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The Forum > Article Comments > Home ownership - dark side of the boom > Comments

Home ownership - dark side of the boom : Comments

By Kim Carr, published 1/11/2006

It’s official - home ownership is less affordable than it has ever been before.

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We often forget that the first home buyers grant was introduced by a federal government prior to an election to stimulate the housing sector by providing jobs in the building industry so the Australian economy would not slump into recession / depression.

Like the last Reserve Bank Governor I wonder where all the home buyers are going to come from when unemployment rises and the level of household income falls as the Industrial Relations laws start to bite.

Spider clearly house prices are going to fall, especially in Perth now that the resources boom has peaked and eastern states investors are starting to get burned.

Spider in the 1990s average house prices in the LaTrobe Valley in Victoria dropped from $120,000 to $30,000 as the State Electricity Commission was privatised
Posted by billie, Tuesday, 7 November 2006 11:33:42 AM
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If you want a relatively cheap house, come out west of the divide. Yes people, there is life beyond the coastal fringe! You can buy a "first" house in a number of reasonably-sized country towns from $75000 - $200,000. Larger regional centres of course will cost more. If you are willing to commute an hour in the city, you can even choose to live in a small village and drive 100kms to work (an hour in the country). Housing prices are then cheaper again. Given that a large number of profesional and semi-professional services can now be done at least partially by telecommute, this will free up a lot of people from being chained to the city CBD. You can even build your dream home on 100 acres for around $500,000. From what I can gather, this will only get you a mediocre house in the inner city. To me the numbers speak for themselves.
Posted by Country Gal, Tuesday, 7 November 2006 1:22:04 PM
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If you want an example of a socialist style government subsidy of industry, what better example is there than the property development sector? Without massive immigration (How many Australians want this?) how could these developers sell their shoddy pokey rubbish at all. Instead, thanks to government largesse with immigration and a conveniently slow approval process, they sell this junk for big profits. And just for good measure, in the good spirit of socialism,the entire taxpaying community bears the huge cost of infrastructure to support the extra people, and the country suffers environmental degradation to boot.

For me, the dream of a socialist utopia was shattered decades ago, and its victims still bear the brunt of a degraded environment and a frugal existence. Hopefully this experiment in socialist style government support of the property development industry will end before Australia follows this path much further.
Posted by Fester, Tuesday, 7 November 2006 6:05:09 PM
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Col, there is no fear of debate. Why would one put forth policies when they aren't fully formulated yet? That is just silly which I presume you have the intelligence to understand. However, if you want an incite of suggestions as policy - a cap on how many houses one can own...with the taking back of essential infrastructure(not retail, that was a silly comment), only Australian citizens living here to paid for the return of these assets.

Scrapping of '457' immigration laws, returning jobs to locals, legislating the role of the union movement...globalisation abandoned and only certain multinational firms to be encouraged to stay such as McDonalds as they train youth and put a lot into the community.

National Security; most importance on drugs and child abuse and sexual abuse. A focus on the people, not the government which would open the door to politicians being imprisoned for Sedition, not comedians for making a joke.
Posted by Spider, Tuesday, 7 November 2006 11:17:07 PM
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Spider “Why would one put forth policies when they aren't fully formulated yet?’

Then why would you allude to such things in this forum?

I recall your original statements –

I quote you of Sat 4 November “Col, fascist policy overall where homeless are housed, educated and trained. Policy of industry and commerce which would stop destructive globalism. Housing for all people, not just rich.”

You have still to come clean on exactly what policies you are referring to, be they partially formulated or not.
You have also avoided identifying the organisation which is formulating these “policies”. I for one might have something to offer in the deliberation process and as a tax paying voter, I feel entitled to have my voice heard.
How do you intend to implement these policies when the electorate see how poorly they have been “formulated” and you fail at the ballot box?

I cannot be heard by an organisation which is “formulation” policies which may possibly effect my life if it remains unidentified and secret.

My only assumption is a “fascist” organisation would see my rights removed for the benefit of the state, similar to Hitler’s treatment of the Jews or the treatment of black voters by the klu klux klan.

I am left to assume that you represent such interests. The klu klux klan were too scared to show their faces, hiding behind masks, like you are hiding the identity of your “policy making organisation”.

Some have labelled me a libertarian, I have no problem with that label.

It means, you are free to make your mistakes and I am free to make mine. I cherish the right to make my own mistakes and I will resist with everything I can muster to ensure no “fascist” or “communist” policies are ever inflicted on me, my family, my friends or people in general.

So Spider, either answer the question –
What policies?
Which organisation?

So I can challenge them or

be seen as a cowardly fascists who relies on the violence of the mob to crush individuals under foot.
Posted by Col Rouge, Wednesday, 8 November 2006 9:27:07 AM
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As a bloke who wants to vote for you, you realy worry me if your philosophy on home ownership is this.

With an aggressive lending market, times have never been easier to get finance to buy a property. you can borrow 106% with not a dollar down and full costs paid for you with several lenders. It comes down to 2 things:

1. People must take a step back from the consumer society and be content to start in smaller, more affordable dwellings, and

2. People must be extremely savvy when purchasing a property and it should be the responsibility of the government to ensure people understand property and thererefore are more savvy when buying.

And booms are great things. Equity can free homeowners from a life on the cusp, and allow them to reinvest in both investment housing to support the renting population and grow wealth, and other items which help drive the economy's growth.

There is no dark side of the boom. The majority of people purchased before the peak of the boom and for the others, i know quite a few who have bought in the last 2 years who have done well from smart buying, and from starting modestly, not at their maximum borrowing capacity.

Home ownership and property growth is the core wealth creator for Australians.

Winning votes from people, alot being generation (Y) who winge about the current situation due to their ignorance is poor. That is where your government can come in, educating via schools the facets of property and finance, as this is one of life's biggest decisions. Its puzzling why we are completely on our own often with no knowledgewhen making this decision. it is the way most of us become financially secure, yet it is completely ignored in our schools. Go figure.

Please rethink your strategy, we want to vote for you but you frighten us with what you would do if you were in the hotseat with your current spruik.
Posted by Realist, Wednesday, 8 November 2006 9:54:13 AM
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