The crude reality is that Chinese do not want to sell their land & homes to foreigners, but most Australians are very happy to sell their land & homes to foreigners. Any Australian party/government that tries to stop this get voted out of power. People are just too greedy here, its every seller dream that a millionaire Chinese comes to their auction and outbid all locals . There is no transparency by agents either, rampant underquoting, not mentioning the reserve price, often not disclosing the selling price are all corrupt practices. Government/Politicians knows everything but intentionally decided to ignore everything due to their vested interests. 🤷♂🤷🤦♂
lockdowns caused builders to go broke and inflation to soar. Now interest is too high for them to start up business again from nothing that simple. maybe lockdown protestors where right
More profit becomes greedy... The Aust dreams is not for us, its for "them".. this country have sold almost all to foreign investors..high bidders win.. not for the 80k a year Bob!!
1. Build more housing. 2. Freeze immigration. 3. Ban foreign property purchases. This is not just the answer for Australia, it's the answer across the West. Unfortunately, not one of these things will happen because our elite classes hate the average population and they are only interested in their own wealth building.
Visited Australia a few years ago....couldn't believe how much houses cost, some of them look like shacks and still cost hundreds of thousands $$. There is definitely something wrong with house prices....Australia price gauging was allowed and tolerated, now the people who paid those high prices don't want their values to drop, which is keeping the prices artificially high for properties/land that shouldn't be worth half or less of that. These land & housing developers have been gauging people for decades! Never trust a Russian real estate guy....they will rip you off every day.
I left australia because your all thiefs, go anywhere in europe and you see the Australian govornment are thieves, they ask 4 times what the actual place is worth. Lucky i already own a property in Aus, but i feel sorry for the renters, just living is expensive, its all tax for the suits to get payrises
Sleazy real estate agents in pin stripe suits are the problem! When is everybody going to recognise that? These parasites failed as used car salesmen and now rely on the greed of vendors by constantly talking up the prices in order to pocket significant commissions by doing next to nothing! The more the selling price, the more the commission! Then everybody puts up asking prices because everybody else is doing it! It's ultimately a Ponzi scheme that will come crashing down!
This is the same guy who just said unemployment needs to go up 50% so that workers stop demanding fair treatment, shut up and learn their place in society anyone who shills for thos guy is almost worse than he is
@@shellwirtful lol Most do, you have to be an absolute moron and it is still difficult to become poor if you are rich. Just have to put your money index funds and listen to your advisers and accountants and that's it. There is no downward social mobility.
Most multi-millionaires love to tell everyone that they came from nothing. Trump said he was a self made millionaire with only a $1 million loan... he forgot about the other $399M
Nobody is talking about the main reason behind Australia's inflated house prices. It is the dirty money flowing in from all over the world in the Aussie real estate market. Australia is a dream destination for criminals and money launders. FATF has warned the Australian government years ago to fix AML laws, but the government is not very interested and allowing the property bubble to get bigger and bigger.
Sleazy real estate agents in pin stripe suits are the problem! When is everybody going to recognise that? These parasites failed as used car salesmen and now rely on the greed of vendors by constantly talking up the prices in order to pocket significant commissions by doing next to nothing! The more the selling price, the more the commission! Then everybody puts up asking prices because everybody else is doing it! It's ultimately a Ponzi scheme that will come crashing down!
This! This right here. Most of us don't know the complexity of construction. I only learned a fraction while trying to find affordable housing for my son and I, and learned what's involved in building. It's so rigged.
Instead of making billionaires richer, it might support and create small businesses. It might also allow more homeowners to contract to have the homes they really want built.
Airbnb’s are chewing up the housing stock and some of the prices they charge per night is crazy, whilst some families are sleeping in tents or in their cars.
@@MrBibi86 I own a large property in Edinburgh. It’s fully paid and worth more than 1M today. It’s MY home, and if the council made it illegal to use as an Airbnb I would NEVER rent it out long term to anyone…. It will sit empty and I will enjoy it when I want. Remember, it’s MY house, I’ll do what I want with it.
@@MrBibi86 wahhh wahhhh I’m a bad person bcz I don’t want to let people who can’t afford houses live in my house….. I’m not sure how I sleep at night. Oh an btw, I could make a lot more money if I took in “refugees”….. the government pays a lot for that!!!
These guys are billionaires (or at least half billionaires) for selling these apartments. Wonder why so many people can't afford them? Gee it's a puzzler.
Right. Supply and demand... and greedy landlords and developers inflating prices making affordability truly out of reach of average buyers. Another thought.. ban foreign property investment.
5:17 i agree with this lady. Loaded in favour of investors is what she said, not for the ordinary person. So very true and its worldwide not just Australia
Every business has to make a profit, but what I saw in Australia is beyond anything else in the world, it truly is designed to keep certain income groups from owning property!
In Toronto it is impossible to buy. What happens is rich people from other countries come here, buy and then rent it out but they don’t live here. Everyone is leaving the city.
@@PoliticalJunky101 Why do Canadians still vote for that socialist boy child called Trudeau. Your health system is horrible, they tax you to death with all kinds of taxes, income taxes our ridiculously high, and he's released the woke thought police onto its citizens!
It is very sad and worrying especially for the generation who are forced to pay ridiculously high rent or live with their parents and be labelled as lazy even though they are working 2 to 3 jobs to stay afloat. Most from where I am would never think to buy a coffee, everything goes into savings hoping one day they will have enough for even just a small apartment. Sadly as pointed out in this interview they will never own a property as the properties are not built for them or within a reasonable budget.
He is right. In the UK part of the problem is we have 18m more people than when I was born and 600k net immigration a year in a very very very very small country and people wanting to live in towns with jobs like London - Even 40 years ago we had to live outside and commute in for an hour, still do. I and my parents and my children had to have 2 full time professional salaries and buy before we bred to be able to buy. My parents even did that in the 1950sin NE England - put off babies for 10 years to buy a first home - their only home.
Well, there you go, the 4:13-4:32 minute marker is eye opening, sadly, in my opinion. The older billionaire revealed much in one short response to the question: can young people afford this property, in this dated 2017 report. He replied, “No,” and added “as long as the Chinese…continue to buy.” In other words, he is living in Australia, building homes in Australia, and earning Australian money. However, as long as non-Australians continue to purchase his produced housing, he is content. How about that version of nationalism???😢
The smartest thing any intelligent and educated person under 35 could do is get out/don't participate in this racket: move abroad, have a good career and life in Asia, the US or Europe, earn good money, invest wisely, and don't come back to Australia until your 50's - at which point the Aussie dollar will be weak, your buying power (international salary/savings/investments) will be much much stronger than if you stayed in Australia, and demographics will see prices fall to something resembling fair for our citizens. The system in Australia is set up to protect existing owners property investment value at all cost - even at the allowing as many wealthy overseas trust funds as possible to keep buying and bidding up prices further. If you are young, everything is and will continue to be stacked against you, people will keep voting for the status quo, and only demographics (which is a mathematical certainty down the track) will see things change.
@@resolecca worse in what way specifically? I'd argue there are pros and cons compared to Australia. But, if you are young and well educated in the likes of IT, Finance, Healthcare, the sciences for some examples you'd be mad not to go as your salary potential is much higher, cost of living much lower, and lifestyle just as good. Plenty of decent places you can buy a house for 4 - 5 x your annual salary too (compared to 8 - 12 x your annual salary in many places in Australia)
A roof over your head should be an inalienable right. Regulation should help society, not enslave it to the billionaire developers and investors. The rules are dictated and made by those who stand to gain the most, it seems.
I was in aussie for nearly 8 years and left in 2004. I came back in 2020 for a social visit. I could feel the change. Its no longer the aussie I was familiar and loved. I cant describe it but it felt much more dry and standardised. Corporate
Why are apartments only built for the wealthy in Australia? When I was living in Japan & Malaysia, apartments were built for families to live in and priced accordingly. Come to Australia, not only are apartments fucking expensive, but are tiny and of poor quality. It's nuts. No wonder people only want to live in homes here.
Zoning laws are too restrictive. In many residential areas anything more than a detached house is subject to special permit, or an outright ban. You can't build a duplex, triplex, or small apartment building without going through a planning meeting, and old boomer NIMBY complaints. During any planning delay the property owner still has to pay taxes, and other maintenance fees. In all of our major cities, the suburbs immediately surrounding the metro area could be significantly denser. And that doesn't mean giant 30 story buildings. A building of 6 to 10 stories is more preferable. In addition to apartments, housing types like duplexes and townhouses fit the scale of any street. The housing problem is made even worse by use restrictions. Some suburbs are exclusively detached housing, with a small commercial area along 1 or 2 streets. The end result is a sprawling suburb with dead streets, no community, and nothing to do.
We are living in a rental/housing crisis and council red tape is Ludacris. people with land are letting strangers park their tiny houses on their property than the council come along and evict them.
Once you build high density cheap apartments in an area near to all amenities, the value of all property in the area drops. For the people who already own in that area, it's not an attractive prospect. Not saying it's right or wrong but almost everyone feels they worked hard for what they've got and don't want to devalue it.
Rates weren't 17% for very long and imagine 17% on your savings..also house prices have gone up exponentially compared to wages..not to mention dirty money from overseas and negative gearing
When I bought my house the interest rate was 12%. I never used it as a piggy bank refinanced when rates were lower and lower again for a shorter term. 30 years later: paid off at 56. It was very hard at times, but did it
@@MG-jj3pn most people who are able to get into that position will..housing should never be a 30 year contract..let's get crazy and give every person a house free..look what that does for an enpoverished family..and for society..people wouldn't be trying to steal stuff if it wasn't impossible to get but then that's a whole other part of the economy we don't want disturbed..
@@abrighterday508 they could just print loads of money and hand it out to everyone and it would not make a difference to what’s happening right now. The money is a joke at this point. Prices wouldn’t be so high if the interest rates had been normal the last 20 years.
Step 1 and 2, Restrict foreign ownership and sell only to Australian Citizens. Stop the immigration tap. You need to stop the demand that is driving up the prices.
The Chinese is buying properly in Australia also in America. The more they buy the more they have a in into our countries maybe even control over prices for renting .
This just the beginning. Indians are also going to buy land now. Colonizers will get to taste of their own medicines 😈😈😈👍🤣🤣. But this time chinese and Indians will do it legally. We are not monsters like white colonizers.
Lol my parents bought a house for $120k when I was a kid over 20 years ago, the thing sold for $900k two years ago and they both split it (divorced) and neither of them can afford a house in the same town. But they still think my generation has it easier than they did.
Yes your generation has it easier than anybody ever has before! 20 years ago it was very difficult to buy a property too, people early took a plane to travel, no phone, no internet, no social media, no fancy foods, and on and on and on. People didn't expect things to land in their plate 20 years ago! Unlike today's generation. So yes, you have it easy! Trust people who know better, aka older generations with experience.
@@pellier08 Boomerinos like yourself like to base your entire contrived bullshit argument on the predictably unsophisticated assumption that any of that shit is net benefit. "Hooray, on-demand portable access to hardcore pornography and generational obesity. We did it, Boomers, the kids are alright." It's almost as if hedonistic indulgences and convenience aren't conducive to human sustainability. You 50 something's remind me of toddlers, the way you people can be so easily satisfied with a mobile phone game and a salty snack is borderline sub-human. Sorry you had to walk uphill to school everyday barefoot via candlelight; I hope plastic cheese biscuits and watching reruns of Friends for the 400th time makes up for it.
2:29 As an under-accommodated (homeless) person for the most part of the last decade, I'm greatful to the billionaire Tim, for telling me where I must have gone wrong with being a pensioner unable to afford even modest rental accommodation. It's all those smashed avocados I keep gobbling down. In what world does anybody spend $19 on smashed avocado? I buy a bag of 6 or 7 avocados for about $6 AUD from Woollies, I've got to try to use them up over a fortnight so they won't go to waste. I love avocados but $19 is like 2 months worth to use in a dozen or so meals. So WTF has mashed avocado got to do with not being able to afford putting a roof over my head?
Try buying smashed avocado on sour dough from a cafe. Recently bought a toasted ham tomato and cheese $22 with an English Breakfast Tea. I see his point. Our offspring generally have no idea … bought my first home at 20. Waiting for parents to drop off their perch … that’s just sad.
@@victoria9590 how does she not understand economics? Just buying a house at 20 shows she understands….hopefully she sells at the right time and converts that lovely principle into real money……
To end housing crisis, increase supply of affordable houses, on one condition, do not allow wealthy investors to buy any of these affordable houses. This will also put an end to ridiculous rent cost of old houses and apartments. As a requirement to home ownership, potential single people and single families need an education on being responsible home owners and maintain their properties at affordable rates!
2/3 of people own their own home. Really, do they own it or does the bank own it? And if you think you own your own home stop paying rates see how long you keep it. It's not even mathematically possible 11 million homes 26 million people, 20 million over 18. How did you get to 2/3 of people that's stupid.
"As long as investors are buying and Chinese are buying its OK" Sir Pon Zinvestor "Buying Smashed avacados and coffee are stopping people from being able to afford property" Pon Zinvestor Jr.
This was filmed in 🚩2017, back when Malcolm Turnbull was the Australian Prime Minister. I'd be interested to see all these people re-interviewed now in 2023.
Stop giving incentives to investors.....stop allowing dirty money to laundry money into property, stop allowing foreigners to touch investment property, and keep it local. More people are moving overseas for a better affordable lifestyle...Australia is no longer the lucky country
I'm torn in this. On the one hand life is very expensive for young people, especially recently with higher inflation. Add to that property prices doubling in the last 10 years, student loans to cover (something their parents never had to get), and flat income growth (example- my first job out of uni in 2006 was with one of the big banks which paid me 45k.. that same role today starting salary around 50k). On the other hand I do feel younger people spend more on luxuries- phones, travel, eating out. My gran who is well off said that she NEVER went put for coffee or dinners put with her parents as a kid- it just wasn't the done thing even for middle class families. These days in every suburb across Sydney, young people out every weekend for brunch, lunches, dinners, and planning yet another vacation. Younger people growing up thinking all of these trappings are normal expenditure, but historically speaking they aren't.
Yep, they spend all their money going out an deating out and then cry they have no money saved. It's weird. Of course you'd have no money saved if you spend it all. But if they do they'd complain that they're bored or have nothing to do
What is this heinous narrative that young people are eating out a fuck ton? You people just repeat the same baseless tropes. I work on a restaurant strip and every night it's full of 40+year olds and the occasional young couple. I go out maybe once a year with mates and we're awash in a sea of old people.
It’s a mix of three things. One being that some of these things are much cheaper now (availability of things like cheap clothes is way higher than it used to be). The other being that your perception of actual peoples lives is completely off, the people frivolously spending all their parents money going out to eat are not the same as the people struggling to get by and working hard to save for a house. The final part is that owning a home is so unobtainable now that many people have literally given up, house prices increased this year faster than the rate at which people can actually save for a deposit so people aren’t getting closer to owning a home when you need to save over $200,000 just for a deposit. Even if I was buying expensive $5 coffee, it would take 40,000 coffees to save for a deposit, or a coffee every day for 109 years. To save for a house it would be a coffee every day for 548 years… but of course the cost of houses is constantly increasing at a ridiculous pace so it’s not like we can keep up by saving. I buy coffee once a week, and it sometimes counts as my lunch because I can only afford to eat two meals a day. I eat out once each month or two. Last Friday I did something social with friends for the first time in three months, and the first time I went out for drinks in a year and a half. I haven’t bought new clothes (other than socks and underwear) for over year, even though I recently went down four sizes so none of my clothes fit me. I only drink alcohol once every two months because I can’t afford it. Housing is so unaffordable that the cheapest place we could find to rent after looking for four months was $30/week over our max budget, in bad condition, and in a terrible location. Try talking to some young people in your life about how they’re actually living
Are you assuming that everyone earns the same? Perhaps it's different in Australia, but here in the US, a good portion of the country simply don't earn enough to even get a decent apartment, let alone a house. I get it, that people say those people should just get a better job and earn more. OK, but as you all like using those things that minimum wage earners produce, and you like going to the restaurants that they serve you at, those people need to live indoors too. It wouldn't hurt to produce more affordable housing.
@Hollylivengood it's not different in Australia, the situation might be slightly better but it's definitely heading in the wrong direction, and everyone should be able to live and close to where they work on a full-time wage
Cutting down on a $10,000 per year smashed avo & coffee habit is no match for greedy landlords & agents that want $50,000 increases pa on their properties..
Boomers houses were so dirt cheap and they're so heinously self unaware that they unironivcay think sacrificing coffee is enough to save up to buy a house. Way ahead of you Boomer, I'm saving money by eating 4 nights a week, not owning shoes, giving my dog away, not going out in 6 years, shaving my head instead of going to the barber, using the same phone for 4 years, having one friend. And all I saved was $8k. The only reason I bought new clothes is because I now weigh 60kgs, but atleast I won't have to shave my head much longer beause my hair is falling out.
@@Areola-Grande I am a dude. I've been shaving my head for so long that I can fade the hair in the back of my head; blonde hair hides mistakes. Its been 10+years since I paid for a haircut.
No matter where you live, and what era you live in, you need to be careful with your money. Its not smashed avos but its everything in general. Uber eats, fine dining, uber, travelling, loans etc. Smash avos are a rip off anyway.
Our town was named most liveable place in Australia but it is so expensive to live here now, people who were born here 70 years ago, can hardly afford to pay their rates. Generally our rates go up $30 a year but in the last couple of years have gone up over $300😢😢 apparently the local council is saying our house is worth an extra $200,000😮 can somebody please tell me who puts the prices on our houses. Is it the real estate or the local council?
You might want to add a few things to those scales like child care, road tolls, rego, insurances, electricity, gas, petrol, $400 fines for stop signs, speed cams, no free uni, water, phone bills, internet, oh and we don't use slaves anymore so yeah there's a lot less money left over.
I bought my 2/2 house in the village of Joshua Tree, CA in 2010 for $35K cash... I wouldn't be able to buy this house today. My heart goes out to Gens X, Y, Z, and Alpha. It's scary to think about the future.
Too many don’t buy due to ignorance. I bought a new home in 2021 and my mortgage payment is less than many pay to rent a 2 bedroom apartment. Uninformed people many times only concentrate on the asking price of the home, instead of just “can I afford the payment”. With interest rates at the time being so low, many passed up a golden opportunity of low interest rates that we’ll never see again. I also agree that young people waste too much money on stupid things like luxury vehicles, ordering tons of crap online, and spending way too much money eating out and going to clubs. For those willing to sacrifice such frivolous things, despite that many believe that “homes are too expensive”, they are in most cases, still affordable to the average person, they’re just not seeing the big picture. Home values are determined by the market and nobody is going to sell you a house for less than market value. It’s your responsibility as a potential buyer, to adapt to the market, not the other way around.
Im single and just paid of a house ,my motto is ( what ever it takes)most people wouldnt believe the things i did to achieve this ,take your mind beyond the boundaries
@@stevemolloy2747 correct and investing in houses to rent as Air Bnb which makes it hard to find a rental. This program was back in 2017 and nothing is being done 6 yrs on.
Our dollar loses buying power as every year rolls around not to mention we work twice as hard for maybe a quarter of the buying power our parents had plus mix immigration and the rest of the goodies in there and we have this concoction of disaster lol
Hes not really wrong is he? Im 31 from Melbourne, we bought our first home for 600k with a 20% deposit end of 2019, after years of renting and saving. We were on about 65-70k per annum each. Second hand cars paid in cash, no zip pay etc, no credit cards, no flash clothes, phones, no real crazy overseas holidays,bought a Kogan TV etc still eating good food and indulging hobbies but being realistic and keeping the bigger picture in view. And now we are on track to pay off our loan by 8 or 9 years, by putting pretty much any left over cent directly on the mortgage and locking it away behind redraw. I think the first part is getting a full time, steady job, which is a challenge in itself.
Imagine borrowing someone elses money, to buy a house someone else built, throwing the family out on the street to hike the rent, and then thinking you're contributing to society by being a landlord...
if a 40 year old couple with 600k home take 400k out and there loan back up to 700k to get a 450k investment property there still 300 to 500 $ out of pocket
@@tommo2777 i have an investment property, i also rent. I don't go telling people they are poor because they are lazy or selfish. Plenty of people work their a55 off their whole life and get nowhere because of circumstances outside their control.
I'm a maxillofacial surgeon earning 335000 a year cough 82000 after negative gearing with my 7 properties... go ahead plebs pay my taxes else my 2nd cousin won't get the latest model Porsche or yacht
We need to connect far outer suburbs with high speed rails, encourage working from home, bring in more competition for high speed internet, give tax breaks to companies for allowing people to work from home, etc etc, then young workforce can work from far purger suburbs with quality of life, homes will be cheaper, we can do so many creative stuff all we need is government to think out of the box
Our council asked for AUD 20,000 for building permit out of blue for a public lane road behind house. I pay $40,000 tax and now have to pay for the road as well? Stop saying you want to help first home builders.
TOTALLY CORRECT! I worked a full time, relatively well paid, job AND 4 other part-time jobs for over 15 years, only one day off each month, NO holidays, budget a (limited night out), every 2 months. No coffees from the barista, food from home 90% of the time - scrimping, working hard and not wasting money on luxuries has certainly paid off. Now retired at age 53 with 17 properties - NOT in Australia, the taxes are CRAZY, prices of EVERYTHING in Australia are totally out of proportion to most of the world. It appears to be fueled by corporate GREED and shareholder GREED, an opinion only, I'm not a financial expert by any means.
How much debt you in mate, Not sure how any of those property wouldn't be bank owned if your only 53 Whats the loan structure,What are the tax benefits. No one hoovers up 17 properties without there being a tax benefit to do so.
The anti negative gearing arguement doesn't wash.. Limiting neg gearing would see rents spike thoughout the country ...and THAT would be a housing crisis
The notion that you can have it all and that you deserve it now is just ad hype and not borne out by reality. Reality is old fashioned hard work with belt tightening and self denial with lots of common sense budgeting. I hear a chorus of Boring! and why me?.. but it's tried and tested.
He's right about not being able to afford houses by spending friviolously. Everyone I know spends money on eating out and buying things like coffee and going out to do things. Then they complain they are broke. They dont save anything. I started saving money at the end of 2021 instead of buying useless and overpriced things. Ive already saved up nearly $30k.
To get a median home in Melbourne or Sydney you’ll need around $200,000 for a deposit… so if it has taken you almost two years to save $30,000 then it’ll only take you another 10 years to save for a deposit! Great job, average in Australia is about seven years so you’re only going a few years slower than average
Average cost of a mortgage is 29% of your net monthly income. Repayments of $1900/month? I have friends living in fibro shacks in Wollongong paying $1400/week. Which is more like 70% of thier net weekly income.
Is this the same Tim Gurner who wants to see a 40% + jump in unemployment just to remind an "arrogant" workforce who is boss - so maybe not the best person to listen to. Due to creeps like this, housing is not for living, its for making money. Utter greed.
Some viewers are suggesting freeze immigration? They are forgetting that 200 years ago their forefathers were immigrant only (by force). I'm an immigrant myself on merit, studied at the University of WA on scholarship 18 years ago and started a company, now exporting the products overseas worth 6-8 Mn$ a year, employing 16 people, paying them more than what big corporates pay (we don't have overheads). Staff are family. This is my country as good as yours. Please don't ever say freeze immigration. That's not the solution for the cost of living crisis. Its so frustrating to see the inflated housing market. We are a continent with big land mass. The simple reason is market forces don't want to reduce the housing prices because they have invested in it! We already have skills shortage. Less Graduates- kids don't want to go to Uni...
2/3 of houses are owned? Why not to mention that it is a bank who owns your house before you pay off the mortgage? Why not to use a median figure instead of the mean? Why not to address the main question: how can the prices go down if the government brings more immigrans than gives permission for new homes? 60 Minutes , shame on you !
There are many contributing factors to the crisis, but barely anyone nowadays wants to address the elephant in the room: that is, it's a supply vs demand issue, yes, but the demand is rising greatly because of IMMIGRATION levels.
A Russian immigrant would know property is a great way to clean Russia's dirty cash. We've seen it time and time again here in London so it doesn't surprise me but it does sicken me 🤢
Here in Malaysia i understand they have the opposite problem. They overbuild. Seeing lot of apartments under construction outside of KL. Seen prices from 225k MR, but not sure how much condo you get with that
This is being reposted because this guy is under fire for other comments he made very recently about how workers are entitled and arrogant and how unemployment needs to go up so workers will be more desperate.
So sick of the whingers. Get off your backsides and work your butt off and save every single cent. A tin of generic baked beans tastes like gourmet food when the house you are sitting in, eating them is your own. The more you listen to the $money$ people the less motivated you will be. Dont expect anyone to help you. Help yourself.
