I was in Toorak last year just touring. It was relaxed there. People in the shops were relaxed and seemed happy. If someone tells you money makes you miserable, don't you believe it. Quite the opposite.
Money doesn't make you miserable. But it won't make a miserable person happy either. I know plenty of super rich miserable people -- money didn't cause their misery but didn't cure it either.
@@davesmith1553 I agree with you. Being part of the top 1% became natural. Money provides some sort of security, provide options and for me it provides opportunities to make a difference. Regarding happiness, we still work on our relationships daily, however when you and your partner naturally kind and decent than it is easier to be happy while a stress of day to day living removed from your life. I am able to talk about an experience gained by wealth building in a decent honourable manner without harming anybody. Low life crooks with money on the other hand may look at life differently and in my opinion it is wise to avoid such people for our own general safety.
@@Liam-w4h4w I agree Liam. Having a certain level of wealth provides freedom and options. I for example practice gratitude and act of kindness daily. I also live with a knowledge of my families history. I came from a historically significant family who's power and wealth lasted close to 1 thousand years. Following the war some of my family had to exile our homeland, while other part of our family members who live in other countries remain in powerful positions today, kept and increased their wealth.. I learned from a very young age an importance of money/investment and wealth building. I remember when I was around 2 and 1/2 years old, I admired my countess great ant's (grandmothers sister) painting and told her how beautiful she was and how much I loved what she was wearing on the painting. She reminded me that I am very special, kind and wonderful and I have to remember that in life money/investment and wealth building comes first, and when I grow up I must dress in high quality, look after everything I own, ensure that my shoes is very clean, my hair tidy and my clothes perfectly ironed. She also told me to follow my destiny and to ensure that I grow up to be humble, honest, kind, savvy and protect myself after which she picked me up. I received the same messages from my whole family from a very young age. Taking responsibility for ourselves and building our futures in an honourable, decent manner should be internalised and actioned by all.
I live in toorak in a 1 bedroom 1940’s unit. I just had a 30% rent increase. We begged and were told to get F’ed. my landlord lord owns all 6 units outright which she purchased for $170k in the 70’s. The oldies could care less about the youth. The baby boomers here sit at the cafes judging the youth as being lazy and tech addicted. A few days ago I ran in to grab a coffee and overheard them saying they should just cut the internet on us and watch us all fall to bits and it would be funny. They really do think we are pathetic. I’ve been working 7 days a week for the past 6 months to pay the rent and bills, hearing that when I was also unwell and couldn’t afford a day off put me in a very dark place. Thank you to all those who are sitting on piles of money looking down on us and then just gleefully putting the rents up on us and destroying our futures. Don’t worry, we think you are pathetic too. Karma always prevails. ❤
@@Vladmir-f1y Adam, please go and seek financial advice/wealth building advice. You need to learn how to manage money, learn what to expect from life at all stages of life. My family has been in power for over 1 thousand years, following the war part of my family who resided in certain countries had to live everything behind. In other countries my relatives still hold significant power today. The families who had to live, all had to start from nothing and managed to build significant wealth. During my personal wealth building journey I encountered very serious problems I had to solve and overcome, and still kept going. You can do it, you can turn your life around.
I worked on that property at St Georges Rd back in 2014 just before it was sold and then later bulldozed. We spent months fixing all the old traditional sand and cement render and recoating everything. The owner was the CEO of the huge Melbourne construction firm LU Simon. Insanely wealthy bloke. It was an incredible property, real shame that it was all just binned and now there's just an empty block. Notice how not one single person you spoke to got remotely close to mentioning that part of the problem is the insane disparity in intergenerational wealth and the associated rocketing house and land prices in the capital cities. Most of the people you spoke to seemed to have very little clue as to why it's gone that way or perhaps it's just wilful ignorance.
Wealth mobility is tracked globally. Australia ranks among the highest (last I looked- 4th). Inter generational wealth hasn’t really started yet. So your assertion doesn’t make sense according to the data. And today’s younger Australians are going to be the wealthiest generation in their retirement. By a lot. There’s essentially a 17% tax on inherited super already, if this was your idea of wrecking the inheritance of other people being of your envy. The builder in this video explained one of the main reason for prices being high. Inflation squeeze is another, along with borrowing capacity being hit with higher interest rates. Elderly gentleman touched on the skills shortage. Housing shortages are happening in every developed country. Not enough houses being built for the amount of people looking. Apartments are affordable largely for a first home, but in developed and well established areas, it’s not reasonable for a young person just starting out building themselves a life to expect to compete with someone who has 30 years more wealth and income behind them. Nothing changes unless more houses are built. While the government is implementing ‘tell poppy syndrome’ policies, this will have the opposite outcome to what is needed.
@@NoRegertsHere Thank you mate, you have the grace and energy to articulate exactly what everyone who knows is already so tired of trying to repeat in ever simplified ways. At this stage I don't think it really is that people do not understand me, I believe they want to ignore me to be wilfully ignorant.
@@scarletskunkjob9842 I think they notice the same symptoms that everyone notices, but misdiagnose the cause. They focus on rhetoric that seems to make sense of the surface. The types of policies that work address the ingredients that cause the symptoms. Government and those that chow down on the rhetoric attempt to micromanage the symptoms and ignore the inertia of the ingredients. To me, that’s the difference between a lefty and a righty
@@NoRegertsHere Well put. I was going to respond but you did a better job than I could have hoped to. And you can tell the lefties in the comment section. Stop watching the Project and ABC folks.
Absolutely!! Are we crazy selling our land and houses to big corporations owned by foreigners, and who don't even live here!! As with many things like gas and electric, our governments need replacing. because they are F........ our country!!!!
@tyre5 I agree with giving a Caravan to live in for homeless people, with expectations and active supervision to ensure that they actively work towards bettering their own life. Frankston may be to far away from the City however I don't fell that I know enough about Frankston to make an educated comment.
I think the most interesting point was that old mate may have misinterpreted the question entirely - he's confused housing crisis and homelessness; another indicator that he doesn't truly understand what's happening at the moment from atop his ivory tower. Still, wouldn't put it past him to cram in a family of 5 into a caravan and charge the family the privilege haha.
Having binged your catalogue of content; you do an excellent job of talking to all of the people featured in your videos with a fine balance of comedic, informed respect which makes for such dynamic and enthused responses. Really enjoy your work man, ive no doubt you'll continue to grow. I'm excited to what comes next from you!
I used to work in Toorak weekly as a gardener. The family we worked for raked in $600,000 a month in rental income. All so they can by their third Ferrari or 1.2 mil bespoke spec Porsche. It's societal leeching, and it's fkn disgusting.
So they provided properties for rent so people can have a roof over their heads and made money doing it. Yeah they sound like real pricks. They also provided you with work, the complete and utter bastards. Blows me away how people hate success.
My partner and I recently bought our first home in richmond and it was an absolute nightmare. Months on end trying to put offers in on places to just get knocked over by some boomer with deeper pockets. Often their offer wasn't even better than ours - they could simply afford the risk of not including a subject to finance clause so they'd instantly get prioritised over us. Maybe I'm naïve, but I feel like buying your first home is a real achievement and it should feel special and exciting - but between the REA and even our own conveyancer trying to actively take advantage of us at every opportunity, it ruined the entire experience and when we finally got a place we were just glad it was over. The thing no-one seems to talk about is how difficult it is to buy a home as a first timer even when you have the finances to do it! You've got the means - but no-one wants to sell you anything!
Congrats on getting a place, must be a big relief. Sales terms are often more important for the seller. 30 day settlement, no finance, biggest delay is how quickly a bank can close a loan. That’s very appealing and seller often takes a lower price.
I feel you so much! I am also currently buying in melbourne as a young person buying my first property. People constantly tell me "that's so exciting!!" and I tell them, it's really not it's a horrifying experience. Even with an enormous deposit the amount of hoops and the amount of people ruthlesslsy and soulessly trying to rip you off it absolutely horrifying and so sad. Probably sounds weird to the people reading this comment that aren't currently buying but you can't imagine how horrible this process is - but I see you get it Rob - nightmare. Congrats on finally getting your place. Hopefully the happy memories there drown out the trauma of buying. Feels like even when you do everything right and save, save, save and strategise smartly you still can't win!
@@Infinitythenfurther very interested in this and id love to know more. who are all the different hands trying to skim off you? obviously real estate agents and banks but it would be cool to get a broader picture if you could point me in a direction
@@noahlenten8360 They're on every corner haha but sure I'll rattle some off the top of my head, definitely real estate agents - they'll lie about everything -subdivision laws, illegal electricity work, estimated rental return, not to mention listing properties well below predicted sell price (illegal). Buyers agents (some of them might be good but at the end of the day its an unregulated industry and is just rife with lies and scams same as the financial planning industry was in the 80s before the regulations came in). Then you've got "property clubs" that advise you on 'smart buys' but they're actually just a pyramid scheme that brainwashes people and earns commissions off their dodgy advice, mortgage brokers that work for banks obviously don't care about you and your buying decision they'll happily allow people to buy bad-purchases that causes crippling debt. Or you can buy a house and land package but good chance the builder will liquidate or flee the country with your money and leave you homeless and in debt. Or as happened to my friend, bought a new apartment as a finished build in a nice area, lived there for 6 years before the extreme structural issues were uncovered making it unliveable and unsellable (but you can't sue the company that built - which of course legally you can - but you can't because they make shell companies to build and then shed the company - making them untraceable and unsueable). The conveyancers and the pest and building inspectors also aren't trying to do their job to the best they can they're just trying to make their cheque quick.
You said it perfectly, Chinese investers buying Australian properties, Australians who live in Australia regardless of their race should be the only ones can buy property in Australia. NO OVERSEAS INTERESTS.
The builder hit the nail on the head. Input costs and labour costs/demand rising then the headache that is building permits and getting anything through council... NIMBYism too...
Unfortunately, the government won’t blames those things. They are blaming anyone who is just hitting their stride wealth wise. Which will not fix the structural problems, and drive away many who would provide a rental where it’s needed or build more houses
Not really. It's not a supply problem, there's heaps of vacant homes in Melbourne. The actual market value of homes in australia is obviously hugely inflated and enormous amounts of money need to be pulled out of the housing market and redistributed
@nodocs74 You are correct if you are looking at the Suburb Profile, however when you own your house in Toorak you will find more than enough younger people and younger families with children living in established large houses. The new apartments, depending on which once pre-dominantly owned by older people seeking security and a smaller place to live in. The apartments I am referring to conveniently located close to Toorak Village.
dump negative gearing for existing residential stock. This allows 1st homebuyers to compete with property developers and landlords in the older homes market. Allow negative gearing for new housing stock. focusing the tax rebates to building new property is a win for the economy, jobs and residential house stock numbers
Not a bad idea but it's overly complex when we can just get rid of negative gearing full stop. Or even better, dump the capital gains tax discount - negative gearing at least makes logical sense, profit is profit and loss is loss. The CGT discount outright manipulates the system so investors pay less tax than everyone else.
@@marquee_tags Getting rid of NG and the CGT discount outright is a bad idea as it discourages investors from building new properties. The last thing we need is less investment in new stock. It is also difficult to get rid of for people who are already using it with established properties, but the rate of deduction could be gradually drawn down over a period of say ten years.
@@soulsphere9242 CGT discount doesn't care about new properties, if anything it encourages the flipping of established ones. Hence my thinking that it's better to get rid of the CGT discount (which was a nonsensical vote buying scheme in the first place).
@@marquee_tags Neither NG or CGT discount currently care, but they should, that's the point. The CGT discount like NG should only apply to new builds or newly completed builds that have not previously been bought. The CGT discount makes property a more worthwhile investment. If you continue to allow it on new builds it encourages investors to buy new builds vs existing properties. There is no harm allowing investors to buy even completed properties that are looking for their first buyer. If there is a market for investors, builders will build for them. Property flipping in and of itself isn't a problem. It does not add or detract from the total stock. It is also only worthwhile doing if a property has made a serious gain, because stamp duty can make flipping a pretty expensive exercise.
I'm a low-income person living in a wealthy Eastern suburb of Melbourne. (I won't mention which one, but you can assume where). My rent is extremely low for a private rental. It is just by luck that I've found this place. Anyway, the concern for me is not the rich suburbs, but law and taxes. Negative Gearing and Capital Gains Tax are major contributors to high investment in private land and social inequality. Australian law also favours people who pay for land in cash, meaning anyone *including criminals* can purchase land, without question, with cash. That means international investors can launder money in Australia by land banking.
I always look for cheap flats in the most expensive areas. Because people in those areas are looking for all the mod cons - the more basic apartments aren't wanted, and they end up quite cheap even when you compare them to the cheaper suburbs where everyone is looking for the cheap. I value the safety and convenience of the expensive suburb (where you also find the cheapest supermarkets) over a 2nd toilet or dishwasher.
2 Jobs and a masters and your own youtube channel. Young people today are so smart and hard working. Great content. You'd be perfect to be on channel 10's The Project!
The gentleman talking about the plans needed etc, made me realise that all the rules and red tape the government enforces are causing more problems than they’re helping. While they sit in their luxury, they don’t care about the people. Especially those working in the service industry, with the shads awards which barely cover expenses, never mind any luxuries. I feel more and more that’s there’s no point to living, it’s just struggling, no matter how hard you work, and then you die. I’d rather just die on my terms than keep on struggling with so little to no hope left! Thank you for sharing your project. ❤
You just realised this? There’s still plenty to live for, you just need to find it. I guarantee your life is not as hard as mine, I’ve never met anyone who’s is. So if I can continue living, you can too. You just need to learn to enjoy the small things.
The QLD State Government has answered the homeless peoples prayers by trying to push through a development of 2.5k houses in Robina...on the Gold Coast...on a flood plain...with no plans for infrastructure...where the median house price is over $1mil. 20% of those houses have to be considered "affordable"...dare you to go see what the Government considers affordable. The biggest issue is our Governments willingness to not do anything.
3 месяца назад
No, the biggest issue is population growth. We wouldn't need all these additional houses if the government weren't bringing in hundreds of thousands every year.
you can blame the government all day fact is our human stock is a bunch of whiny young socialists who are justifiably angry but too dumb to know how to fix it and everybody thinks its a problem that can be fixed by more government not less government. too much government and bailouts caused this. reversing the bailouts and getting rid of the government in most cases will solve this. your grandparents didnt need permits and government oversight on everything and they were fine.
1. Keep Negative Gearing 2. Remove 50% CGT Discount 3. Depreciation on Investment Properties should not be deductible against your income 4. Cap LVR for investment loans at 50% 5. Abolish Stamp Duty 6. Stop Immigration 7. Reduce barriers in building new properties (new zoning, faster approvals, etc) 8. Subsidize builders and new trainees/apprentices entering the trade = No more crisis.
Agree but would like to hear your thoughts on points 1, 5, 6 1. Curios as why you would keep negative gearing ? 5 is alot of the east coast states revenue if we pulled it completely would they then have to tax us elsewhere? 6. Would you stop immigration completely or slow it to more realistic numbers that we can absorb?
@@s55558 1. There's nothing wrong with negative gearing. If I made 100k salary and chased a business venture funded by debt which also carried 100k expense in interest, then I as an individual made zero profit. Surely I shouldn't pay tax on my 100k salary...where would I even get the money to pay it? The issue with negative gearing is that property depreciation is calculated as a cashflow expense (even though it's not) and that $1 in loss can be claimed against $0.50 in capital gains. Removing the CGT discount fixes that problem. 5. Stamp duty discourages buying and selling of property, reducing the short term viability of buying and reselling. Replacing this with a higher land tax would decouple the revenue from the transaction frequency and would replace it with a steady, consistent, and predictable tax revenue. The higher land rates would also hurt the long-term investment returns of housing, which is good for property affordability. It also reduces the money you need to save for a deposit as a FHB. 6. It doesn't need to stop entirely, but at a minimum it should be substantially reduced such that the population growth due to immigration doesn't exceed the increase in housing supply. If we can get to a stage where housing becomes affordable again then we can always increase immigration at that point.
"Uh, caravan places. Caravan parks. Why have 100 caravans sitting on a site in Frankston for instance, at those joints, when people could be put out on, in caravans or cabins?" Wtf does that mean exactly? Does he mean in his yard?
i used to work in a neighbouring council and i couldn’t believe how many long term vacant homes there were everywhere, some streets near shopping precincts had one in ten house vacant! These were predominantly owned by overseas investors. There are also some houses that got caught up in the void of covid restrictions and increased costs etc.. but most of these and are starting to be developed or nearing completion..
Frankston is bad for that,derelict houses owned by overseas investors. Shopping complexes also really negatively affected by viewing land as a nest egg
It still floors me how an australian is happy to pay a 25 year mortgage and live their lives a slave to debt. yet can't manage to figure out the government spending and debt problem is the issue. Not much you can say to people who cant identify the problem and are happy to live their lives as debt slaves.
The problem of the housing crisis is you and other ignorants who don't know absolutely what the problem is and are brainwashed by the media. The only problem here is extreme migration and the gas cartel, you fix those 2 things and the property ponzi bubble will burst and energy prices will drop, which will reduce the price of construction as well.
I like the videos dude man, keep em coming. Some interesting issues / topics being covered and you seem to be pretty genuine in your search for answers. Good to see you securing interviews with people and getting first hand sources etc.
Awesome stuff man! Id love to see a video on something about bullet trains from Melbourne to Sydney or Melbourne to Geelong. I just came back from Japan after riding on their bullet train the shinkasen and it was incredible, wish we had something like that here ! Just an idea :)
Omg the way U edit in snippets of caravan man is so good I literally died when he said "heaps sitting empty waiting to be sold the government should take control and lease them" Excellent show don't tell work by U !! And fucking HILARIOUS like it almost seems like satire
Yeah sure apartment living is a solution but then you’ve got to pay extortion levels for bs body corp and strata fees that are a complete waste of money again
@@Tasmantor There is also the issue of extra costs that isn't necessary. Reality is that do we need an apartment pool, cinema room, etc? That said gyms and function rooms are most useful and cheap to run. Can't see a reason for the other needs.
The guy blaming state government taxes and the increased landlord compliance requirements is the type of guy who would be a landlord who would not spend a cent fixing a defective rental property. Land tax increases are great for encouraging landlords to sell up to owner occupiers,
@@Tasmantor The argument is that as investors leave the market, these rentals get bought by owner-occupiers and that takes the properties off the rental market, which means less rentals for people who cannot afford to buy. It is a BS argument. One of the reasons Melbourne's apartment property prices have stalled is that investors are dumping them. It is great for first home buyers and every first home buyer is someone who no longer needs to take up a rental.
A lot of Chinese investors bought Toorak homes and demolished them. Because the land is a long term investment and you pay less rates and tax without a house on it
i do research 12 hrs a day, if you would like info on any of your topics i will do it for free, people are gonna have to get used to doing things for free sometimes if we are to try fixing the shit we have gotten ourselves into.
"Put a cap on rent" was a more helpful and obvious solution than most academics have had, and it was a tradie brainstorming an immediate answer out of his ass.
Land zoned residential that's unused should have some kind of limit on how long it can stay unimproved. 5-6 years? Land tax is just not adequate on these sorts of things. There's a street near me with multiple blocks (I counted 20 of 1000sqm each) that have no houses on them since they were bought in the early 2000's. (outside melbourne) I suspect it's the one owner....In my opinion, when you buy a block there should be, say 4 years, for you to put in a building application and another X years for however long approved building applications are valid for. Rich people (domestic and foreign) end up just buying land and hoarding it. Land is meant to be used. The finite land is the biggest cost in housing these days. Had a look at the guy you interviewed from 6homes and they build modular homes starting from $90k (which is probably for the 'studio' home). For the worst off, I can't see why government, community organisations etc can't identify plots of land (crown or long term unimproved), build 1, 2 and 3 bed modular homes for $100-$130k and rent them out for $x per room. Maybe $125/room/wk. 3 year leases extendable to longer for a family with children (stable home location for school etc). Maybe not meant to be permanent but to give people a chance to save and buy their own.
Everyone saying that putting costs onto landlords puts prices up... doesn't understand how rentals are priced. They do not do pricing based on what their expenses are they do pricing based on the market which is just increasing exponentially at the moment anyway due to low vacancy rates.
Halve the GCT discount & cap negative gearing at one level below the investor's marginal rate. Put the savings into housing developments run by non-profit organisations. I live in one & would be homeless without it.
Interesting and insightful. Some good reasons and potential solutions. Although I don’t think much has changed in the past thirty years. It is now what it was then. I’m 48 now and when I was a student 28 years ago I also had issues affording a decent place to rent. It was a nightmare back then. So I had to live in a shit hole in the arse end of nowhere. Quite literally people used the elevator as a toilet. But I bided my time, improved my finances and life got better. I had to buy my first home with a mate at 27, again in the arse end of the city. But the area had potential. Did I want to live there? Hell no. Fast forward 20 more years and that house is potentially worth triple what it was and I rent it out. I moved elsewhere, was financially more able to buy the home I wanted to live in but it’s been a slow process. Where I live is no Toorak but that area ( which I know well) is an old suburb with old money and old people who live in a bubble. And there’s nothing happening there. It’s pleasant, and lovely and gentrified and dull. I think you’ve got to be prepared to endure and persevere and be in it for the long game. And in doing so you’ll get to where you want to be. Life is a journey.
@@Tasmantor It wouldn't. Why would anyone expect the elderly of Toorak to be "in touch" with issues that don't affect them? Would you go to a university and ask students about the aged care crisis and then call them out of touch for not being across the issues?
@@clairenapolitano6116 but are students to blame for aged care issues? If anything it’s the students who will be footing the income tax bill to support the growing ageing population for the foreseeable future. On the other hand one could say that the older generations are entirely to blame for voting for tax policies that heavily favour continued speculative property investment, to the detriment of aspiring first time home buyers. But indeed, why should the older generations care about the younger generations? I don’t know, perhaps because their kids are in the younger generation. Perhaps because their kids can’t afford to have children of their own, meaning we need to further increase immigration from developing countries to keep the economy going and income tax receipts flowing. Oh and don’t forget that increasing inequality will lead to higher rates of crime, just look at the US for example.
@@JohnSmith-cu8yc No obviously students aren't to blame for the aged care crisis. The point has flown way over your head. The elderly didn't vote 1 - Housing Crisis for our grandkids. Blaming them is ridiculous as is walking up to a retiree who bought their house 50 years ago and asking them for a solution to the housing crisis. They didn't choose the era they were born in.
What's surprising is that Victoria has the cheapest house prices in all of Australia due to new tax legislation on investment properties. Currently the only state that's doing this, what a surprise.
Some solid answers from people who are quite wise. The building industry was never looked after by state or federal government and absolutely atrocious behaviour was rife. Workers have left for the promise of more working on mines which the government bend over backwards for. Everyone wants the continuity of work and the security. Materials into the country are bottlenecked due to the slow down through the oil futures scare back a few months prior to covid and then covid itself when all the major shipping lines brought forward their depreciation schedules and sent valemax sized ships to breaking yards. We are now just trying to catch up. What doesn't help is bringing in loads of people when we literally cannot build to accommodate them let alone ship in cheap produce and products as we compete on highter prices for everything now as a result of the bottleneck. Things like the first homeowners grants, etc, were nothing but a blight that let home builders raise their prices by precisely the amount the government would cosign. Trying to get rid of negative gearing for individuals will simply lock a generation out of wealth and create a greater divide between those who already have and those who do not. I don't need to negative gear to keep what I already have, especially if I can absorb the cost. Besides, companies won't be impacted at all, they can double down on what the mum and dad investors choose to let go, for a company a tax loss is a tax loss.
Great content! Really enjoyed the interview style. Highlighted the generational, wealth and ideological divides in Melb. And really great editing! Pacing was perfect
"We absolutely cannot do anything that will negatively impact our on-paper wealth - just build more homes! (But not in our suburb). Also, just live in shoebox apartments or caravans" -the reason the crisis isn't being solved
The residential cabins in frankston are expensive... not compared to a full house, but $300+ per week (plus extra costs) for a studio tiny cabin is steep.
The ministers in parliament need to start re-zoning land and the government needs to start doing their own projects and stop relying on private sector companies to do everything.
land bankers usually from overseas,, i hate seeing empty blocks in suburbs for yrs. i always think man sell so i can 'hopefully' buy and build my own home lol
10:40 I’m pretty sure it’s just as expensive. I find the problem is too many developments are too extravagant and larger then they have to be aswell on top the valuation of land alone.
Frankston caravans? As long as they're far away from him yeah? Also i always wonder when i drive through Brighton as well who owns these empty lots in prime spots or are they Asian land bankers.
Modular is a great idea but the Australian banking industry won't touch it so its impossible for a couple or individual to finance the build. So even though it's way more cost effective faster build time and quit possibly better quality due to the controlled build environment it's just not viable for anyone that can't just pay for the product outright.
My solution is to build second citys on the outskirts of regular cities. That opens up more land. Otherwise well 100 percent will all be living in appatments except for the wealthy. Depending on if you still think owning land is what you want. Personally i hate appatments. And i live in one. The windows only open 30cm and my front door opens to a smelly hallway. I never feel like there's enough air. But its convenient for work/university. I don't really have a choice atm.
There are a bunch of smaller second cities around. Frankston would be considered one, has so many large shopping centres and facilities and a CBD with laneways etc.
That's a fine-looking high horse What you got in the stable? We've a lot of starving faithful That looks tasty That looks plenty… That’s all that kept going through my head!
While I have been to Sydney's eastern suburbs many times, I can't say that I've been to Wolseley Rd, Point Piper. Median price, apparently, is north of $30 million. I just can't see how that is sustainable, but clearly there are people who will pay for those views.
@@coopsnz1 500sq metres is huge that close to the CBD of any east coast city, and you can bet that the locals have fought to avoid subdivision hell. I've lived in places where you can easily have a conversation with your neighbours while they watch TV. Nothing odd about that ? It is when you are in the bathroom ;)
The suburbs next door will be 15m. And the suburb next to that, 10m etc etc. that’s normal way house prices rise on waves like that over time. And makes sense that at these levels, there aren’t mortgages and an area is highly desirable, competition with such small amount of stock is fierce.
There are laws in some European countries, were you can only own 1 investment property , unfortunately australia is a good place for offshore money laundering through realestate as a front
10:12 sensible man. Yes if we are going to ask people to work in these business hubs you have to build the required housing. Apartments and townhouses are the best solution to that. Unfortunately Darren and Karen won't move out of their 1000 square meter block in the middle of it. Also the planning around some of the CBDs are so bad. People wouldn't mind living a bit further out if we had proper public transport that actually functioned to aid people rather than frustrate the shit out of them.
As someone who has done social work recently, I can confirm that people are already renting caravans. Whole families in one caravan and that's caused the prices to surge as well. I also love that you challenged that other guy who stated we need to stop immigration and asked him how much we should cap it by. Making these people stop and think about their redicidulous half-baked opinions is quite entertaining.
I dont think they're trying to fix the housing problem, most people who own want their house to go up in value as do people including politicans who own 15 homes.
That’s the wealth shift even the government noticed with having widowed wives receive a transfer of power. Hence the government planning in positioning ways to line their pockets on the next windfall. Which is by windfall taxing housing. The current capture is based on when government zoning plans change & which directly will cause an increase in area value the price difference gets a windfall tax. So now they have a windfall tax in place the scope of what is a housing windfall will only continue to broaden as history shows that’s what governments do.
Buying the house next door and leaving it vacant is not just a strategy to prevent new neighbours moving in. Once you combine the titles the land component of your primary residence increases significantly to become a zero tax multi-generational wealth building vehicle. #IYKYK
So there is an overseas investor with a block of land priced at $39,000,000 not doing anything, builders ready and willing to build being held up by permits, huge houses containing possibly 2 people mmmm. Let me think on this.
rent is too high in Melbourne right now and for the asking price of 1 - 2 bedrooms is not worth it as the quality of the home doesn't match up! it've seen 1 bedroom in south yarra for $500 pw and it looks old, rundown kitchen look and appliances, old piping etc.
Hearing Property investors talk like without them and their money houses wouldn’t exist is infuriating. If a property investor doesn’t buy a property then there is less competition and it creates an opportunity for a home buyer. And they always talk like increases to taxes around property investing will magically make existing houses disappear. If tax laws change and it no longer makes property investment profitable so that investor has to sell . The property doesn’t go anywhere. It goes on to the market for somebody else to purchase it hopefully an owner occupier who needs the property more….
I live in Toorak and there is so many young cool people in the area. I think the interviewer is just finding the "old Money" Toorak locals instead of asking the young people like the girl with the colourful hair.
I was in Toorak last year just touring. It was relaxed there. People in the shops were relaxed and seemed happy. If someone tells you money makes you miserable, don't you believe it. Quite the opposite.
Money doesn't make you miserable. But it won't make a miserable person happy either. I know plenty of super rich miserable people -- money didn't cause their misery but didn't cure it either.
@@davesmith1553 I agree with you. Being part of the top 1% became natural. Money provides some sort of security, provide options and for me it provides opportunities to make a difference. Regarding happiness, we still work on our relationships daily, however when you and your partner naturally kind and decent than it is easier to be happy while a stress of day to day living removed from your life. I am able to talk about an experience gained by wealth building in a decent honourable manner without harming anybody. Low life crooks with money on the other hand may look at life differently and in my opinion it is wise to avoid such people for our own general safety.
@@davesmith1553really tell em to give me some money so I can be miserable with them too 😂😂
No one actually thinks money makes you miserable.
@@Liam-w4h4w I agree Liam. Having a certain level of wealth provides freedom and options. I for example practice gratitude and act of kindness daily. I also live with a knowledge of my families history. I came from a historically significant family who's power and wealth lasted close to 1 thousand years. Following the war some of my family had to exile our homeland, while other part of our family members who live in other countries remain in powerful positions today, kept and increased their wealth.. I learned from a very young age an importance of money/investment and wealth building. I remember when I was around 2 and 1/2 years old, I admired my countess great ant's (grandmothers sister) painting and told her how beautiful she was and how much I loved what she was wearing on the painting. She reminded me that I am very special, kind and wonderful and I have to remember that in life money/investment and wealth building comes first, and when I grow up I must dress in high quality, look after everything I own, ensure that my shoes is very clean, my hair tidy and my clothes perfectly ironed. She also told me to follow my destiny and to ensure that I grow up to be humble, honest, kind, savvy and protect myself after which she picked me up. I received the same messages from my whole family from a very young age. Taking responsibility for ourselves and building our futures in an honourable, decent manner should be internalised and actioned by all.
I live in toorak in a 1 bedroom 1940’s unit. I just had a 30% rent increase. We begged and were told to get F’ed. my landlord lord owns all 6 units outright which she purchased for $170k in the 70’s. The oldies could care less about the youth. The baby boomers here sit at the cafes judging the youth as being lazy and tech addicted. A few days ago I ran in to grab a coffee and overheard them saying they should just cut the internet on us and watch us all fall to bits and it would be funny. They really do think we are pathetic. I’ve been working 7 days a week for the past 6 months to pay the rent and bills, hearing that when I was also unwell and couldn’t afford a day off put me in a very dark place. Thank you to all those who are sitting on piles of money looking down on us and then just gleefully putting the rents up on us and destroying our futures. Don’t worry, we think you are pathetic too. Karma always prevails. ❤
The call us lazy but the younger generations have a significantly higher average hours worked compared to older generations when they were our age
I work 7 days a week, 12 hours a day. Can't afford my rent hardly.
Why are you living in toorak tbh
It’s the politicians ruining your future not them, vote smart
@@Vladmir-f1y Adam, please go and seek financial advice/wealth building advice. You need to learn how to manage money, learn what to expect from life at all stages of life. My family has been in power for over 1 thousand years, following the war part of my family who resided in certain countries had to live everything behind. In other countries my relatives still hold significant power today. The families who had to live, all had to start from nothing and managed to build significant wealth. During my personal wealth building journey I encountered very serious problems I had to solve and overcome, and still kept going. You can do it, you can turn your life around.
As a renter not far from Toorak, it makes me laugh that Toorak is now an old people's village.
I worked on that property at St Georges Rd back in 2014 just before it was sold and then later bulldozed. We spent months fixing all the old traditional sand and cement render and recoating everything. The owner was the CEO of the huge Melbourne construction firm LU Simon. Insanely wealthy bloke. It was an incredible property, real shame that it was all just binned and now there's just an empty block.
Notice how not one single person you spoke to got remotely close to mentioning that part of the problem is the insane disparity in intergenerational wealth and the associated rocketing house and land prices in the capital cities. Most of the people you spoke to seemed to have very little clue as to why it's gone that way or perhaps it's just wilful ignorance.
Wealth mobility is tracked globally. Australia ranks among the highest (last I looked- 4th). Inter generational wealth hasn’t really started yet. So your assertion doesn’t make sense according to the data.
And today’s younger Australians are going to be the wealthiest generation in their retirement. By a lot.
There’s essentially a 17% tax on inherited super already, if this was your idea of wrecking the inheritance of other people being of your envy.
The builder in this video explained one of the main reason for prices being high. Inflation squeeze is another, along with borrowing capacity being hit with higher interest rates. Elderly gentleman touched on the skills shortage.
Housing shortages are happening in every developed country. Not enough houses being built for the amount of people looking.
Apartments are affordable largely for a first home, but in developed and well established areas, it’s not reasonable for a young person just starting out building themselves a life to expect to compete with someone who has 30 years more wealth and income behind them.
Nothing changes unless more houses are built. While the government is implementing ‘tell poppy syndrome’ policies, this will have the opposite outcome to what is needed.
They know
@@NoRegertsHere Thank you mate, you have the grace and energy to articulate exactly what everyone who knows is already so tired of trying to repeat in ever simplified ways. At this stage I don't think it really is that people do not understand me, I believe they want to ignore me to be wilfully ignorant.
@@scarletskunkjob9842 I think they notice the same symptoms that everyone notices, but misdiagnose the cause. They focus on rhetoric that seems to make sense of the surface. The types of policies that work address the ingredients that cause the symptoms. Government and those that chow down on the rhetoric attempt to micromanage the symptoms and ignore the inertia of the ingredients. To me, that’s the difference between a lefty and a righty
@@NoRegertsHere Well put. I was going to respond but you did a better job than I could have hoped to. And you can tell the lefties in the comment section. Stop watching the Project and ABC folks.
Stop overseas investors driving up prices. Australian properties, for Australian citizens
Yes 100% correct
so the hundreds of billions in 2008 and 2020 bailouts didnt have an effect?
Absolutely!! Are we crazy selling our land and houses to big corporations owned by foreigners, and who don't even live here!! As with many things like gas and electric, our governments need replacing. because they are F........ our country!!!!
How exactly would financial bailouts effect residential property????
@@rhysfridays3871
Foreign investors account for less than 10% of property bought you grub
The Caravan park in Frankston is definitely our solution! 😂
all those old fucks care about is vacationing before the world ends.
@tyre5 I agree with giving a Caravan to live in for homeless people, with expectations and active supervision to ensure that they actively work towards bettering their own life. Frankston may be to far away from the City however I don't fell that I know enough about Frankston to make an educated comment.
You’re happy with tents by the riverbank instead?
I think the most interesting point was that old mate may have misinterpreted the question entirely - he's confused housing crisis and homelessness; another indicator that he doesn't truly understand what's happening at the moment from atop his ivory tower.
Still, wouldn't put it past him to cram in a family of 5 into a caravan and charge the family the privilege haha.
Why are all the caravan parks being sold it's wrong n we really need em now affordable housing caravan will do me
Having binged your catalogue of content; you do an excellent job of talking to all of the people featured in your videos with a fine balance of comedic, informed respect which makes for such dynamic and enthused responses. Really enjoy your work man, ive no doubt you'll continue to grow. I'm excited to what comes next from you!
I used to work in Toorak weekly as a gardener. The family we worked for raked in $600,000 a month in rental income.
All so they can by their third Ferrari or 1.2 mil bespoke spec Porsche.
It's societal leeching, and it's fkn disgusting.
how do you know the making that >> how much they keep after government steal it the real question ??
It wouldnt be disgusting if it was you making 600k a month.
The alternative is that e.g. 100 people get $6k a month is rental income, not that housing suddenly becomes cheaper.
So they provided properties for rent so people can have a roof over their heads and made money doing it. Yeah they sound like real pricks. They also provided you with work, the complete and utter bastards.
Blows me away how people hate success.
no one own 3 ferari in australia it a high tax country ! only about 5 get sold a yr new if lucky
Looks like there's plenty of camping spots in Toorak.
My partner and I recently bought our first home in richmond and it was an absolute nightmare. Months on end trying to put offers in on places to just get knocked over by some boomer with deeper pockets. Often their offer wasn't even better than ours - they could simply afford the risk of not including a subject to finance clause so they'd instantly get prioritised over us. Maybe I'm naïve, but I feel like buying your first home is a real achievement and it should feel special and exciting - but between the REA and even our own conveyancer trying to actively take advantage of us at every opportunity, it ruined the entire experience and when we finally got a place we were just glad it was over. The thing no-one seems to talk about is how difficult it is to buy a home as a first timer even when you have the finances to do it! You've got the means - but no-one wants to sell you anything!
shouldve just invested in different assets
Congrats on getting a place, must be a big relief.
Sales terms are often more important for the seller. 30 day settlement, no finance, biggest delay is how quickly a bank can close a loan. That’s very appealing and seller often takes a lower price.
I feel you so much! I am also currently buying in melbourne as a young person buying my first property. People constantly tell me "that's so exciting!!" and I tell them, it's really not it's a horrifying experience. Even with an enormous deposit the amount of hoops and the amount of people ruthlesslsy and soulessly trying to rip you off it absolutely horrifying and so sad. Probably sounds weird to the people reading this comment that aren't currently buying but you can't imagine how horrible this process is - but I see you get it Rob - nightmare. Congrats on finally getting your place. Hopefully the happy memories there drown out the trauma of buying. Feels like even when you do everything right and save, save, save and strategise smartly you still can't win!
@@Infinitythenfurther very interested in this and id love to know more. who are all the different hands trying to skim off you? obviously real estate agents and banks but it would be cool to get a broader picture if you could point me in a direction
@@noahlenten8360 They're on every corner haha but sure I'll rattle some off the top of my head, definitely real estate agents - they'll lie about everything -subdivision laws, illegal electricity work, estimated rental return, not to mention listing properties well below predicted sell price (illegal). Buyers agents (some of them might be good but at the end of the day its an unregulated industry and is just rife with lies and scams same as the financial planning industry was in the 80s before the regulations came in). Then you've got "property clubs" that advise you on 'smart buys' but they're actually just a pyramid scheme that brainwashes people and earns commissions off their dodgy advice, mortgage brokers that work for banks obviously don't care about you and your buying decision they'll happily allow people to buy bad-purchases that causes crippling debt. Or you can buy a house and land package but good chance the builder will liquidate or flee the country with your money and leave you homeless and in debt. Or as happened to my friend, bought a new apartment as a finished build in a nice area, lived there for 6 years before the extreme structural issues were uncovered making it unliveable and unsellable (but you can't sue the company that built - which of course legally you can - but you can't because they make shell companies to build and then shed the company - making them untraceable and unsueable).
The conveyancers and the pest and building inspectors also aren't trying to do their job to the best they can they're just trying to make their cheque quick.
Like asking the blind for directions. Really interesting vid though keep it up.
I thought that the interviewees offered pretty accurate understanding of the situation
You said it perfectly, Chinese investers buying Australian properties, Australians who live in Australia regardless of their race should be the only ones can buy property in Australia. NO OVERSEAS INTERESTS.
Love this content. Thanks for uploading.
The builder hit the nail on the head. Input costs and labour costs/demand rising then the headache that is building permits and getting anything through council... NIMBYism too...
there 50% taxes & regulations on a new build another problem
so basically polices creating difficulties! Oh no
Unfortunately, the government won’t blames those things. They are blaming anyone who is just hitting their stride wealth wise. Which will not fix the structural problems, and drive away many who would provide a rental where it’s needed or build more houses
Not really. It's not a supply problem, there's heaps of vacant homes in Melbourne. The actual market value of homes in australia is obviously hugely inflated and enormous amounts of money need to be pulled out of the housing market and redistributed
@@boomcrayon that sounds like a bad idea
soooo many old people in toorak
@nodocs74 You are correct if you are looking at the Suburb Profile, however when you own your house in Toorak you will find more than enough younger people and younger families with children living in established large houses. The new apartments, depending on which once pre-dominantly owned by older people seeking security and a smaller place to live in. The apartments I am referring to conveniently located close to Toorak Village.
Hear that, you have to give up the Australian dream but not them.
You found a niche. Keep making these videos and I’ll be here
dump negative gearing for existing residential stock. This allows 1st homebuyers to compete with property developers and landlords in the older homes market. Allow negative gearing for new housing stock. focusing the tax rebates to building new property is a win for the economy, jobs and residential house stock numbers
Get rid of stamp duty and replace with a broad-based land tax.
Not a bad idea but it's overly complex when we can just get rid of negative gearing full stop.
Or even better, dump the capital gains tax discount - negative gearing at least makes logical sense, profit is profit and loss is loss. The CGT discount outright manipulates the system so investors pay less tax than everyone else.
@@marquee_tags Getting rid of NG and the CGT discount outright is a bad idea as it discourages investors from building new properties. The last thing we need is less investment in new stock. It is also difficult to get rid of for people who are already using it with established properties, but the rate of deduction could be gradually drawn down over a period of say ten years.
@@soulsphere9242 CGT discount doesn't care about new properties, if anything it encourages the flipping of established ones. Hence my thinking that it's better to get rid of the CGT discount (which was a nonsensical vote buying scheme in the first place).
@@marquee_tags Neither NG or CGT discount currently care, but they should, that's the point. The CGT discount like NG should only apply to new builds or newly completed builds that have not previously been bought.
The CGT discount makes property a more worthwhile investment. If you continue to allow it on new builds it encourages investors to buy new builds vs existing properties. There is no harm allowing investors to buy even completed properties that are looking for their first buyer. If there is a market for investors, builders will build for them.
Property flipping in and of itself isn't a problem. It does not add or detract from the total stock. It is also only worthwhile doing if a property has made a serious gain, because stamp duty can make flipping a pretty expensive exercise.
I'm a low-income person living in a wealthy Eastern suburb of Melbourne. (I won't mention which one, but you can assume where). My rent is extremely low for a private rental. It is just by luck that I've found this place.
Anyway, the concern for me is not the rich suburbs, but law and taxes. Negative Gearing and Capital Gains Tax are major contributors to high investment in private land and social inequality. Australian law also favours people who pay for land in cash, meaning anyone *including criminals* can purchase land, without question, with cash. That means international investors can launder money in Australia by land banking.
Land banking is such a huge issue
I always look for cheap flats in the most expensive areas. Because people in those areas are looking for all the mod cons - the more basic apartments aren't wanted, and they end up quite cheap even when you compare them to the cheaper suburbs where everyone is looking for the cheap. I value the safety and convenience of the expensive suburb (where you also find the cheapest supermarkets) over a 2nd toilet or dishwasher.
Some of the more affluent areas have higher crime rates
2 Jobs and a masters and your own youtube channel. Young people today are so smart and hard working. Great content. You'd be perfect to be on channel 10's The Project!
Bring back The Maloo utes. Those commodore utes got more kids into trades than anything
Haha so true
The gentleman talking about the plans needed etc, made me realise that all the rules and red tape the government enforces are causing more problems than they’re helping. While they sit in their luxury, they don’t care about the people. Especially those working in the service industry, with the shads awards which barely cover expenses, never mind any luxuries. I feel more and more that’s there’s no point to living, it’s just struggling, no matter how hard you work, and then you die. I’d rather just die on my terms than keep on struggling with so little to no hope left! Thank you for sharing your project. ❤
You just realised this?
There’s still plenty to live for, you just need to find it. I guarantee your life is not as hard as mine, I’ve never met anyone who’s is.
So if I can continue living, you can too.
You just need to learn to enjoy the small things.
The QLD State Government has answered the homeless peoples prayers by trying to push through a development of 2.5k houses in Robina...on the Gold Coast...on a flood plain...with no plans for infrastructure...where the median house price is over $1mil.
20% of those houses have to be considered "affordable"...dare you to go see what the Government considers affordable.
The biggest issue is our Governments willingness to not do anything.
No, the biggest issue is population growth. We wouldn't need all these additional houses if the government weren't bringing in hundreds of thousands every year.
you can blame the government all day fact is our human stock is a bunch of whiny young socialists who are justifiably angry but too dumb to know how to fix it and everybody thinks its a problem that can be fixed by more government not less government. too much government and bailouts caused this. reversing the bailouts and getting rid of the government in most cases will solve this. your grandparents didnt need permits and government oversight on everything and they were fine.
1. Keep Negative Gearing
2. Remove 50% CGT Discount
3. Depreciation on Investment Properties should not be deductible against your income
4. Cap LVR for investment loans at 50%
5. Abolish Stamp Duty
6. Stop Immigration
7. Reduce barriers in building new properties (new zoning, faster approvals, etc)
8. Subsidize builders and new trainees/apprentices entering the trade
= No more crisis.
Agree but would like to hear your thoughts on points
1, 5, 6
1. Curios as why you would keep negative gearing ?
5 is alot of the east coast states revenue if we pulled it completely would they then have to tax us elsewhere?
6. Would you stop immigration completely or slow it to more realistic numbers that we can absorb?
@@s55558 1. There's nothing wrong with negative gearing. If I made 100k salary and chased a business venture funded by debt which also carried 100k expense in interest, then I as an individual made zero profit. Surely I shouldn't pay tax on my 100k salary...where would I even get the money to pay it? The issue with negative gearing is that property depreciation is calculated as a cashflow expense (even though it's not) and that $1 in loss can be claimed against $0.50 in capital gains. Removing the CGT discount fixes that problem.
5. Stamp duty discourages buying and selling of property, reducing the short term viability of buying and reselling. Replacing this with a higher land tax would decouple the revenue from the transaction frequency and would replace it with a steady, consistent, and predictable tax revenue. The higher land rates would also hurt the long-term investment returns of housing, which is good for property affordability. It also reduces the money you need to save for a deposit as a FHB.
6. It doesn't need to stop entirely, but at a minimum it should be substantially reduced such that the population growth due to immigration doesn't exceed the increase in housing supply. If we can get to a stage where housing becomes affordable again then we can always increase immigration at that point.
Open up land
Get rid of private property developers
Not for-profit government housing.
100% agree, except NG should only be on NEW properties.
@@Corpsecreate spot on
"Uh, caravan places. Caravan parks. Why have 100 caravans sitting on a site in Frankston for instance, at those joints, when people could be put out on, in caravans or cabins?"
Wtf does that mean exactly? Does he mean in his yard?
Shows how out of touch he is - has no idea how hard it is to get a spot in a caravan park these days, or the cost.
I think he was saying that poor people should be living in Frankston caravan park full time instead of holidaying there for 2 weeks a year.
(I can guarantee he absolutely does not mean in his back yard)
i used to work in a neighbouring council and i couldn’t believe how many long term vacant homes there were everywhere, some streets near shopping precincts had one in ten house vacant!
These were predominantly owned by overseas investors. There are also some houses that got caught up in the void of covid restrictions and increased costs etc.. but most of these and are starting to be developed or nearing completion..
Frankston is bad for that,derelict houses owned by overseas investors. Shopping complexes also really negatively affected by viewing land as a nest egg
The old bloke mentioned more training in building trades and build public housing makes sense, also local government too much green & red tape
It still floors me how an australian is happy to pay a 25 year mortgage and live their lives a slave to debt. yet can't manage to figure out the government spending and debt problem is the issue.
Not much you can say to people who cant identify the problem and are happy to live their lives as debt slaves.
The problem of the housing crisis is you and other ignorants who don't know absolutely what the problem is and are brainwashed by the media. The only problem here is extreme migration and the gas cartel, you fix those 2 things and the property ponzi bubble will burst and energy prices will drop, which will reduce the price of construction as well.
I like the videos dude man, keep em coming. Some interesting issues / topics being covered and you seem to be pretty genuine in your search for answers. Good to see you securing interviews with people and getting first hand sources etc.
Awesome stuff man! Id love to see a video on something about bullet trains from Melbourne to Sydney or Melbourne to Geelong. I just came back from Japan after riding on their bullet train the shinkasen and it was incredible, wish we had something like that here ! Just an idea :)
Omg the way U edit in snippets of caravan man is so good I literally died when he said "heaps sitting empty waiting to be sold the government should take control and lease them"
Excellent show don't tell work by U !! And fucking HILARIOUS like it almost seems like satire
Yeah sure apartment living is a solution but then you’ve got to pay extortion levels for bs body corp and strata fees that are a complete waste of money again
You can always form your own owners corp and run it for the good of the residence (yeah it take some work but it pays back) not for profit.
@@Tasmantor There is also the issue of extra costs that isn't necessary. Reality is that do we need an apartment pool, cinema room, etc? That said gyms and function rooms are most useful and cheap to run. Can't see a reason for the other needs.
Porsche Cayans everywhere not just Toorak but Malvern, Caulfield, everywhere in inner south east tbh 😂
Land banking and empty property are both common in Boroondara as well.
The guy blaming state government taxes and the increased landlord compliance requirements is the type of guy who would be a landlord who would not spend a cent fixing a defective rental property. Land tax increases are great for encouraging landlords to sell up to owner occupiers,
Yeah unless I heard it wrong he said that the onus of being a landlord made them want to sell their properties and that made property more expensive?
@@Tasmantor The argument is that as investors leave the market, these rentals get bought by owner-occupiers and that takes the properties off the rental market, which means less rentals for people who cannot afford to buy. It is a BS argument. One of the reasons Melbourne's apartment property prices have stalled is that investors are dumping them. It is great for first home buyers and every first home buyer is someone who no longer needs to take up a rental.
@@soulsphere9242 when has socialism grown home ownership left dumb ass paying more taxes you save less
end left goal communism we all rent off the state in sinagpore & hong kong 90% lease off the state dont own homes
It's always someone else's fault / responibility.
Cool video, I was thinking of doing videos on Australian towns.
A lot of Chinese investors bought Toorak homes and demolished them. Because the land is a long term investment and you pay less rates and tax without a house on it
i do research 12 hrs a day, if you would like info on any of your topics i will do it for free, people are gonna have to get used to doing things for free sometimes if we are to try fixing the shit we have gotten ourselves into.
We need more street interview in Melbourne like the one you are doing .
I’m all here for this local documentaries 🙏🙏🙏 stay safe out there brother and keep doing you 🔮🔮🔮
Great content mate! What are you studying? You mentioned you were doing a masters?
Good content man! It’s like what journalists used to do before anger-tainment became the standard
The builder summed up a large part of the problem.....
That stand/block at 39mill is pure greed, nothing else. Property without a building is worth less 😂 Great video 😊
"Put a cap on rent" was a more helpful and obvious solution than most academics have had, and it was a tradie brainstorming an immediate answer out of his ass.
If you want to look more into this topic, I highly recommend looking into Matt Barrie's 'Put another Aussie on the Barbie' Keynote video.
Great video! Love your shorter videos too. It's interesting one can get a cheap rental in Toorak compared to a lot of other suburbs
I lived in Melbourne was fun 25 years ago, today seems a rip off with cost of living
This was recommended to me. Nice to see 1.2k gain in 8 days :)
Im studying abroad now but we use to live in toorak, just seeing toorak road kinda makes me miss home 😭😭
Can tell you're from toorak with calling overseas abroad hahah
Land zoned residential that's unused should have some kind of limit on how long it can stay unimproved. 5-6 years? Land tax is just not adequate on these sorts of things. There's a street near me with multiple blocks (I counted 20 of 1000sqm each) that have no houses on them since they were bought in the early 2000's. (outside melbourne) I suspect it's the one owner....In my opinion, when you buy a block there should be, say 4 years, for you to put in a building application and another X years for however long approved building applications are valid for. Rich people (domestic and foreign) end up just buying land and hoarding it. Land is meant to be used. The finite land is the biggest cost in housing these days. Had a look at the guy you interviewed from 6homes and they build modular homes starting from $90k (which is probably for the 'studio' home). For the worst off, I can't see why government, community organisations etc can't identify plots of land (crown or long term unimproved), build 1, 2 and 3 bed modular homes for $100-$130k and rent them out for $x per room. Maybe $125/room/wk. 3 year leases extendable to longer for a family with children (stable home location for school etc). Maybe not meant to be permanent but to give people a chance to save and buy their own.
I agree. Massive 8ssue with derelict houses in Frankston and majority are offshore investor owned. Shopping complexes as well.
Everyone saying that putting costs onto landlords puts prices up... doesn't understand how rentals are priced. They do not do pricing based on what their expenses are they do pricing based on the market which is just increasing exponentially at the moment anyway due to low vacancy rates.
Another great video mate. You have excellent interviewing skills. I can see why people would think that you work for 'the project'.
Halve the GCT discount & cap negative gearing at one level below the investor's marginal rate. Put the savings into housing developments run by non-profit organisations. I live in one & would be homeless without it.
do you know by chance what type of role 6Homes is hiring for?
Keep it up. Loving your vidoes.
i didn’t know there was another Daicos brother.
good video mate, i think you should try and talk to more tradies in the building industry.
Interesting and insightful. Some good reasons and potential solutions. Although I don’t think much has changed in the past thirty years. It is now what it was then. I’m 48 now and when I was a student 28 years ago I also had issues affording a decent place to rent. It was a nightmare back then. So I had to live in a shit hole in the arse end of nowhere. Quite literally people used the elevator as a toilet. But I bided my time, improved my finances and life got better. I had to buy my first home with a mate at 27, again in the arse end of the city. But the area had potential. Did I want to live there? Hell no. Fast forward 20 more years and that house is potentially worth triple what it was and I rent it out. I moved elsewhere, was financially more able to buy the home I wanted to live in but it’s been a slow process. Where I live is no Toorak but that area ( which I know well) is an old suburb with old money and old people who live in a bubble. And there’s nothing happening there. It’s pleasant, and lovely and gentrified and dull. I think you’ve got to be prepared to endure and persevere and be in it for the long game. And in doing so you’ll get to where you want to be. Life is a journey.
Keep it up mate! Great video as always
really shows how out of touch the rich & elderly are
How in touch are you with the challenges the elderly face?
@@clairenapolitano6116 How would them being in touch with that change how out of touch the elderly of Toorak are?
@@Tasmantor It wouldn't. Why would anyone expect the elderly of Toorak to be "in touch" with issues that don't affect them? Would you go to a university and ask students about the aged care crisis and then call them out of touch for not being across the issues?
@@clairenapolitano6116 but are students to blame for aged care issues? If anything it’s the students who will be footing the income tax bill to support the growing ageing population for the foreseeable future. On the other hand one could say that the older generations are entirely to blame for voting for tax policies that heavily favour continued speculative property investment, to the detriment of aspiring first time home buyers. But indeed, why should the older generations care about the younger generations? I don’t know, perhaps because their kids are in the younger generation. Perhaps because their kids can’t afford to have children of their own, meaning we need to further increase immigration from developing countries to keep the economy going and income tax receipts flowing. Oh and don’t forget that increasing inequality will lead to higher rates of crime, just look at the US for example.
@@JohnSmith-cu8yc No obviously students aren't to blame for the aged care crisis. The point has flown way over your head. The elderly didn't vote 1 - Housing Crisis for our grandkids. Blaming them is ridiculous as is walking up to a retiree who bought their house 50 years ago and asking them for a solution to the housing crisis. They didn't choose the era they were born in.
What's surprising is that Victoria has the cheapest house prices in all of Australia due to new tax legislation on investment properties. Currently the only state that's doing this, what a surprise.
A lot of these people would have been voting for the Liberal party for the past 10 years...and definitely didn't want Shorten in.
Of course. Policies of Labor are catastrophic.
And Labor imported more than 500,000 thousand people net last year! Both parties are culpable! Our population was about 20 million in 2000!
Same here in Korea. A lot of chinese investor came to Korea and they hog all the possible properties and the price wouldn't stop.
Some solid answers from people who are quite wise.
The building industry was never looked after by state or federal government and absolutely atrocious behaviour was rife. Workers have left for the promise of more working on mines which the government bend over backwards for. Everyone wants the continuity of work and the security.
Materials into the country are bottlenecked due to the slow down through the oil futures scare back a few months prior to covid and then covid itself when all the major shipping lines brought forward their depreciation schedules and sent valemax sized ships to breaking yards.
We are now just trying to catch up. What doesn't help is bringing in loads of people when we literally cannot build to accommodate them let alone ship in cheap produce and products as we compete on highter prices for everything now as a result of the bottleneck.
Things like the first homeowners grants, etc, were nothing but a blight that let home builders raise their prices by precisely the amount the government would cosign.
Trying to get rid of negative gearing for individuals will simply lock a generation out of wealth and create a greater divide between those who already have and those who do not. I don't need to negative gear to keep what I already have, especially if I can absorb the cost.
Besides, companies won't be impacted at all, they can double down on what the mum and dad investors choose to let go, for a company a tax loss is a tax loss.
Good work mate. Super interesting video
Great content! Really enjoyed the interview style. Highlighted the generational, wealth and ideological divides in Melb. And really great editing! Pacing was perfect
"We absolutely cannot do anything that will negatively impact our on-paper wealth - just build more homes! (But not in our suburb). Also, just live in shoebox apartments or caravans"
-the reason the crisis isn't being solved
Crazy how humans can be greedy isn't it? Until they die
The residential cabins in frankston are expensive... not compared to a full house, but $300+ per week (plus extra costs) for a studio tiny cabin is steep.
Interesting that no one spoke about financial education as one aspect of improving the situation
Is Toorak near Boomahnoomoonah or nope?
The ministers in parliament need to start re-zoning land and the government needs to start doing their own projects and stop relying on private sector companies to do everything.
land bankers usually from overseas,, i hate seeing empty blocks in suburbs for yrs. i always think man sell so i can 'hopefully' buy and build my own home lol
10:40 I’m pretty sure it’s just as expensive. I find the problem is too many developments are too extravagant and larger then they have to be aswell on top the valuation of land alone.
Frankston caravans? As long as they're far away from him yeah? Also i always wonder when i drive through Brighton as well who owns these empty lots in prime spots or are they Asian land bankers.
Modular is a great idea but the Australian banking industry won't touch it so its impossible for a couple or individual to finance the build. So even though it's way more cost effective faster build time and quit possibly better quality due to the controlled build environment it's just not viable for anyone that can't just pay for the product outright.
What do you mean by Trust Fund Dollars? Is that for everybody there or are you guessing?
I mean a lot of it would be from inheritances. That's how most people under 50 are owning large homes in toorak.
great vid keepn coming
Great video
Great video. Subscribed!
My solution is to build second citys on the outskirts of regular cities. That opens up more land. Otherwise well 100 percent will all be living in appatments except for the wealthy. Depending on if you still think owning land is what you want. Personally i hate appatments. And i live in one. The windows only open 30cm and my front door opens to a smelly hallway. I never feel like there's enough air. But its convenient for work/university. I don't really have a choice atm.
And how do you propose to supply those cities with water? Have we forgotten the last drought already?
There are a bunch of smaller second cities around. Frankston would be considered one, has so many large shopping centres and facilities and a CBD with laneways etc.
That's a fine-looking high horse
What you got in the stable?
We've a lot of starving faithful
That looks tasty
That looks plenty…
That’s all that kept going through my head!
Can you please put a link to the builder looking for people?
Cheers
While I have been to Sydney's eastern suburbs many times, I can't say that I've been to Wolseley Rd, Point Piper. Median price, apparently, is north of $30 million. I just can't see how that is sustainable, but clearly there are people who will pay for those views.
median 20 million in point piper 500sqm block 3 bed house
@@coopsnz1 500sq metres is huge that close to the CBD of any east coast city, and you can bet that the locals have fought to avoid subdivision hell. I've lived in places where you can easily have a conversation with your neighbours while they watch TV. Nothing odd about that ? It is when you are in the bathroom ;)
The suburbs next door will be 15m. And the suburb next to that, 10m etc etc. that’s normal way house prices rise on waves like that over time. And makes sense that at these levels, there aren’t mortgages and an area is highly desirable, competition with such small amount of stock is fierce.
@@NoRegertsHere nah 20 million double bay & watson bay ! 15 million lower northshore
A lot of people in the government own multiple houses that’s the big reason looking after their own skin
3:37 You caught Michael Palin out on his morning jog
Great video 📹
There are laws in some European countries, were you can only own 1 investment property , unfortunately australia is a good place for offshore money laundering through realestate as a front
What if I own a real estate investment firm?
10:12 sensible man. Yes if we are going to ask people to work in these business hubs you have to build the required housing. Apartments and townhouses are the best solution to that. Unfortunately Darren and Karen won't move out of their 1000 square meter block in the middle of it. Also the planning around some of the CBDs are so bad. People wouldn't mind living a bit further out if we had proper public transport that actually functioned to aid people rather than frustrate the shit out of them.
As someone who has done social work recently, I can confirm that people are already renting caravans. Whole families in one caravan and that's caused the prices to surge as well. I also love that you challenged that other guy who stated we need to stop immigration and asked him how much we should cap it by. Making these people stop and think about their redicidulous half-baked opinions is quite entertaining.
Great vid
I dont think they're trying to fix the housing problem, most people who own want their house to go up in value as do people including politicans who own 15 homes.
All these hard working independent successful women 👌
That’s the wealth shift even the government noticed with having widowed wives receive a transfer of power. Hence the government planning in positioning ways to line their pockets on the next windfall. Which is by windfall taxing housing. The current capture is based on when government zoning plans change & which directly will cause an increase in area value the price difference gets a windfall tax. So now they have a windfall tax in place the scope of what is a housing windfall will only continue to broaden as history shows that’s what governments do.
Really cool niche you’re running
Buying the house next door and leaving it vacant is not just a strategy to prevent new neighbours moving in. Once you combine the titles the land component of your primary residence increases significantly to become a zero tax multi-generational wealth building vehicle. #IYKYK
Loved this
I love toorak ❤
So there is an overseas investor with a block of land priced at $39,000,000 not doing anything, builders ready and willing to build being held up by permits, huge houses containing possibly 2 people mmmm. Let me think on this.
rent is too high in Melbourne right now and for the asking price of 1 - 2 bedrooms is not worth it as the quality of the home doesn't match up! it've seen 1 bedroom in south yarra for $500 pw and it looks old, rundown kitchen look and appliances, old piping etc.
Hearing Property investors talk like without them and their money houses wouldn’t exist is infuriating. If a property investor doesn’t buy a property then there is less competition and it creates an opportunity for a home buyer. And they always talk like increases to taxes around property investing will magically make existing houses disappear. If tax laws change and it no longer makes property investment profitable so that investor has to sell . The property doesn’t go anywhere. It goes on to the market for somebody else to purchase it hopefully an owner occupier who needs the property more….
I live in Toorak and there is so many young cool people in the area. I think the interviewer is just finding the "old Money" Toorak locals instead of asking the young people like the girl with the colourful hair.
Yeah but they're usually renting. People who own real estate have the power