNova said..

Paddles B'mere said..
I understand what you're saying Bazz, but you must accept that the ALP would not really be able to make any real change because the electorate didn't want it. Even at the last election, with all the indicators showing a cooling economy, the electorate voted for no change .............. the LNP are simply doing what the electorate wanted them to do ................. ie the people got what they voted for

Nah, that is a BS excuse. The electorate were voting for a party that they had confidence in. That's all you can say as there are no stats to back anything else up other than popularlity.

Therefore, have they shown that they deserved this confidence. Not from where I am sitting as they don't seem to have done a good job despite telling us they were better.

Saying that the electorate got what they deserve is a poor response and 'no change' was not what people were really voting for in my opinion. What I think they were voting for was a government that is meant to lead, and they used the argument that a surplus was an example of how they are better. Without arguing that point, they didn't lead very well.

Sadly it seems like a popularity contest and if a party tells you it will give free icecream and sprinkles, then someone will vote for them even though they should know that they need to take it easy on the icecream and sprinkles.

Where are the tough macro changes to the economy? Instead we seem to be getting 'it's too hard and look at the rest of the world'. No kidding, look at the rest of the world and fix it for us!

Not quite following you there FN. The coalition won the election they should not have without having a policy platform going forward.
The voters saw through Shifty Bill and Labors ill thought out policies especially the voters in the union run State Labor State of Queensland. I would say that labor treated the electors like fools as you portray and suffered the consequences.

Did the Liberals win the election because they didn't bother having anything to argue to? That doesn't mean that people wanted 'no change' its just that no one had anything to argue against. Its like someone in a discussion demanding that you tell them your ideas and then you tearing them apart, but not offering up any of their ideas for you to critique. It doesn't mean that people don't think you have ideas, you just aren't telling anyone.

Its a normal human reaction I think. Psychology is like that. Tear apart someone's argument, and they look inferior. Not give them anything to tear apart and they don't look bad. It's weird, but that's the way it works.

Abbott seemed skilled in this in that he never seemed to have any ideas of his own, just attacked everyone else's. That's not what I would call constructive.

If we truly expect no one to have any policies, we may as well just vote me in as I am happy to just tread water and if that's what the electorate want and expect, then I may as well do it.

Shifty Bill? There's nothing shifty about him and also goes to show that psychology affects the way he think and act. Make something a rhyme and people attribute more credibility to it and remember it. That's why campaign slogans are useful.

Maybe the Labor Party need to drop down in their campaigns and approach it like this? I am sure there are lots of tags you could do with a name like Scott. Sadly this sort of approach will work.

Next election could give away puppies and kittens to everyone. Sure, negative gearing is great for everyone, take your fill. Housing affordability, oh that's a negative thing, and not my problem, someone else can deal with that difficult problem.

His success last May 18 came with help from Clive Palmer and shamelessly raiding the public purse. Sports rorts ...

"'
Sadly it seems like a popularity contest and if a party tells you it will give free icecream and sprinkles, then someone will vote for them even though they should know that they need to take it easy on the icecream and sprinkles."
Your statement above sums up yours and labors thoughts on the intelligence of Australians hence labor lost the unlosable election.
Shifty Bill.
Lets see now.
'Save Medicare' many workers were pretty pissed they were conned by Bill on this one and didnt forget.
Tell the South he is for renewables go to FNQ and say he is all for Coal. Queenslanders are easy going but not fools.
Hob nobbing it with billionaires , eg. Pratt and pretending to be a workers friend when backstabbing them with deals with personal benefit which he fails to declare for two years.
Marrying a senior liberals daughter to get foot in the right doors then pissing her off to marry the Lefty Qld. DG,s daughter to further his career in Labor.
I could go on if you want.