COVID-19: who’s going full doomsday prep on this?

Flow-Rider

Burner
Evicting a residential tenant is actually a bit of a lengthy process, an certainly takes more than one missed payment.

Plenty of people borrow for investments other than property as well. Lenders do have a preference for security of their loans though.

One might begin to suspect that housing prices have perhaps been manipulated in order to control market forces and the power certain aspects have.

If you consider the place that shelter holds in the human psyche (Maslow's hierarchy of needs for example) creating angst over it helps control the people at risk. Throw food into the mix as well. And if you are worried you can't supply these to yourself + family, you're a lot less likely to risk loosing your job, take a day off O strike or protest, get around socially and uite with other like minded revolutionaries, put money aside for your militia...


Also those who are over 30 and have a family but dont own a home, how did you spend your 20s?
Excluding what is happening now but in normal times.
If they default on rents you need to sit a tribunal hearing which has a huge waiting list of like 2 months and if they can prove real hardship they usually get awarded something like 9 weeks free rent on top of the 2 months you've already waited prior so that they can sit at home and smoke bongs.
 

Haakon

Keeps on digging
What is the alternative Plan B to provide cheap, affordable housing that doesn't rely on someone else taking the financial risk to provide it?
Being able to buy it yourself at lower prices rather than be forced out of the speculative market by high prices and having to "rely" on rentals.
 

indica

Serial flasher
@johnny they tested two at work for it and didn't tell us.
The two were isolated but still medicated and fed by us, the only PPE was as per influenza, us in gloves, them wearing masks.....
 

Dales Cannon

lightbrain about 4pm
Staff member
Neg gearing is abused though. How often do you hear of people with multiple houses and being used to reduce tax? Limit that shit to one house and the others fend for themselves.

I do not have an investment property... Probably should put that in the fuckwits thread.
 

pink poodle

気が狂っている男
The problem with applying a means test of any kind to the JobKeeper payments is it would significantly delay the delivery of funds, which would be a major problem at the moment.
The delivery of payments will be a long time coming anyway. They will back pay, but...how does that help a vulnerable employee who just got jammed? A single parent or person with no savings? They'll have a very tough wait. If their existing process wasn't so adversarial and untrusting of their clients I feel these payments could be brought on much quicker. Imagine if all you had to do was fill in a brief online form and payments commenced! It could be set up as simply as doing your tax return online.

A big chunk of our tax system is based on the premise that tax payers are honest and seek to do the right thing. For some reason we don't share that assumption with those needing government support? I know which system has more cheats and a higher amount of $$$ lost!

I work for a large employer. They spam me 2 to 3 times a day with a COVID-19 emergency response update...99% of that is just corporate bravado and the update content is mostly minimal. Yesterday they were really beating their chests about how they are looking after workers. There was some very generous payments on the table in the event of a lock down where people won't even be required to undertake work and those who are in essential roles and must work through such a period will get access to that time off at a later stage. Of course this was only for full time employees. I sent an email asking if they have any information for casual staff and the reply was "contact your manager". Thanks for the support guys! LOLs ... My actual manager has already advised in boned but there is a small amount of work for all their casual staff until forced to close and lots of work waiting for me the minute we re-open. It's all roughly what I expect and I'm not too worried (though I'd certainly rather spend my savings on fun things!) personally, I'm just blown away by the corporate of ignorance of it.
 

Mr Crudley

Glock in your sock
Being able to buy it yourself at lower prices rather than be forced out of the speculative market by high prices and having to "rely" on rentals.
A speculative market is not the only driver for housing prices.

Why would anyone pick up a long term loss making property with no chance of any gain provided by capital growth or tax deductions to help a renter? It isn't great model now and does have flaws but there it no workable alternative put forward by anyone unless the government carries the can in one form or another.
 

pink poodle

気が狂っている男
A speculative market is not the only driver for housing prices.

Why would anyone pick up a long term loss making property with no chance of any gain provided by capital growth or tax deductions to help a renter? It isn't great model now and does have flaws but there it no workable alternative put forward by anyone unless the government carries the can in one form or another.
It would also help if there was real wages growth. Even the Commonwealth public service has long been limited to a max rise of 3% per annum in their agency agreements (a Howard era rule).
 

Flow-Rider

Burner
Thats the risk. and no i don't assume all are rich - its the mum and dads that are most into accessing that "welfare', kinda the point. The economy and ability of more people to have a better quality of life with housing security would be probably better off without using housing as an investment and the perks they (usually) get and letting more people access actual welfare in their retirement.
Just for an experiment, go get a job that pays 50k a year and have a small family, buy a rental and see what it really costs to run and how much time it takes out of your life. The real money in real estate investing 'was' in buying and selling not renting, which I personally don't like because it brings a lot of problems with it. Allowing people to borrow like they did just built fake wealth and dramatically made the house prices go up.
 

creaky

XMAS Plumper
I'm all for the jobkeeper as my wife (architect) was about to be stood down like 95% of her company cause their work is 90% hospitality and every job has been put on hold. Their work certainly won't pick up again once the pubs, clubs etc open for business, it'll take much longer for development type work to pick up again.

Hopefully the jobkeeper payment is enough to keep their company going, if not then we'd lose nearly 30% of our income immediately. Lots of people in a much worse position than us though.
 

Mr Crudley

Glock in your sock
It would also help if there was real wages growth. Even the Commonwealth public service has long been limited to a max rise of 3% per annum in their agency agreements (a Howard era rule).
Don't hold you breath for that one.
The low inflation rate for the past couple of years doesn't line up with price increases that I can recall.
 

slowmick

38-39"
The house across the road from us sold for $762,000 in 2018 (just fucking nuts). The current tenants pay $450 a week. That doesn't even cover interest only mortgage payments. Property investing is nuts.
 

Haakon

Keeps on digging
Just for an experiment, go get a job that pays 50k a year and have a small family, buy a rental and see what it really costs to run and how much time it takes out of your life. The real money in real estate investing 'was' in buying and selling not renting, which I personally don't like because it brings a lot of problems with it. Allowing people to borrow like they did just built fake wealth and dramatically made the house prices go up.
absolutely - and all that easy lending was to keep the investment gravy train going. chicken and egg perhaps...

just add it all to the very very long list entitled "fuck you john howard you sociopathic pathetic cnut"....
 

Mr Crudley

Glock in your sock
Allowing people to borrow like they did just built fake wealth and dramatically made the house prices go up.
Increasing debt isn't equal to wealth but it seems to be interpreted that way. You see these news stories occasionally about some 23 year old that has lived on beans and now has 8 investment properties with a value of $4 million+.

Makes a nice story but the amount of $$$ they really have on hand opposed to having a chunk of debt serviced by rental income is usually left out. The total of the asset value which is would have to be mostly debt is only mentioned.
 

pink poodle

気が狂っている男
absolutely - and all that easy lending was to keep the investment gravy train going. chicken and egg perhaps...

just add it all to the very very long list entitled "fuck you john howard you sociopathic pathetic cnut"....
I think you mean sycophantic ideologue...cunt.
 

Freediver

I can go full Karen
Just for an experiment, go get a job that pays 50k a year and have a small family, buy a rental and see what it really costs to run and how much time it takes out of your life. The real money in real estate investing 'was' in buying and selling not renting, which I personally don't like because it brings a lot of problems with it. Allowing people to borrow like they did just built fake wealth and dramatically made the house prices go up.
Nobody with a 50k job and a small family is going to get a loan or be able to save to buy a rental.
The money was not in selling it was in owning and then borrowing against the capital gain to buy more. If you keep buying and selling you will always only get the gain on one property. I'm not sure what fake wealth is. If you're assets are worth way more than your debt then you have wealth.

What made house prices go up was mostly tax incentives that made housing more lucrative than other forms of investment which then had the effect of driving further increases.
 
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