Property developers ‘leaving the housing market’ in droves because it’s ‘not affordable’
ฝัง
- เผยแพร่เมื่อ 31 พ.ค. 2024
- Fairfield City Mayor Frank Carbone says no-one is building homes in Australia because it’s “not affordable”.
Mr Carbone told Sky News Australia that developers are “leaving the housing market” in droves.
“It’s too expensive to build and there’s too many taxes.
“And at the same time, we have very high interest rates.
“Take the tax off the homes and give our children, our first home buyers, a chance to own a home.”
![ทททททททท #27 [หลุยส์ เค โตมายังไง ณ สระบุรี]](http://i.ytimg.com/vi/CaKoYw_Xmtg/mqdefault.jpg)
Only Australian citizens
Should be allowed to purchase property.
Which means except aboriginals all are foreigners
same goes everywhere else
@@kirannnnnn "Which means except aboriginals all are foreigners"
Only if you are retarded...
@@kirannnnnn Oh, God please spare us your cliche self-righteous hippy gumbo.
Bit late
similar to some other countries, if you're not at least a permanent resident of Australia, you shouldn't be allowed to buy any kind of property
Albo wants to own all the houses himself so that he can tell everyone where they can live, just like in China.
American here, If your scumbag leftist government doesn't have any good policies they shouldn't be allowed to flood the country with ignorant aliens who will vote for them out of gratitude, meanwhile f****** their own citizens, Your brainwashed
If you’re not at least 4th gen Aussie you shouldn’t be able to buy property .
@@JaxThaStuntman Not enough. Only Our Beloved Government should own everything. Like in USSR. Commoners to live in rented colivings, eat roasted cockroaches and ride bike. With mass support from sheeple, of course, they will be happy to pay and repent.
@@JaxThaStuntman Lol I like how you use the arbitrary 4 generations, because if you went farther, it would only be Aboriginals who can actually own land.
Have a same law like Thailand or Philippines , where foreigners can’t purchase a land, only unit . They’re more smarter than Australian politics
Those countries don't sign their country over to the UN. Russian Federation has no agreements with foreign globalists entities ie UN.
They are smarter.
All Asian countries are smarter than Australia although they are not necessary as rich
@@ozibala And Australia is mainly rich from it's mineral wealth. If there is a large fall off in demand for them (mainly iron ore) we will be in BIG trouble!
Absolutely. Kids in Hong Kong, Korea and mainland cities at 9yo are ahead of 14yo Australian kids at mathematics. The kids in Australia are too busy seeing who can be the best sjw and who has the brightest hair
...as an australian see how much property you are able to purchase in china.
Plenty, you haven't done your research.
@@bretloyd8097 ...aussies can purchase only one property for the purpose of their dwelling....when they meet the criteria.
@@bretloyd8097you can purchase the house are you allowed to buy the land that you bought the house on ?? Do you have to be married to a born citizen..
@@Dash829foreigner is allowed to buy one property for own living in China but they are not allowed for investment. I know a couple from Singapore who work in China. They bought an apartment for own living. Of course land which apartment sit on is leased for 70 years. But government will allow auto lease without charge. This is good as people need not pay property tax or land tax comparing to US.
@@bretloyd8097 have you? you technically arent allowed to own land in china (citizens included), only the building...and even then its on a lease.
Australian government has been ripping off home owner's for decades. Land Tax, Property transfer fees, etc. Putting up minimum wages (so they can get more tax) doesnt help the economy.
And all these taxes go to overpaid pollies.and huge public services
@@vernonwhite4660 actually it funds the deep state of America and their corrupt agendas ..
Please don't forget capital gains tax - brought in by Labor..grrrrr
@@tilkanash my bad. Taxs are just a way for the govenment to rob from the public legally. Taxing property owners triple tax should not be permitted. if anyone / company did the same invesitgation ACA would be after them.
lol. Minimum wages are not going up , if at all its less than 1%. the biggest increase in costs is corporate greed. 500 thousand immigrants last year. So many can afford to just buy a house. That leaves locals outrpiced
Only six countries in the world where you can wash money like this and Australia is one of them. Stop it and assist Australians.
What are the other countries?
How does the washing work?
Unless you are an AUSTRALIAN CITIZEN you should NOT BE ALLOWED to BUY ANY property IN AUSTRALIA
Under our new communist government, nobody except Albo will be allowed to own property. Australia will end up being like soviet Russia under Stalin.
But they pay extra tax which helps our economy…..
@@kalencwil3924 It doesn't help anyone if they jack up the cost to rent because of that tax. Foreigners shouldn't be able to buy our land and houses, period.
@@kalencwil3924 wrong
@@kalencwil3924we sent a billion dollars to Ukraine. How does that help our economy?
No house for you, that's Labor's way.
“No house for Aussies” more like it
Houses aren’t built overnight. Tradies aren’t trained overnight.
This issue is from both major political parties.
Pay rent to a foreigner..the Labor (and greens, a Liberal way). Check out Sustainable Australia Party?
Check out the Sustainable Australia Party?
Why companies, superannuation companies, property trust companies, rich mum and dad local investors are allowed to buy more than one established investment property, they are hoarders. First priority must be for first home buyers, then mum and dad individuals for their first established investment property. Hoarders could be allowed to purchase new built homes
Australia should have a reciprocal property buying law, as the country the foreigners come from, so if Australians can not purchase land in their country, they should not be able to purchase it here.
Bingo !!!
VERY SMART !!!! I work in Mortgage Backed Securities and support your idea
That would be too hard to control. Australia wouldn’t be able to control other countries changing their laws.
Australia should ban foreign ownership of land (including the land under buildings).
And limit foreign investment in buildings to new buildings with higher energy, safety, environmental and accessibility standards than the minimum. This way foreign investment would increase quality supply.
Lastly there should be a strong empty property tax to maximise the use of properties.
Why companies, superannuation companies, property trust companies, rich mum and dad local investors are allowed to buy more than one established investment property, they are hoarders. First priority must be for first home buyers, then mum and dad individuals for their first established investment property. Hoarders could be allowed to purchase new built homes
Somebody PLEASE, think of the children!
Jajajajaja
@@michaelobrien5366 IDIOT
Oh the throwback. 🤣
oh our grubermint hasn't forgotten them.....
@@kane-vn6bn that’s right, they have not forgotten the babies of Palestine. We need more kids in this country capable of growing and working without food. We’ll take em!
Some suggestions:
1. Ban foreign ownership of Australian property. No citizenship or PR, no access to Australian property.
2. Remove stamp duty from ALL new builds. Increasing supply is the only solution.
3. Get the government out of housing. No land tax, no grants, no government-funded building. We don't need the government artificially inflating house prices and redistributing wealth through housing policy.
4. Get APRA out of lending. We don't need unelected bureaucrats deciding which Australians are allowed to borrow. Let the banks decide and make them wholly responsible for their lending practices(no government guarantees or bailouts).
I'll add one, no private building inspectors. There are too many buildings being signed off that are not up to building standards.
Those suggestions would lead to a large decrease in government revenue. Do you suggest the government massively reduces spending, or generates the revenue elsewhere?
Some tweaks…
1. No stamp duty on future purchases. Instead these should have a monthly land tax.
This should deliver the government the same revenue (in the long term).
The reason for the change is to remove the disincentive on moving.
* When someone moves closer to work, it reduces pressure on government to spend on additional road lanes and public transportation capacity.
* when people downsize, it increases supply of rooms in the market
2. Add an empty property tax to increase supply.
The tax should virtually for Airbnbs, hotels, motels, holiday homes to be rented on low demand days (even at a loss). This will lead to some being converted into long term rentals.
3. Ban foreign ownership of land.
4. Allow foreign ownership of buildings (but not the land under the buildings).
Have additional energy, environmental, safety and accessibility requirements for foreign owned buildings.
(Basically use foreign ownership to improve standards).
The empty property tax would virtually force foreign owned buildings to be occupied. This is because the tax would be crazy high.
5. Restrict negative gearing to new properties (to incentivise increased supply)
Long term this could lead to a China style oversupply. The key is to also have an empty property tax that can’t be negatively geared.
6. Add an immigration cap that is linked to housing supply. This cap wouldn’t prevent governments from having even lower immigration but would prevent immigration above the cap.
This would lead to those wanting increased immigration having to invest in additional housing.
Because of this, it would be important that new housing supply is audited to make sure that it meets standards.
@@JamielDeAbrew Point number 1. would be disastrous, who wants to pay monthly land tax for the rest of their lives? As much as I dislike stamp duty it is preferable over a land tax model. Point number 2 is a yet another tax grab for government not doing their job of building as many houses as they promised. By all means ban foreign ownership and pause immigration until housing supply catches up.
@@trythis2821 should it be governments job to build all the houses.
Society would have systems that improve efficiency.
The idea of land tax change isn’t about paying more tax in total over one’s lifetime. The idea of change making people feel that they would pay less tax is an illusion.
If anything, people could pay less tax in total as they would need to pay less taxes towards transportation infrastructure.
They should not be allowed by property in Australia unless they have Australian citizenship.
I agree. But what if this leads to reduced investment in building new homes?
Perhaps negative gearing should be limited to new properties.
Perhaps we need an empty property tax to maximise the use of existing properties.
Why companies, superannuation companies, property trust companies, rich mum and dad local investors are allowed to buy more than one established investment property, they are hoarders. First priority must be for first home buyers, then mum and dad individuals for their first established investment property. Hoarders could be allowed to purchase new built homes
@@JamielDeAbrewthe only reason they need more homes is because of the immigration, no immigration, no need for a mass building of houses
That's only going to send property prices much higher as demand keeps outstripping supply - at least until our economy suffers another recession.
Need an empty property tax.
And a tax on building too slowly after approvals.
Supply of property and land shouldn’t be wasted.
Why companies, superannuation companies, property trust companies, rich mum and dad local investors are allowed to buy more than one established investment property, they are hoarders. First priority must be for first home buyers, then mum and dad individuals for their first established investment property. Hoarders could be allowed to purchase new built homes
Sydney developers were screaming about this a decade ago.
$260,000 per house in Taxes and levies….
Keep the Australian dollar Australian... Its that simple...
American here, So you want a penalize foreign investment, That's pretty brain dead and very communist of you. If your government wasn't so incompetent you wouldn't be even looking at this as a solution.
Typical politician, not letting anyone talk.
Why companies, superannuation companies, property trust companies, rich mum and dad local investors are allowed to buy more than one established investment property, they are hoarders. First priority must be for first home buyers, then mum and dad individuals for their first established investment property. Hoarders could be allowed to purchase new built homes
Try getting a builder if you think no one "building homes in Australia". You'll be luck to even find one to even quote the job. What utter nonsense.
While there are other issues, the three most important reasons for unaffordable housing are (1) unsustainable immigration, (2) unsustainable immigration, and (3) unsustainable immigration.
Think about markets. What builder wouldn’t give a quote?
If builders find a shortage of labour builders will simply quote a higher price. This higher price will empower builders to pay their employees higher rates. This will attract more workers into the construction employment market.
I agree immigration is a large part of the problem. The issue Australia has is that without immigration the percentage of people on the age pension will increase. Without immigration the percentage of people in government funded age care will increase. Australia import workers so that there are more people paying income taxes.
Australia law immigration, but Australia would also need to either taxation or decrease government spending.
A national empty property tax would help to increase the usage of existing property supply.
@@JamielDeAbrew "What builder wouldn’t give a quote" .... the ones who have so much work they aren't interested in quoting for work they won't be able to touch for 12 to 18 months at the earliest (and by that time the quote will be out of date). And the ones who can't get tradies because they have so much work, charging whatever they like.
As a generalisation, young people are reluctant to go into the building trades, it involves hard physical work.
Oh and your Ponzi scheme (that's exactly what it is) to keep bringing in people to pay the taxes so older people get a free ride, is NO solution. There is just the same percentage of 'old people' in the immigration intake as the general population (called family reunion) and are you proposing the population size should just keep growing FOREVER. 100 Million people, 400 Million ..... there is no end to such a Ponzi scheme.
Older Australians should have planned to look after themselves in older age. If they have nothing after the best year's Australia every had (mining booms, free education, etc, etc), is or likely to ever have, they deserve nothing. End of story. Making young Australians, many struggling to even buy a home, financially responsible for them is morally reprehensible.
P.S. I'm 72 years old.
@@johnwoodrow8769 I agree with you 100% that it’s a population growth Ponzi scheme. Most countries have such a scheme (be it through immigration or through high birth rates).
I would love to see Australia reduce (or stop) Australia’s population growth strategy. I don’t mind if Australia increases taxes to achieve it.
I’m surprised the builders don’t just give higher priced quotes.
@@JamielDeAbrew As I said previously, with every increasing costs, builders don't want to be wasting their time preparing quotes for '30 days' when they know they have no chance of getting to the job for 12 months or more.
On population size, I think Australia has already gone well past its optimum population size. I'd like to see no more than 20 million. Just stop ALL immigration and over time the population size will slowly sink back toward that level. No radical 1 or 2 child policy necessary. Just make people more aware that large families are NOT cool. It's really being environmentally and socially irresponsible.
In the 1970's Australia had only half the number of people, and things worked just fine. It could be argued way better than now.
@@johnwoodrow8769 I agree that a radical 1 or 2 child policy isn’t needed.
Normally as women get more educated, they have fewer children and children at a later age.
The exception is the ultra wealthy. People with wealth above 50 million seem to have more children eg
* Elton Musk has 11 children
* Bernard Arnault has 5
* Jeff Bezos has 4
* etc…
Giving 1st home buyers more money just pushes the prices up because sellers know that they have more money to spend. You need to give a grant for people to build a house. This increases the supply and the people who can afford to build are usually in the mid to late 30's. Let 1st home buyers get a starter home and then build their "dream home" later on in life.
How about banning non-citizens from owning residential property entirely?
Maybe change it so they can only purchase new builds. On land that hasn't had a dwelling on it previously.
Some say that foreign investment contributes to new supply. And that new supply is needed.
Foreigners shouldn’t be allowed to own land (including the land under buildings).
Limiting foreign ownership to new builds would help to increase supply.
Supply that is empty doesn’t help. A national energy property tax would force supply onto the market.
How about we just ban immigration...cause we don't need it .
You keep missing the First Sentence.
YOU WILL OWN NOTHING. 😂
You forgot the bugs and caves.
It’s not a proper delusional conspiracy if you don’t mention the bugs and caves.
I don't need to put them in Tinfoil. Intelligent People know what I mean. 😂
AND YOU WILL BE HAPPY
@@WitchDoctor.933 Everyone knows what you paranoid bedwetters mean dude.
@@julie-annehansen741 I would rather own plenty and be happy.
The housing crisis is very real and people will die this winter and our grubby politicians are to blame I don't think people will forget
We’re in a democracy (which I do believe is a good thing). That said, it does mean voters are to blame.
The same thing is happening where I live, builders will not take extra loans from a bank at a higher interest rate and will never complete anything. I've seen a 5 or 6 story building that was recently built but has been boarded up because there is no money to Finish it off.
There should be tax penalties for taking too long.
Why companies, superannuation companies, property trust companies, rich mum and dad local investors are allowed to buy more than one established investment property, they are hoarders. First priority must be for first home buyers, then mum and dad individuals for their first established investment property. Hoarders could be allowed to purchase new built homes
we do not plan to sell yet our rates just jumped over 30%
Stop interrupt the bloke...
Let him speak..
If it's empty, you pay tax and that tax goes to housing people who need. Otherwise you have to rent it out or live in it.
A high empty property tax is definitely needed.
It should be high enough to force AirBnBs, hotels, motels and holiday homes to be rented on low demand days - even if at a loss.
This would lead to some of these properties being converted back into long term rentals or sold to homebuyers.
Dont lose sight of the fact that housing is Private Property.
Why companies, superannuation companies, property trust companies, rich mum and dad local investors are allowed to buy more than one established investment property, they are hoarders. First priority must be for first home buyers, then mum and dad individuals for their first established investment property. Hoarders could be allowed to purchase new built homes
My wife and I have made the decision to sell our block of land as it has become not only far to expensive to build but we would have absolutely nothing left at the end of each week. We are in a housing crisis where a dual income and a 150k deposit aren't enough to build a 4 bedroom home on 600 squares in outer western Sydney. It is now a city and a state where people are just surviving not thriving.
You'll also get hammered for CGT. There is no incentive for the boomers to subdivide their land either. The massive taxes is just a disincentive and the government plebs don't see this.
Sorry to hear of your plight. It's so ridiculous. It seems to me that most houses today are built on the cheap, and won't last the test of time. If it were me, I'd be considering a move to regional city/town and buying a house built last century that's still nice and solid. Doesn't suit evryone, though. Good luck.
Do your homework, I have made such decisions in the past and they were wrong. You may find a solution.
Why companies, superannuation companies, property trust companies, rich mum and dad local investors are allowed to buy more than one established investment property, they are hoarders. First priority must be for first home buyers, then mum and dad individuals for their first established investment property. Hoarders could be allowed to purchase new built homes
@@saravananramaiya4406 On the surface, I like the sound of your plan. I'm no economics expert, but wouldn't what you suggest dramatically drop the value of existing homes? That sounds good, but what about people paying off a house that is suddenly worth far less. Nobody would tolerate that.
Unless they ban foreign ownership of land/property and business here, we’re fucked.
Just to play devil’s advocate.
Some people argue that foreign investment finances new housing supply. The key is to limit foreign investment to new properties and not let foreigners buy land. This means foreigners could find the building of housing on top of locally owned land.
Additionally, Australian needs a national empty property tax. This would make sure that supply is added to the market.
Also Sky News is foreign owned.
They newcomers buying homes to rent and make money off it too. Don’t kid yourself.
They but to make money from increases in land value.
Anyone that doesn't live permanently in Australia should have access to purchasing a home, this is ridiculous, and this should be canned immediately.
Just to play devil’s advocate.
Some people argue that foreign investment finances new housing supply. The key is to limit foreign investment to new properties and not let foreigners buy land. This means foreigners could find the building of housing on top of locally owned land.
Additionally, Australian needs a national empty property tax. This would make sure that supply is added to the market.
@@AndrewEG Australian citizens living abroad should be able to buy property in Australia.
But there should be a national vacant property tax. This way if a citizen living abroad buys property, they can’t leave the property empty (reducing supply).
They could rent the property or even let family/friends stay there for free.
@@JamielDeAbrew one of the problems is that overseas investors are loaded up and out bidding Australians. People who are trying to get there first house are fighting against people that are loaded or are buying another house to add to there portfolio. If the property market keeps going at this place, you would be lucky to see any property under 7 figures, how is all of this sustainable, we both know wages are not increasing the same as real estate. New Zealand just brought in a law that no oversees investors can buy any houses, this needs to be done for Australia it there will be heaps of hard working families living out of tents whilst the rich will be living pretty with multiple houses.
@@JamielDeAbrew but what happens if the property isn't livable? As in structural problems that will be addressed when the citizen returns ? Or a house that was inherited that needs fixing. Vacant tax is in force in victoria but it doesn't apply to holiday homes. Another issue is that there are plenty of baby boomers who would consider subdividing their land but there is no financial incentive as they will be plugged with CGT.
@@AndrewEG if the property isn’t liveable, the options should be:
* sell
* renovate to make it liveable
* demolish and rebuild
People shouldn’t be allowed to hold land if a way that reduces land efficiency.
Victoria’s vacancy tax isn’t far enough. The tax should be strong enough that AirBnBs, hotels, motels and holiday homes are leased on low demand days - even if at a loss. This will add supply to the market. It will also lead to some being converted to long term rentals.
The vacancy tax also needs to apply to business real estate (offices, warehouses, retail and restaurant spaces etc… ). This will make it easier for businesses to survive. It will also maximise land efficiency by forcing real estate to adapt quickly.
Eg currently there is an over supply of offices and an under supply of apartments. Such a tax would essentially force offices to be converted (at a high cost) into apartments to avoid being empty.
Good point about CGT reform. It’s tricky though. Why should baby boomers get a discount? Eventually the government would get the CGT from them (or their children).
Another issue is stamp duty disincentivising moving. Moving closer to work takes pressure off transportation infrastructure. Downsizing adds rooms to the market. People should have the option of a monthly land tax instead of stamp duty.
To Ozzies, try buying property in another country and see what happens !
I absolutely agree, foreigners built over 8,000 units near me, then left them empty for an average of around two years! They were then sold without full facilities for a profit to other foreign investors, mostly because they were not desirable to most Australians! Our local governments have a lot to answer for! Every Australian needs/deserves safe homes! 🧐
The answer is in national empty property tax.
The tax should be high enough that Airbnb hotels motels and holiday homes are rented on low demand nights even if this means they are rented at a loss this would lead to some being switched back to long-term rentals.
To avoid an empty property tax on new builds developers could be slow to put the finishing touches on properties. All building approvals should be subject to a timeline. If a property is empty after that timeline, there should be a high tax.
Why companies, superannuation companies, property trust companies, rich mum and dad local investors are allowed to buy more than one established investment property, they are hoarders. First priority must be for first home buyers, then mum and dad individuals for their first established investment property. Hoarders could be allowed to purchase new built homes
@@JamielDeAbrew Lack of affordable construction workers are an issue as well. I have a mate in construction been telling me that half of his peers on site are foreigners and they're being paid peanuts for long hours just to be able to keep the business running. He's afraid he might lose his job from the business going under once their visas expire before site completion. Many of them have not been able to renew their visas most likely due to the crackdown on immigration numbers recently.
@@eat_ze_bugs when employees are paid peanuts, there is less incentive to invest in productivity (tools, machinery, software etc… ).
Productivity and/or efficiency improvements are the key to sustainable wage growth at levels above inflation.
When businesses illegally pay workers below the minimum wage, it hurts the whole system. The government gets less income tax, and less GST. This tax revenue could be used to finance tax cuts for honest people.
When there is a lack of workers in any sector, something great happens…
The industry has to pay more to get the existing workers. Over time, people see how well these workers are being paid. They see it by witnessing the workers spending their money. This leads to some people changing industries to get this higher pay.
As more people change industries to get the higher pay, the shortage reduces. As the shortage reduces, the pay reduces (while staying above minimum wage).
People don’t lose jobs due to a worker shortage, they get paid more. If the company he works for goes under, he will be able to get a job for another company.
If your friend is worried, he should start applying for jobs elsewhere (while he still has a job). He should move to a company that that doesn’t have systems reliant on under paying workers.
He should ideally move to a company with a culture of continuously improving productivity and efficiency. Such a company will survive wage increases while its competitors fail.
@@JamielDeAbrew As I recalled correctly he said the migrants are being paid below industry standards, not below minimum wage. I'm not sure if his current situation is unique to his company but if I can guess many small builders are likely facing the same situation trying to offset increased cost of materials with cheap migrant labourers.
Foreigners should not be paying cheaply for properties
It should be for local population
Frank Cardone saying it like it is. Refreshing to see a politician speaking the truth.
Mr Carboni is so right and has the b#@ls to say so. Good on him.
Fuck of WITH GST on SALES AND CGT, PLUS STAMPT DUTY NO WONDER WHY NO ONE WANTS TO BUILD
Why companies, superannuation companies, property trust companies, rich mum and dad local investors are allowed to buy more than one established investment property, they are hoarders. First priority must be for first home buyers, then mum and dad individuals for their first established investment property. Hoarders could be allowed to purchase new built homes
Let them eat cake ..
Let them eat turnips.
Any house owned by overeas investors, if left unattened for 6 months or more, should be bought by fed government for the price they were purchased for and re sold to Australians.
The solution is an empty property tax.
This tax wouldn’t only help with empty foreign owned buildings. It would also help with empty locally own buildings.
Additionally, all building approvals should have timelines attached. There should be penalties if the building is unfinished. After this timeline. The penalties should exponentially get greater longer the delay.
No foreigners/foreign investors should be allowed to own property in Australia! Must be considered Australian citizen
Public housing.....the only answer for Australia. But, it is in the grips of get rich quick merchants, and will never come about!
He is so right..listen Laura...
Aussie Govt created the housing crisis by intervening in housing with home owner grants etc.
Now half a dozen builders a week are declaring bankruptcy in Australia at the same time the Politicians are all crying for more homes to be built. 🙄😡👎
If Government just stayed OUT of housing all together the supply & demand issue would sort itself out.
That’s dopey Albosleazy for you🙄
mass immigration
More than that going ass up
@@setogo198 Yes I used to watch the numbers of builders going broke reported on Florian Heise Channel, but even he gave up counting them after 12 months or so, it’s an epidemic.
Lots of builders were losing big $ building homes signed up for at fixed price contracts during the first home builder grants when the pandemic supply chain shut downs & runaway inflation increased materials costs dramatically.
They figured they can work their butt off and go broke or sit on a beach in Bali drinking Bintang beers & go broke, so chose the latter.
If the Govt would just stay the eff out of the housing market, the market forces would eventually sort itself out with supply & demand.
It’s Govt interference that screwed it all up.
The builders were allowed to trade while insolvent through the pandemic & ATO didn’t chase them for unpaid tax at Government direction.
Then when Pandemic was over they were no longer allowed to trade while insolvent, and the ATO turned around and came after their pound of flesh.
Suddenly Cold cheap Bintangs in Bali looked a lot more attractive than losing money building fixed price contract homes in Australia.
market interventions always cause bigger problems than they are purported to solve especially when in the form of a tax
"market interventions always cause bigger problems"
Market intervention is the sole cause of this problem. Go try and build a medium or high density building and see how difficult they make it to do.
If government got out of the way, developers would happily build high rises everywhere and satisfy demand.
@@gooble69 yep
we are developers and 2 years ago stopped medium and high density developments. Any class 2 building good luck getting DA and if you do council then change the rules when you seek the OC even if you built to the CC perfectly. Many developers now only doing small developments, duplex & granny flats etc.
The costs and interest rates make it not worth it.
You can't afford to build in New Zealand right now .. we are in a recession
We are in a recession too, but only for the fast food takeaway drivers saved our bacon ! Good plan Labor!
Downward pressure on on-paper house values is a good thing. Unless you want your kids to have five roommates in their 40s because even crummy houses are are three million dollars.
Stop foreign ownership and start taxing oil and gas companies more than 1% tax.
Frank,hard to take on mafia!
Vancouver BC has had a foreigner tax on property for about 7 years now. I say go for it.. it doesn’t deter or put them off.
No way, never increase taxes wtf..
Enable the workforce
A pause on foreign buyers/investors. We need an immigration pause. We need time to breathe.
I agree. The tricky thing is Australia uses immigration to increase the percentage of people paying income tax. This reduces the percentage of people who are receiving the aged pension and government funded aged care.
Tax more all "heavily" negative geared properties.
Lowering taxes on first home buyers will just increase their affordability and thus place upwards pressure in that market.
put immigration to a complete standstill, stop foreign investment, incentivise building. Simple...
What I expect it’s a little bit more complicated is immigration. In Australia there’s a ratio of people paying income taxes to people that receive the age pension from the government Australia uses immigration to increase the percentage of the population who are paying income taxes as opposed to receiving the age pension.
The good news is less HOUSE building (not "homes") means less property tax revenues, means higher property taxes, means more bankruptcies, means lower prices, means higher property taxes, means more bankruptcies, means lower prices, means.....
Why companies, superannuation companies, property trust companies, rich mum and dad local investors are allowed to buy more than one established investment property, they are hoarders. First priority must be for first home buyers, then mum and dad individuals for their first established investment property. Hoarders could be allowed to purchase new built homes
Government solution is just raise more taxes, no interest in restricting foreign owners to free up property for Aussies, it' just tax the foreigners. Taxing does not automatically free up or build more houses, it gives the government more money, that's it.
One issue is foreign investment can pay for new properties to be built. So foreign investment can add to supply.
Australia does need an empty property tax. This tax would ensure that supply gets into the market and is used. The tax should be so high that practically no one would pay it. So high that they would rather sell or lease at a loss than pay the crazy high tax.
Foreign land ownership should be banned. This way all foreign property investment would go into the buildings, not the land.
@@JamielDeAbrew under communism no one own homes moron , socialsim not the solution to more people owning a home
bet none of the Politicians who have multiple houses are claiming every cent they can just like the great rort of claiming hotel allowance & stay at a mates place ! you or i do that and the tax dept would be the start of the investigation!
Why companies, superannuation companies, property trust companies, rich mum and dad local investors are allowed to buy more than one established investment property, they are hoarders. First priority must be for first home buyers, then mum and dad individuals for their first established investment property. Hoarders could be allowed to purchase new built homes
@@saravananramaiya4406 because they worked hard from the 1960's
@@saravananramaiya4406 they worked hard
We need to sell houses to "Foreigners".
Australians don't invest in tech or manufacturing. We invest everything in holes and houses.
We sell coal, iron ore and gas.
Why not the 4th big one, housing?
Australia is currently chasing $50 billion for future mining operations. That's equal to about 50000 house sales and builds. We have 3.25 million investment properties currently.
Housing is a commodity not a necessity. Welcome to Australia!
How about Adelaide? There's like 3 golf courses in the middle of the city, a huge graveyard, a huge medical complex the city sequestered during WWII and never returned it to the people. They're not serious about housing until this BS is addressed
If we can’t build quality residential homes, how can LNP expect Oz to build nuclear reactors?
Another hair brained idea. Who wants to live next to something that is dangerous?
What about apply 8% interest Sydney property only to bring down Sydney house price ?
Frank may get further in his debate if he noticed that in any given City Council the voters are along the lines of 60% overseas investors and 40% locals.....so I'm guessing that's holding up much of the countries housing supply. Why would overseas investors want their investment to be a loss. Bigger question is:-
Why would any Government of any stripe want our inflated rents and inflated capital gains on houses/units to leave Australia AT ALL.....What happened to the circular economy of our domestic spending churning around for Australia's economy. Shall be interesting to see what Bain, Blackrock, Brookfield etc do as they hoover up retirement villages/homes, lifestyle villages, dementia homes and clear out yours and my inheritances and our parents life savings not into Australia's economy but to overseas shareholders. Just let that drop!
Why can foreigners vote?
Australian homes for Australians.Homes are for living in.
grubermint is at war with Australians, didn't you know?
@@kane-vn6bn sad
The government should be working to make Australian’s rich not the other way around
And start taxing natural resources like Norway.
@@JamielDeAbrew communsit retard there 80% public housing in norway how that home ownership
Canada as well. It's truly the Commonpoor now.
We have over government here… reduce the red tape… look how Tokyo grew to meet its growth demands - it abolished local council control over new buildings!
More than 50% of the population owns property.
The NIMBY’s probably wouldn’t support a Tokyo style reduction of red tape.
Foreigners MAY pay more for housing in NSW. There fixed it for you. It's only a proposal atm not a decision.
Put your hands at your sides and stop fidgeting already !
I agree 100% thank you👍
it should only citizens allowed to buy a house
What is foreign investors are building new properties. Then investors are adding supply to the market.
A compromise could be preventing non-citizens from buying land including land under buildings.
@@JamielDeAbrew Foreign developers are the ones that build the huge high rises towers around Sydney Train metro centres mostly as close to train stations as possible they not the developers of houses or housing estates.
Most that buy or rent in these mega expensive high rises are not citizens however those on work visa they are not reliable residents and could leave the country at any time unlike citizens whom make effort to call Australia home.
Politicians invest heavily in real estate, fact check me. The housing crisis is unlikely to ever be resolved because of this. We are in trouble. The Aussie dream is dead, time of death 2024, log it and toe tag it.
A bigger reason is that more than 50% of the Australian voting population owns Property.
These voters feel good when they see the value of their property assets increasing.
Any government policy that led to property prices decreasing would cost the government the election.
So government try to achieve the happy medium for their electability. They want house prices to rise above inflation levels but not too much that renters revolt.
@@JamielDeAbrew I own several properties outright. When property values go up so does my rates and insurance. Rent doesn't rise as fast as inflation, so every year it nibbles a little more away from my net gains. My statement about politicians investing heavily in real estate is true, therefore I stand by my statement. If I owed money on my properties it would exacerbate the problem greatly.
Too much red tape as well. This is a recipe for a severe recession.
Labor and recessions go hand in hand😒
If we restrict foreign buyers and residents can’t borrow money- then why developers are going to build new houses???
A Government member proposing a tax increase. why is that not surprising,
What solution do you propose?
@@JamielDeAbrew far less hiden taxes then more can own a home idiot
@JamielDeAbrew the second part of his interview was probably his best. Drop the over regulation. streamline building councils. reduce stamp duty. increase kickbacks for taking on apprentices. reduce the energy star rating to make building cheaper. and many more. as someone who works in the industry I am frustrated at how hard the government makes to build something.
I herd foreigners pay much less interest than Australians eat that one
And they probably get government benefits! Best talking to someone at a bank that can tell you “off the record” how much financial assistance immigrants get from the government & housing!
There should be zero tax to buy or own 1x home per citizen. Its insane there is any tax at all for a home to live in. Any non PR/citizen, no property purchases, they buy alk the new apartments in sydney and now their way way over priced for brand new apartments 80% chinese tenants.
Are we getting to the thicker end of the wedge?
PR's are not Australians. Start treating them accordingly like their own governments do.
Long overdue.
A little too late. ⏰
This needs to be happening in Canada too!
They should not sell our Real Estate to overseas investors. Only lease hold like if we buy in foreign land!! Our government has been so stupid. Fact: Chinese landlords don’t spend money on their properties!!
As planned
Chalmers: Make illegal immigrants pay more
Born and legal Aussies: DO IT or eject them entirely.
They should.
I feel like I have missed the boat to own a house in Sydney 😩
the labour costs, the material costs ,taxes make house price goes up,
Then I guess we need to use land materials and building labour more efficiently.
I guess this means we need national vacant property tax.
@@JamielDeAbrew that will push rents up communist moron
Big builders/companies can claim empty properties as lose to save tax, but comman people has to pay more to afford house. Wonderful
A really high empty property tax is needed
Why companies, superannuation companies, property trust companies, rich mum and dad local investors are allowed to buy more than one established investment property, they are hoarders. First priority must be for first home buyers, then mum and dad individuals for their first established investment property. Hoarders could be allowed to purchase new built homes
no they cant , why homes cost more to build is becasue of government taking more idiot from taxes
😂😂😂 there not going to do shit 😂😂😂 who exactly did everything they could to Create the current conditions that we have today this was planned it’s not by the fault they know exactly what they doing they know exactly what they want😢
Knowing gov cannot define what a woman is, hiring more gov employees to complicate things does not fill me with confidence
Great Australian policy making once again. Turning this great country to shit.
Laura is looking so fine fr
Conservative women are the hottest 🔥
Is she ever. It beats the pink and green haired feminists or mentally ill on so many other shows. The ABC filled with arts graduates who live in sheltered workshops and who wouldn't know nothing outside of the CBD
😮😂🥰😋
Fucking A my fav
This man is positioning himself as the MyPillow guy, there is absolutely a grander vision
Year 2008-2009 interest rates went up to 10%
Spot on!🇦🇺🇦🇺🇦🇺
This guy seems as sincere as a crocodile 😂
The state government and federal taxes reduce the availability to all home owners. Taxes are destroying all Australians life's. Taxes should never exceed 40% of wages. At the moment when you take all Taxes into account you are paying at least 50% of your wages in taxation.
60% , buy a luxury car 80%
2017 m4 comp in my new zealand $58000aud tax way less
Didn’t it used to be like that in the 90s. Only Australians could buy home ???!!!
We are having to decide to buy properties now for our 3 children as they have absolutely no chance. Thanks Labour
This issue began in 1996...
@@AndrewEG 1987 under bob hawke left retard
Building property doesn’t happen overnight. Training tradies doesn’t happen overnight.
This is an issue that’s been growing for decades.