WHAT is needed is HOUSING for AUSTRALIANS … with affordable BUILD-TO-RENT that allows Tenants to BUY … Not Foreign Billions and Housing to be marketed to even more foreign buyers with Benefits! However …
… UNDER THE COVER OF COVID … we have seen more reports recently about the push for BTR …
HAS it all been part of a “Plan” with house prices having escalated 20% already into 2021 … pricing out many Australians?
ARE they to become life-long tenants?
Our Youth are ‘a sitting shot’ because dating back to the LIBERAL Howard Government in the late 90s the policies were set in train for low wages; competition for jobs from Visa workers; foreign real estate buying sprees … with ‘Hot Money’ which led to the Housing Boom of 2001 – 2004 locking out our Youth from the housing market.
The real estate gatekeepers were exempted from the Anti-Money Laundering Laws in October 2018 by the Morrison Liberal Coalition Government; and still current!
Leading up to the Pandemic there were 2.3 Million Visa Holders in Australia of which 1.6 Million were Visa workers …
Australia has become like the United States with its ‘Working Poor’ … and the growth of homelessness …
On the other side are those with ‘Tax Benefits’ of negative gearing and capital gains; policies also dating back to the Howard years …
Investors are again swooping in on home sales …
Now ‘Billions of investment dollars from around the World’ are pouring into this ‘burgeoning Build-to-Rent sector’.
The New Yorkers, no doubt, have watched how our former egalitarian society has been pulled apart. We used to have 70% home ownership in the mid 1960s.
Home ownership for 30 – 34 year olds decreased to 50% in 2016.
What will the 2021 Census reveal about the decline in home ownership and the rise in renting?
At the end of August a summit on BTR is being held with New York based, Michael Streicker, the president of Sentinel Real Estate taking part.
Streicker is, no doubt, confident in the expansion of this asset class with our families locked out of the housing market. In the United States BTR is the top investment asset class ahead of office and industrial.
Streicker, a New Yorker, is behind the push for high immigration in Australia!! He said:
“The underlying drivers of demand for housing will re-emerge in the coming years as immigration resumes and renters’ expectations for premium product, amenity and service come to the fore.”
To make our families ‘life-long tenants’ to allegedly have longer tenure, and more amenity but at premium pricing! And if they suffer some misfortune as tenants they will have no security whatsoever!
Seriously how soon can immigration resume, and at such high numbers of 2.3 Million Visa holders with the Delta variant widespread across the Globe?
The New Yorkers are looking to three to four years hence developing a pipeline to support BTR in Melbourne, Sydney, Brisbane and Perth with $1Bn investment over the next four years.
It would appear their timing is very convenient with the Building Commissioner appointed to restore community confidence in apartment developments following the Opal Tower, Mascot Towers and other defect disasters
It would seem not only investors but the apartment development and construction consortia are set to benefit yet again? To the detriment of our families and communities …
Under the cover of COVID more than 50 BTR projects are in the pipeline, and by 2024 there will be 18,500 BTR apartments in our property market!
More Co2 emissions and the heat-island effect …
Despite a current supply shortage of materials, fittings and fixtures for the Project Home sector, how will this sector deal with more competition from BTR? How much longer will those who have paid a deposit for a House and Land Package have to wait to build?
‘Construction Boom: Costs of House and Land Packages Blown Out!/
‘Build-To-Rent Flood is Coming as Billions Pour In’
AND … https://www.afr.com/property/residential/sentinel-strides-towards-1b-build-to-rent-portfolio-20210326-p57efy
P.S. Who is Michael Streicker?
-a former board member of the Association of Foreign Investors in Real Estate … and ?