The Andrew’s government change the image of Victoria dramatically, small businesses crucified during Covid, people, too scared to go out, draconian language, deals with preferred political suppliers, governance failures, exploding debt and canceling the commonwealth games with no consultation. who would invest in Victoria under these conditions?
There is an unhealthy obsession with property price increase in Australia. It causes more harm than any gain. The only people winning are those looking to down size. But this gain comes at the direct cost for their kids and grand kids generation
We sold out in Deepdene in April for what seemed to cheap at auction but now it’s looking better and better as property is just not selling now !!Prices are falling fast ! Big secret - friend has a Toorak apartment for sale been tools by his agent there are just over 1000 others for sale there !!!
Hi love the show. Thanks for the effort. We recently moved to small coastal town in central Queensland. Population went from 2k to 8k in 24months. Half of people moved here from Melbourne during covid time. They all say they would never go back. Real estate here has spiked avg 150% in 24 months. All locals have been priced out. Much animosity between locals and newcomers. Town had 2 electricians from 2000 to 2020 November 2022 there was 23 electricians in town. More coffee shops per capita than any country in the world,owned and run by 35year olds that quit their jobs during covid. Now, most of them are struggling and trying to get jobs 5hrs away in mining sector.
You are simply silly to buy rental properties in victoria: Tenancy rules are awful. Tenants aren't following the rules re pets. In places like st kilda I've seen kelpies, staffys and American staffys in one bedroom apartments. A dog can do enormous damage Vcat has gone feral. Recently a landlord was living in their car & wasn't allowed to return to their rental property. He was viewed as less vulnerable as the tenants as he was receiving rent. Body corp committees are dominated by people who are broke who are making decisions. The vast majority have no building knowledge. Costs are out of control - rates, land tax, insurance & endless compliance costs Victoria is also creating a new agency to enforce tenants rights. My US share portfolio has increased by 38% in 4 months. You can easily get a 10% return on the sp500 without any hassles. You need your head read to buy investment properties. They are a waste of time
I was going to write something but you have covered all the points, thanks. Tenancy rules, body corp fees, compliance, insurance, poorly built new units, change the risk ramifications for the mums and dads investors, it will take a while to sink in and when the unsuspecting get hit with the land tax on top of that they will realise they are going backwards. There will be some horor stories come out in the media in the years to come and that may kill off a second property being viewed as a sure thing and the rental market will probably dry up even further as a consequence.
Yeah Dan has his tenant or tax revenue policies have destroyed Victoria as the place to be. His most locked down state in the world made everyone want to leave.
Body corporate is a joke in Melbourne, I sold 1 year old townhouse last December in SE suburb of Melbourne, built much bigger home in Moreton Bay in QLD and left Melbourne for good. Now I invest here in QLD and the prices are growing here like crazy, good God I sold everything in Victoria!
My townhouse in QLD has doubled in 4 years in Brisbane. Great body corporate and tenants. I will likely sell eventually but it's been a good investment so far.
i am suspect of this type of coverage. it would seem these guys opinions are that prices always go up. Why? the reality is interest rate rises slow the economy as it makes item harder to buy and people simply cannot afford to pay the asking price and so prices must go down to match the price people are able to service. so technically prices should have gone down. (but for all rhe distortion by the gov i.e.huge of the charts immigration. also prices are hughly higher then the mean prices and a house as a path to wealth became a thing. the issue is, auatralia can never have a competitive industry when a worker in aust has a 1m loan compared to a guy in another country has a 400k loan. and the wages needed to service that loan. we need to go back to the average long term mean or australia will errode to a 3rd world country type quality of liveing for our children. prices have to come down. and they would if immigration was turned back to a reasonable level and land banking was made illigal. but then again i dont see many people voting for a gov doing the right thing for the country over self interest. we are evolving to a class system in auatralia very quckly based on current gov policies. the middle class will errode to a lower class and the rich will stay the size it is now and not grow with population. corruption will grow and unless your a connected rich person, you will have no chance/hope. like the dead on arrival NACC, another gov policy disaster.
You think like an old person. Housing cannot decrease because inflation means assets price must always increase to maintain equity or we will have a liquidity crisis. I suggest you educate yourself.. watch “The money deluge” by dw documentaries.
The Andrew’s government change the image of Victoria dramatically - small businesses crucified during Covid, people too scared to go out, draconian language, deals with preferred political suppliers, governance failures, exploding debt and then canceling the commonwealth games with no consultation or transparency. Who would invest in Victoria under these conditions?
Melbourne property needs to drop drastically. This is one of the biggest over valued property bubbles in the history of modern society. Nothing but bad things can come from the current trends of unaffordable housing and the torrent of over seas investors land banking our city
Seriously? What about people paying 3, 4 thousand dollars monthly in mortgage and spending a lot of money on their properties? Any suggestions? You can drop your price if you have the property go for it. I paid 900.000, and I will sell it for at least that amount of money if not more, since I invested heavily
That's great in Theory, What about all the business owners who have leveraged their business against their houses. If house prices drop drastically they could lose their businesses. I don't think governments will allow this.
Without investors the government needs to step in and be the new landlords for those who want or have to rent. But they won’t. And builders are not interested if no investors. All at the same time as an overpopulation crisis and housing shortage. Thats the result of governments who do understand basic economics.
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The market keeps growing daily with new strategies on how we can make it work for us for long periods of time, I'm glad I finally started my invstment, can't wait to see how this all turns out
The years of property investment as a major part of a portfolio are well and truly over in Melbourne. It only became this way after capital gains tax concessions, negative gearing and cheap money came into the system from the 90s onwards. When the property values reached the point of unaffordable after 30 odd years of these things in place that inflated prices, you get to where we are now. This podcast tried to shift focus away from these 3 elements, blaming it on land tax and tenancy law, which while annoying, is just a smoke screen for commentators who have had their hand in the pie for too long. Australian tenancy law allows very short term tenancy contracts. Landlords still have it good in many ways in Australia.
Go ahead, Stand With Dan! The CBD is full of international students and nice Asian eateries, high rises and homeless. Some parts are dirty, graffied. What a dump.
Oh and huge amount of bank of mum dad nan and pop. In fact mum and dad have moved up here too. Lots of mum and dad co living on small average. Every man and his dog is trying to rent out a spot with a caravan on their block or a tent or whatever they can slap a makeshift roof on. Lots living on boats up the river from the inlet. I counted 53 boats, all are being lived on. Not nice boats lots of makeshift boats. Millennials that sold in sunny coast paid out mortgage and moved here in 2022 with $$ in their back pocket, are now out of money. Every business in town saying things have slowed dramatically.
It's more balanced in Melbourne. Double digit growth is just ridiculous and makes people make poor investment decisions. Bad for our cities, bad for people and bad for investors
Melbourne is groaning with European hopefuls dreaming of a life here; the city is buzzing and we have event overload, so the negativity is utterly unfounded. Perhaps we are craving a slower pace?
Why would Europeans want to live here ? For 300 thousands Europe’s you have a beautiful house in France or Italy with with large gardens , swimming pools . There is nothing attractive for the Europeans in Australia
On the assumption that Victoria has a strong job market. Not sure the current government is facilitating this. Not everyone is a white collar professional on 150k or more per year.
DFAT has some interesting FTAs just signed with China & India that includes Movement of People Agreements. Most are on 4 year visa's which probably become Citizenship so doubt they are renters. That may be creating immediate unmet need. Most podcasts point to international students but is it?
And Blackrock ownership of Crown Sydney & Melbourne have some plans for Student Accommodation and "Extended Stay" developments. Most of that was in FinReview and Yahoo news around end of 2023.
@@birtlee2078 You do realize its crash from peak is already close to 30%. But these commentators chose not to mention that. BTW The land tax reforms came AFTER this slide began.
You people really are ignorant. Why are people mad a landlords? You have to be kidding?! People can not afford to feed their kids and heat the house and you want them to feel sorry for people who took a risk investing in property, have to sell due to legislation changes, (that are designed to do just that to reduce over-inflated house prices), and these same people that subsidize investments via their taxes, you want them to feel sorry for landlords. Yeah right! How about you step out of that little real estate bubble you live and live in the real world for two seconds. Shame on you people.
@@Zipniltheoriginal They simply don’t believe it will crash because it took so long to correct in Melbourne. They have all been pigs at the trough for a very long time. They have no other point of reference.
