How many threads on the same topic do we need ? Those same young people being priced out of the property market are happy to buy the latest iphone and all their other crap made in China.
i am young. and considering a easy entrance into the property market. my justification for this is .. renting where i would WANT to live would cost a minimum of $120 a week. so $6240 a year. for the same price i can own a 500 odd sqm block in some country turtle hole. put a caravan off freecycle on it start building a little shack, and at the end of the year i am same money down, but i own the block.. that by this time i have finished my little shack and working on more. that i own. the only problem is that i am in central NSW or Queenstown Taz.. there are still properties that are in EVERYONES price range. just a matter of how picky are you with where you locate your self.
Priced out of the property market? Sure, if the young want to buy in upmarket inner city locations. I'm not sure about Sydney but in Perth there are plenty of houses around the 300000-400000 mark which people can buy to enter the market. Pay off ASAP, sell then buy another one closer to the city or upmarket suburb you want to live in.
You are all missing the point of the OP's original artcile......The Chinese middle class are using Oz as an investment vehicle with NO restrictions on what they can buy. This is forcing the locals out of the market into outer suburban areas were they would need to travel much further to get to work each day plus parking/public transport/fuel costs.
You reckon theres no jobs (all taken by invading foreigners apparently) so how can people need to travel further to them? :/
actually i think this is an opportunity, let them buy up allready overpriced houses and when they tank they'll be selling it to you for half the price. I think they are pretty stupid to park their money here now if they are thinking of using it as a hedge, to whats happening over there. Our economy is mainly now based on their performance. Once they tank we tank, and hence ---> cheap house prices. Its actually a positive someone wants to buy your house at top of that peak and you rebuy it later for much less. In regards to young people being priced out again a perfect situation; would you want them to buy high and right after they buy (or a few years after) to drop 40-50%? The young need to realise that now is not a good time to buy even if they can get a loan and afford the payments
Not quite accurate - there are many FIRB restrictions on what foreign investors can buy in terms of real estate.
I thought it was pretty much a rubber stamp though with minimal if any actual checking done. See http://www.macrobusiness.com.au/2013/03/firbs-foreign-property-buyer-fail/
Not in my experience SilverPete. And I could also create a fictitious proposed buyer and give him certain attributes which will all but guarantee an approval or remove the need for approval, as in the example you cited. Should people determine to act illegally and risk the punishment that is their call - that is no different from my choosing to comply with any particular law, or my choosing to not follow it and risk the consequences thereof. It is not the same however as saying that there are no restrictions.
Canadians fed up with this shit, esp the ones in hongcouver just forced their govt to shut the door to the takeover of their country. But the damage has been done.
This is the future. Fight it and suffer or adapt and prosper. There are opportunities everywhere as Shinymetal suggests.
Typical glib comment from a boomer. You try fighting 65 million Chinese millionaires that are dead set on buying in your home town. Oh that's right, there were very few around when you got into the property and labour market all those decades ago.
Actually Results not typical is a member of your generation A person that I hold with the highest respect. Please share those thoughts that you have been promoting on this forum with your fellow teachers, the parents of your students. your head-master, your Asian and Middle-Eastern neighbours; I am sure they all would love to hear your opinions
