Despite Aussies aged under 35 Locked Out of Housing Developers want more Foreign Buyers

TODAY we got a tipoff about an article in ‘The Australian’ Business section ‘Foreign Buyer Drought hits Units’ … online it is under the headline: Covid squeezes apartment pipeline as foreign investors stay home The report opens with ‘Chinese residential property investment shrunk to the lowest levels in seven years during the Pandemic causing the supply of pipeline of apartments to dwindle over the coming years’.  What does that say? It says, as we know, that the pipeline of apartments are built for the Chinese market. How did this come about?  The Foreign Investment Review Board ruling that allows developers to sell 100% of ‘new homes’ to overseas buyers … and a whole raft of temporary visas facilitating them to fly in and buy, or online through Juwai, or through an onshore Proxy! This ruling is still current as with the second tranche of the Anti-Money Laundering Laws through which the Morrison Government exempted the Real Estate Gatekeepers in October 2018! DESPITE a whole Cohort of Australians notably those aged under 35 being locked out of home ownership this lot want Chinese buyers to return*! As reported today in the Sydney Morning Herald, ‘Soaring House Prices: an economic threat eating away the Future’ and making our national economy less stable and lowering productivity.  It was the huge influx of Chinese buyers that also escalated house prices esp. between 2015 and 2017! And now with 60% of First Home Buyers funded by Parents or Grandparents, low interest rates, subsidies of Government grants house prices have again escalated locking out those who have not got wealthy parents. View: https://www.smh.com.au/politics/federal/soaring-house-prices-an-economic-threat-eating-away-the-future-20210614-p580s2.html?fbclid=IwAR2hfBtlBlVTG1soRTaj3IDVUAq0o4dt_DAj2jflVUTuZyEpgoX159ZUhIU In 2014 developers spent $11.3Bn; in 2019 $5.03Bn; in 2020 $4Bn on residential sites.  Overseas buying fell to less than $.5Bn which still represents a loss of housing for Australians … Apartment developers so addicted to this foreign buyer market that they are concerned that only 86,400 new apartments are planned for across Sydney, Melbourne, Brisbane, the Gold Coast, and Perth up to 2024 It would appear following the ‘towers cracking up’ followed by the Pandemic that many have moved out of high-rise apartments seeking the space and freedom of a house and garden which has prompted developers to shift to building boutique apartments given low rates and a housing shortage. The developer lobby group, the Property Council of Australia (for which Scott Morrison, the PM wrote the policy prior to entering politics) has called for all our State Governments to stimulate this sector!  By reducing international investor surcharges, and improvements in planning processes! Chief Executive Ken Morrison proposed that 30,000 jobs could be at risk across Australia, and that apartment construction was a ‘critical component  of Australia’s future housing supply and a vital job creator for our economy.’ Never mind that currently there is a shortage of building materials much of which are imported, that project home developments have become more expensive due to this shortage and trades being in short supply (due to the demise of TAFE), and that aspiring home owners prefer to buy these house and land packages! And what of the shortage of trades to do home maintenance projects across our suburbs? Morrison submits that unless policy changes are made that the apartment building sector will lose 30,000 jobs and produce $5.9Bn less in housing over the next four years. And that inevitably immigration would return!  This is despite all the media today raising concerns about those Australians aged under 35 being locked out of home ownership! Morrison submits that international buyers and Build-to-Rent investors will be key to new projects along with planning and stamp duty * relief. It would seem that due to this sector previously seeking cheaper building supplies esp. from China that the Pandemic had led to shortages and price increases for end users! PLEASE SHARE THIS WITH OTHERS! SEND your OBJECTIONS TO LOCAL MPs for restoration of the housing development market for Australians!

WHEN surveyed many Australians respond our population is now too Big!

WHEN surveyed 35 per cent of Australians respond our population is getting too big for the country to handle! Can this be solved by building dense cities better?

THIS Australia Talks National Survey report, 2021 opens ‘Australia is one of the least densely populated nations in the world’.

HOWEVER what is overlooked is the fact that most people in Australia live on the coastal fringes because this continent is the driest continent on Earth!  It is largely desert country.

AND there have been numerous media reports of Australians having now fled from SYDNEY and MELBOURNE because they no longer found these cities to be so ‘liveable’ …

Our population growth has not been natural but contrived through high immigration of temporary Visa Holders seeking work, or the opportunity to buy homes to gain ‘Permanent Residency.’

(visa workers have been sought after by many employers as they accept low wages. lesser working conditions and payment ‘cash in hand’ to retain their Visas!)

This competition for our housing has locked out a Whole Cohort of Australians as these wealthy overseas buyers outbid them at auctions, and prices escalated!

Our schools, hospitals, roads, trains and buses are ‘all full-up’!

THIS Ponzi Scheme has filled the coffers of developers, toll road makers, retailers …

WHY should we now have to pay more for less?

In every direction we now have higher density, and our urban bushlands, fauna and flora, our Heritage, and our amenity are disappearing …

WHY do we need double our population by 2066? 

Apart from making the Property Titans wealthier?  And enabling wealthy HNW to launder black money in our real estate and gain ‘Permanent Residency’

Perhaps if we returned to a sustainable permanent migration of 70,000 p.a. that may ease the situation and allow for Prof Giles-corti’s recommendation that rather than apartments, a mix of concentrated well-designed housing to create ‘delightful, liveable density’?

READ MORE!

Australians think our population is getting too big but can we build better dense cities

https://www.abc.net.au/news/2021-06-11/cities-population-density-congestion-urban-environment/100183522?fbclid=IwAR3xhxYw_XbmC4-jdjeB3AAbO1m2LHcttfkA2Ls7kaJbSpYr80peV8pAYio

House Price Hike of 10 Years done and dusted over a Few Weeks!

High Temporary Migration by Visa Manipulation to buy Australia’s real estate to gain a Permanent Residency Visa … was the means by which the Property Titans ensured their coffers overflowed!

However, despite the closure of Australia’s International Border with the Pandemic this was again sorted by online purchase through Juwai.com or an onshore Proxy allowing foreign buyers to lay-by their homes …

And now the Property Sector, it appears, has again manipulated through an inadequate housing supply … the return of Expats, low interest rates and First Home Buyer Grants to generate a ten year price hike in a matter of weeks from December 2020 to January 2021 of as much as $200,000 or $300,000!

HOUSING HOWEVER IS ABOUT SHELTER … AND THIS PREDICAMENT MUST BE SOLVED AS SUMMED UP BY A CAAN COMMENTATOR!

THIS will never be solved unless we put in place the right policy tools.

HOUSING is a matter of paying the average Australian enough money to afford a ‘HOME’ without bankrupting all the rest of a family’s needs.

In other words, either you bring down the cost of HOUSING, lower rents and/or lower mortgage payments … more importantly lower HOUSING prices, or you raise the wages and salaries so that they can afford them.

One basic test of the CAPITALIST system we live in is, has it solved that problem????

…. Does the system of CAPITALISM … tool for the ability to produce GREED …. for example, give on the one hand enough wages and salaries, and on the other hand enough units of housing at affordable prices to allow people who need housing to buy their HOMES?

AND (NOT INVESTMENTS) HOMES without spending more than 20% – 30% of their income, and the answer is a RESOUNDING NO!!!!

… CAPITALISM has not done that for millions and millions, and it hasn’t done it for years and years

…. and it doesn’t look like it’s going to be doing it anytime soon.

That’s not a failure of a particular housing industry or the salary worker here or there, it is a FAILURE of the system not to have solved the obvious problem, either bring down the cost and price of housing, or raise the incomes of the people who need them otherwise you will see this CRISIS worsen, and the image of the ‘Homeless’ and down and outs become a part of what defines us here in Australia.

There are a few factors at play not just wages …..

….. NEGATIVE GEARING …. is the other BIG thing that has impacted us … the other great CAPITALIST TOOL that needs to be URGENTLY addressed …. BIG TOPIC … for another day!

Apartment Owners suing Sydney Developer TOPLACE over dozens of ‘Defects’ in near new Parramatta Buildings

APARTMENT OWNERS SUING SYDNEY DEVELOPER TOPLACE OVER DOZENS OF ‘DEFECTS’ IN NEAR NEW PARRAMATTA BUILDINGS

The Body Corporate of Riviera Apartments shortly after settlement launched court action for 45 types of defects!

Including corroding concrete, acoustic, fire and life safety, hydraulic, electrical and mechanical matters

-general building defects like incorrectly installed doors, concrete wall panels, expansion joints as well as bathtubs, hand basins and toilets

-other defects claims relate to the installation of plasterboard walls, waterproofing of bathrooms and defective installation of internal water pipes in the laundry

READ MORE!

https://www.abc.net.au/news/2021-06-03/parramatta-apartment-owners-suing-sydney-developer/100185356?fbclid=IwAR2YP-41KOFeLxMA_-nBd3qZTrg1a5X9B1-5CU7bwa10h5d0eb-qIm4XKS0

Related article: Toplace is the same developer behind the $260 million Skyview towers complex in Castle Hill, currently under review.

https://www.abc.net.au/news/2021-05-13/fair-traiding-finds-issues-at-major-sydney-apartment-development/100107048?fbclid=IwAR2XH_L29g0xV1O4S6je0jy2zhyehBnlOZmmB-8FRRUcGWHkZ631YuPbeJw

SEARCH CAAN WEBSITE AND FACEBOOK FOR EARLIER REPORTS ON TOPLACE, JEAN NASSIF, SARKIS NASSIF

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Property Experts Push for a Post-Pandemic Population Boom

‘Ever wondered what those who wish to influence our society are up to?’

Have a read …

https://www.mansionglobal.com/articles/australia-prepares-for-a-post-pandemic-population-boom-227737

Then …

-‘how different is this from Macro Business, ‘Nordic Countries show the way on Immigration’

In which the Unconventional Economist explains that since 1960 the Nordic countries have only grown their populations by a mere 25% compared to the 150% growth in Australia!

And NORWAY has a commodity economy like AUSTRALIA …

WHY can’t Australia focus on improving productivity and living standards?

Sweden, Denmark, Finland and Norway are among the wealthiest, happiest and with the highest living standards

Without mass immigration for population growth … to benefit the titans …

Cashed-up Chinese Buyers swarm Australia’s Housing Market with their sights set on Major East Coast Suburbs

Juwai lists Melbourne, described as a 'city of opportunities and fortune' as the best city for investment, notably because of 'strong government support' for overseas buyers
AAP Image shared from ‘Cashed-up Chinese buyers swarm Australia’s Housing Market … ‘

CONTRARY to reports from other media outlets JUWAI alleges that cashed-up Chinese buyers are flocking back at 51% to Melbourne, Sydney, Newcastle and Brisbane

Housing price hikes have fuelled FOMO in China … just what we need …

HOW can this be so with our borders closed?

OR are they lay-buying our real estate? Having gained a PERMANENT RESIDENT (PR) Visa on purchase

AND they have their Onshore Proxy here … rels, and friends …

HOW can this be stopped?

SHOULDN’T SCOMO follow New Zealand’s lead and stop foreign buying of our real estate?

That has increased the supply and reduced prices in NZ for their people!

READ MORE!

Cashed-up Chinese buyers swarm Australia’s housing market with buyers rocketing by 50 per cent

2021 URBAN TASKFORCE (the UT)

No photo description available.
An image from this developer lobby group to promote the idea that ‘Immigration matters’ … which it does very much to this lot. It is about their GROWTH through this PONZI Scheme at the expense of the amenity of communities across Sydney and beyond

WHY wouldn’t the Urban Taskforce support the growth of Sydney as outlined in the Metropolitan Strategy? Whoda thought who would have instigated this growth?

THE UT reports that they believe the growth could be higher than the governments predictions, if immigration levels are maintained.

THE PONZI!

They acknowledge that they understand that the community (us) have concerns about the change of character that will flow from a move to a more urban environment. Substitute with the description of ‘high-rise and higher density’!

Apart from the ‘change of character’ what the turbo-charged GROWTH has meant when once it took 20 minutes to drive across a few suburbs it now takes 50 minutes! Commuters constantly sit at traffic lights. Our infants are being schooled in demountable classrooms and have nowhere to play … our buses, trains and hospitals are all full-up!

House prices escalated with the Howard Government in the late 1990s allowing Middle Class Chinese to invest in education and our real estate to gain ‘Flexible Citizenship’ … hence a property boom in the early 2000s.

And again with onshore proxy and foreign online buying (Juwai) between 2015 and 2017… continuing until the border closures …

Currently following these closures with interest rates low, First Home Buyer grants, many selling their apartments for the freedom of a house and garden … thus inflating demand … and house prices have again escalated like never before! Jumping $300,000 plus from December 2020 to January 2021!

Was the UT behind this too? To make houses unaffordable so they can offload more apartments which buyers had been resisting due to so many defective development reports. Cough … cough …

THE UT suggests that somehow the extra 770,000 new housing units will need to go somewhere ‘so we are demonstrating one approach towards this’!!

VIEW: https://www.urbantaskforce.com.au/urban-ideas-2/

With a return to high immigration the shortage and high prices for Australians will maintain!

NOTE in the UT’s “Urban Ideas: Migration Matters”, the Sponsors including major sponsor Meriton and sponsor Ceerose which have been major beneficiaries of high immigration … ‘Ol Harry’ (Mr Meriton) even went so far as to say this in a report in 2019 in the SMH!…

-China has more than 1 billion people, and they love Australia. I think they love Australia as much as we love Australia. So there will always be enough of them that will buy.

-My grandsons, they understand everything. The real thing is how do you make things happen. I teach them how to make things happen.

VIEW: https://www.smh.com.au/business/the-economy/i-ll-buy-cheaper-australia-s-property-king-is-exploiting-the-slump-20190215-p50xyl.html

SCROLL down to find which companies have representatives on both the Executive and Steering Committees of the Urban Taskforce! Developers who, it appears, have had much influence on NSW INC … and constructed many Precincts across Sydney and housing developments across Sydney and its urban fringes …

Urban Taskforce Executive Committee at 2021

The Urban Taskforce Executive Committee is elected by the members and oversees corporate policy, governance and financial management of the Urban Taskforce Australia. It includes some of Australia’s leading property developers.

The Executive Committee DEVELOPER members are:

  • KWC Capital Partners
  • Rebel Property Group
  • Multiplex
  • Walker Corporation

Update on Walker Corporation:

May be an image of outdoors and text that says 'Ohating - walker Appin South Concept Lot Mix Plan T .20) × Figure roposed development'

In April 2021 from Save Sydney’s Koalas

‘This Walker Corp. concept plan in their Bushfire Report shows their proposed plan for the whole Appin area which will comprise 259 residential lots. With the removal of 25 hollow-bearing trees, the impact on the wildlife will be terrible. Not to mention the increased heat from the removal of trees and more heat-trapping asphalt and concrete’

Walker’s Parramatta Square project $3.5Bn is currently under development … but where there has been much controversy is in Sydney’s South West esp. around the rural village of Appin!

There Walker Corporation has very large landholdings in the midst of Australia’s chlamydia free Colony of Koalas!

And through developers like Walker Corporation, Country Garden, LendLease … much of Sydney’s former foodbowl has been lost to housing developments.

How has this come about?

View: Property Developers are among the biggest Political Donors in Australia, but should they be allowed to be?

https://www.abc.net.au/news/2021-03-01/wa-property-developers-are-among-largest-political-donors/13198886

These lobby groups have so much clout that no doubt because the Liberal Party has enjoyed so much $upport from the Property Council of Australia, the Urban Taskforce and others, what choice remained for the Labor Party?

View: Federal Parliament just weakened Political Donations Laws while you weren’t watching

https://theconversation.com/federal-parliament-just-weakened-political-donations-laws-while-you-werent-watching-149171

The NSW Government has determined the landholding in the South West District Plan as being suitable for urban release after 2036.

But this was not good enough for Lang Walker and submitted that earlier development was warranted!

Included is a letter to Sheridan Dudley South West District Commissioner Greater Sydney Commission

View: 

walkercorporation-southwest_open_submission.pdf (gsc-public-1.s3-ap-southeast-2.amazonaws.com)

Despite the local councils’ refusal in September 2020, Planning Minister, Rob Stokes granted approval to rezone the rural landholdings for the Macquariedale Road Project now for 260 homes!

IF our governments had looked to the future health of our environment immigration levels would have been maintained at some 70,000 per annum not 300,000 or more annually!

Again property developer influence with the FIRB Ruling (2008/09) allowing developers to sell 100 per cent of new homes to foreign buyers …

Urban Taskforce Executive Committee at 2021 continued:

  • Winten Property Group
  • McDonald Industries
  • Aqualand
  • Meriton
  • Holdmark Property Group

SOURCE:  https://www.urbantaskforce.com.au/about-us/urban-taskforce-executive-committee/

Urban Taskforce Steering Committee at 2021

The Urban Taskforce Steering Committee focuses on public policy issues. The Steering Committee includes a mix of property developers and key experts in the areas of urban planning, law, construction and finance.

KWC Capital Partners

Peter Spira AM
Chairman, Urban Taskforce Australia

Tom Forrest
CEO, Urban Taskforce

Norton Rose Fulbright

Aqualand

Ironbrook Property Group

Rawson Communities

Avenor

  • Woolworths Limited
  • Multiplex
  • Mills Oakley
  • EG
  • Cameron Brae
  • Urbis
  • Legacy Property
  • HWL Ebsworth
  • Crown Group
  • Meriton
  • Greenland Group
  • Stockland
  • Toga
  • Allens
  • Goodman
  • Lendlease
  • Payce
  • Danias Holdings Pty Ltd
  • Winten Property Group
  • Combined Development Group
  • Walker Corporation
  • Mirvac
  • CBRE

SOURCE: https://www.urbantaskforce.com.au/about-us/urban-taskforce-steering-committee/

SO … What’s the Agenda that led to Housing Price Hikes?

Kate Goldby and Zac Anthony are grateful for getting a foot on the property ladder thanks to a family member who guaranteed their home loan.(ABC News: Rhiana Whitson)

IN December 2020 house prices were recovering from the lows of

the mid year

Then over the Christmas break the housing market virtually closed …

BUT come 1 February 2021 instead of Agents dropping the price by some $200,000 when marketing a property allegedly to lure more buyers at Auction …

THAT at 1 February agents instead bumped up the median of December 2020 north by another $200,000 Guide Sale Price! In many instances at $2 Million!

… buyers find as they bid that their reserve for renos just goes to paying a higher price …

AND yet real estate agents said ‘We didn’t see this coming!’ …

WHAT happened over the Christmas vacation?  Was there a big meeting of the Real Estate Institute?

And who was invited to attend?

Could that have been the Big Boys The deve-lopers, the bankers and the Feds?

What was behind all this?  This Agenda?

 … Apart from the Feds using this as an opportunity to make it look like ‘Australia has a strong economy’?

Could it have been a ruse by the deve-lopers to sell off their excess of apartments since the Pandemic had cut off their foreign buyer demand?  

By engineering this price hike in ‘Houses’ to steer buyers especially First Home Buyers towards buying an apartment … really …

And the bankers, of course, enjoy the increased flow for their vaults

NSW INC Stamp Duty Coffers again overflow along with the newly introduced alternative of Annual Land Tax

Cough … cough …

The average amount parents (The Bank of Mum and Dad) are contributing is $89,000!

But as Martin North banking sector analyst said those that received $$ help from parents to get into the property market:

-are three times as likely to default on their loan in the first five years

BECAUSE …

-they have not been disciplined about their savings

-these parents either gift the money towards a deposit or become ‘guarantor’

-and put forward equity in their own property

-if the children fail to make payments the parents may lose their home!

AND … Mr North … it would seem despite being an Analyst is …  ‘a Man of Humanity’  warns that if in future these buyers end up in negative equity that Regulators should be looking at this very seriously!

VIEW:

https://www.abc.net.au/news/programs/the-business/2021-05-03/house-price-surge-means-first-home-buyers-are/13327796

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Billbergia Rhodes Plan for Road to Split Community Village in half!

Operators of the not-for-profit Concord Community Village say they will lose out while BILLBERGIA plans to build roads and apartments as high as 25 storeys in Rhodes East

Read more to learn how this could have come about

-six hectares – or 75 per cent – of the developable land in the precinct is owned or under option by Billbergia

IT appears Billbergia is favoured with three new proposed streets to run through their land … one of which will split the community village in half!

READ MORE!

‘Stupid idea’: A road that will split a property in half risks forcing residents out

https://www.smh.com.au/national/nsw/stupid-idea-a-road-that-will-split-a-property-in-half-risks-forcing-residents-out-20210409-p57hvt.html#comments

VIEW Related Articles to find how this all ties together with a Minister alleged to be involved in land dealings!

‘SIDOTI and Sydney Developer referred to ICAC over Land Dealings’

Former minister John SIDOTI and developer, BILLBERGIA have been referred to ICAC following allegations that development plans were altered to benefit the developer of waterfront apartments in an urban renewal project at Rhodes.

https://www.smh.com.au/national/nsw/sidoti-and-sydney-developer-referred-to-icac-over-land-dealings-20210304-p577na.html?fbclid=IwAR2XtA4TSyWaaVGkrreOfUsN7r6HNKnHbyO5bB4i9SYXyXAvcutLNNKkGG8

‘2020 Rhodes′

‘Sydney’s Investor-Grade Towers crush their Tenants and Kill the City’s Soul’

https://www.smh.com.au/politics/nsw/sydney-s-new-investor-grade-towers-crush-their-tenants-and-kill-the-city-s-soul-20201231-p56r48.html?fbclid=IwAR1s1ieQKoPq_Tm40YlisvS2NCGZKVAr7vK7Ml-zhAFGYSttgVijoYu4mGY

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WHY has the Construction Sector got the Highest Rate of Suicide?

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WHY has the Construction Sector got the highest rate of Suicide?

WITH 80 to 90% the spiral can start from a relationship break down, or any kind of loss, from a loved one to gambling.  Followed by unexpected financial problems … a lack of Job security*

They work excruciatingly long hours to work themselves out of a job—every six months

Pressed to complete large projects on-budget with unrealistic timelines … prioritised over employee wellbeing … for whose benefit?

Together the leadership and their staff are going through this drive for cost savings … for whose benefit?

These workers are 53% more likely to die by suicide than other employed males in this country. 

Death by suicide in the sector is six times higher than death due to site accidents.

Nor have they been encouraged to seek help …

AS it is said it starts ‘at the Top’ …

WHO benefits from the workers’ long hours, insecurity, on-budget, unrealistic timelines, cost savings … certainly not the workers or the clients (buyers) of developments …

AS it is said it starts ‘at the Top’ destroying our $ociety ...

READ MORE!

The Urban Developer: Why Is Suicide So Widespread In The Construction Sector?

https://www.theurbandeveloper.com/articles/suicide-construction-sector-australia

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