It's all the government's fault

[tamada]

Now, who is it that votes for these buggers?

(Interesting graph starts at 13:18)

[jackspratt]

Both parties bear some (but not equal) blame over many years.

Many politicians of all colours are multiple house owners, and therefore beneficiaries of the current fiasco.

Of course the last time (2019) one of the parties took principled policies to an election to try to start to fix it, the other mob decided they would rather the rorts continue.

[tamada]

As for the "immigrants" argument.

The net migration rate for Australia in 2023 was 5.173 per 1000 population, a 4.54% decline from 2022. The net migration rate for Australia in 2022 was 5.419 per 1000 population, a 4.34% decline from 2021. The net migration rate for Australia in 2021 was 5.665 per 1000 population, a 4.16% decline from 2020.

Versus

Overseas migration 2022-23 – net annual gain of 518,000 people
Migrant arrivals increased 73% to 737,000 from 427,000 arrivals a year ago
Largest group of migrant arrivals was temporary visa holders with 554,000 people
Migrant departures decreased 2% to 219,000 from 223,000 departures a year ago.

Obviously not enough going walkabout.

[trekkertony]

Neither Labor nor LNP whilst in government have had the appetite to change negative gearing policy. It has been reported in the media that there are many investors holding 10 and more residential investment properties and increasing their personal wealth to the detriment of those people struggling to afford their first home. By reducing negative gearing policy to one investment property per taxpayer may offend the financial elite however it may go someway to freeing up the residential investment pool housing.

[tamada]

It appears that Malcolm Turnbull is the biggest "winner" when it comes to real estate investments of Prime Ministers.

https://www.realestate.com.au/news/insi ... -compares/

[jackspratt]

Just to confirm, these were the ALP housing policies in the lead up to the 2019 election

The Australian Labor Party

The ALP will grandfather negative gearing for existing properties and quarantine it to new properties, and halve the Capital Gains Tax discount.

Against these baby steps, to try and introduce sanity into the overheated Australian housing market, the Lib/Nat COALition ran a totally unprincipled scare campaign to maintain the housing rorts and inequities, and protect the interests of their rich mates.

[jackspratt]

It appears that Malcolm Turnbull is the biggest "winner" when it comes to real estate investments of Prime Ministers.

Turnbull has owned this home since 1994, which was well before he entered politics, and when he was already a wealthy man.

As it has remained his PPR (principal place of residence) since that time, I'm not sure it should be considered an investment.

[tamada]

It appears that Malcolm Turnbull is the biggest "winner" when it comes to real estate investments of Prime Ministers.

Turnbull has owned this home since 1994, which was well before he entered politics, and when he was already a wealthy man.

As it has remained his PPR (principal place of residence) since that time, I'm not sure it should be considered an investment.

What else would you label a +2650% gain in value? Chump change? Anyway, I am sure those who will inherit his estate won't argue.

[jackspratt]

What else would you label a +2650% gain in value?

How about a family home, which has been lived in for 30 years, and has appreciated in value over that time?

But we may have a different understanding of "investment".

The kids certainly didn't buy it as an investment.

[tamada]

What else would you label a +2650% gain in value?

How about a family home, which has been lived in for 30 years, and has appreciated in value over that time?

But we may have a different understanding of "investment".

The kids certainly didn't buy it as an investment.

Probably, but a house, be it family home or vacation rental is fundamentally still real-estate which arguably is the biggest and most secure investment one can make. That's why those that already have their homes, and not just in Australia, are loathe to allow their current handy little earner to be diluted by allowing easier access to home ownership.

I never mentioned the "kids" as buying anything. Nice inheritance but.