FHB Scheme Good for Property Sector

VIEW RELATED ARTICLE BY EUAN BLACK

First home buyers squeezed out of the market as prices soar’

The only way to really help first-home buyers is to reduce the overall demand for housing by scrapping negative gearing and capital gains tax discounts.

But the government has shown little appetite for such changes. And neither, perhaps, have voters.

How extensive is the Australian property investor market?

IS there another major change to the Australian Housing Market … that has possibly had an even greater impact … ? Could that be the enormous competition from overseas parking their ‘Hot Money’ in our property market? Perhaps the Australian Supply could not keep up with this demand?

View: https://thenewdaily.com.au/finance/property/2020/01/18/first-home-buyer-woes/

Coalition’s first-home buyer scheme could worsen inequality

Euan Black

COMMENT

Fresh analysis has claimed the Coalition’s new housing deposit scheme worsens inequality and fails to address wider problems in the housing market.

CoreLogic head of Australian research Eliza Owen has argued in a blog post that the Morrison government’s First Home Loan Deposit Scheme (FHLDS) will give a leg-up to high-income earners and do little to boost home ownership rates.

Reserve Bank and Grattan Institute research shows home ownership rates among Australia’s top 20 per cent of income earners already sits well above the national average.

Yet, under the Coalition’s new scheme, these high-income individuals are eligible for the same level of government assistance as low-income earners.

“The scheme could be granting easier access to home ownership to people who are already more likely to attain it,” Ms Owen told The New Daily.

The Coalition’s scheme started on January 1 and provides government-guaranteed loans to first home buyers with deposits as low as 5 per cent of the purchase price.

It will help successful applicants get into the property ladder much sooner and remove the need to pay lenders’ mortgage insurance, which often runs into tens of thousands of dollars.

But critics have said the scheme’s impact on broader affordability issues will be negligible, because it ignores the causes of high property prices and only offers 10,000 loans a year, which is equal to less than 10 per cent of annual loan commitments to first home buyers.

And Ms Owen said it also risks increasing inequality among hopeful home owners by giving a leg-up to high-income earners.

The scheme is open to individuals who earn a before-tax income of up to $125,000 a year and couples who earn up to $200,000.

Given individuals earning an annual salary of $125,000 are in the top 20 per cent of income earners, Ms Owen said the scheme’s income thresholds were too high.

Home ownership rates are much higher among this income bracket  than lower income brackets – yet the FHLDs offers both groups the same level of assistance.

“The scheme may actually provide more advantage to those earning towards the top of the threshold,” Ms Owen wrote in her blog.

“Because they can save a 5 per cent deposit more quickly, and the scheme is currently limited to 10,000 guarantees a year.”

According to Ms Owen’s calculations, individuals at the top end of the scheme’s income threshold can save a 5 per cent deposit on a median-valued property ($540,974) in 18 months, while median income earners ($78,000) need 27 months, and low-income earners ($48,100) need 39 months.

But Ms Owen said high-income earners would likely take even less time to save a deposit, as the calculations assume that buyers across all income brackets will save 20 per cent of their income, when, in reality, higher-income earners can often save much more.

Asked what else the Coalition could have done to make life easier for aspiring home owners, Ms Owen said “there should be greater emphasis on building more social and affordable housing”.

“And some of the most impactful policies on home prices has been policies that limit investor participation in the market,” Ms Owen added.

That’s not the sole cause … but there’s a strong correlation between higher level of investor participation and added pressure on house prices.”

CAAN: What could possibly be a cause? What is it that commentators … the Researchers, Journalists, University Professors … Economists seem to overlook … what’s so bleedin obvious when one visits the CBD … any major shopping outlet … sits on a bus or in the train … the supermarket …

Is it all the ‘new people’ … the new ‘permanent residents’? … OH!

EB: Ms Owen is far from the only property analyst to criticise the scheme.

*Brendan Coates, director of household finances at the Grattan Institute, previously told The New Daily that the scheme was too small to have an impact on affordability, and that an expanded version would only serve to turbocharge prices, by ramping up demand.

Others, meanwhile, have said the scheme offers limited choice, as the price caps are well below the median dwelling price in some major cities.

“It’s not addressing the core problem. It’s trying to help first-home buyers without hurting anyone,” Mr Coates said.

“But for first-home buyers to win, someone has to lose or prices have to fall, in which case first-home buyers are better off and existing home owners are worse off.”Soaring prices are shutting the window of opportunity for first home buyers.

CAAN: What’s happened to Scummo’s Midas Touch … it’s all turnin to sh.t for FHBs … making more for the mates in the Property Council … of course …

Soaring prices are shutting the window of opportunity for first home buyers. FINANCEPROPERTY , Jan 18, 2020

SOURCE: https://thenewdaily.com.au/finance/property/2020/01/18/first-home-buyer-woes/

WEBSITE:

https://caanhousinginequalitywithaussieslockedout.wordpress.com/

WHY are Young Aussies Relying on the Bank of Mum and Dad?

AUSTRALIA needs to talk!

  • COPY and paste all this Text into an EMAIL to your Contacts … across Sydney … across Australia
  • NEXT forward onto your local MPs … both State and Federal
  • LET’s not be ‘Quiet Australians’!

With the Australian property bubble back in full swing, the ‘bank of mum and dad’ is again on the rise. How did this happen?

HOW come the property bubble was in a Slump … to return full swing in late 2019 to now in January 2020?

WE suggest this explains how come … It’s not only RAY WHITE … but they’re all onto it!

This flyer ‘Showcase Your Home to local and OVERSEAS Clients like no other agency’ … turned up in our letterbox a few days ago!

NOTE:

-dedicated CHINA Desk services in Australia interest

-property listings on Juwai.com, the largest international property portal in CHINA

THIS has been enabled by:

-the FIRB Ruling allowing developers to sell 100% of ‘new homes’ overseas

Scomo Government exempted Real Estate Gatekeepers from Anti-Money Laundering Laws in October 2018

.that’s real estate agents, lawyers and accountants

CAAN has shared reports from Macro Business, other Economists and experts that disprove much misinformation circulating … they can be found on our Website. See link below!

No photo description available.

OBVIOUSLY … this marketing in China is the causation of the BOOM for more ‘Hot Money’ awash in our Real Estate … the Chinese can splash the cash and outbid Aussies … it’s all part of Xi’s Plan …

-there’s 1.4 Billion of them

-they want what we have!

AND keen sellers are readily found …

THAT’s why where we live is being OVERDEVELOPED … and we have no rights!

MEANWHILE … in Australia we have

-high unemployment at 19.7% not a mere 5.2% reported by Scomo Govt

high youth unemployment and underemployment due to high competition for jobs from Visa workers accepting low wages with a view to gaining a ‘Permanent Resident Visa’

lowest wages growth for 60 years; insecure contract work

-the first home buyers deposit scheme has been described as a scab grab

https://caanhousinginequalitywithaussieslockedout.com/2020/01/03/theres-just-a-handful-of-sydney-suburbs-cheap-enough-to-qualify-for-the-governments-first-home-loan-scheme/

AUSTRALIA … that’s why we need to talk!

WHY NOT COPY AND PASTE THIS CAAN POST TO YOUR EMAIL CONTACTS!!

AND gather together in your street and make your objections to your local MPs!

‘Bank of mum and dad’: Aussie adults relying on parents for housing costs and everyday expenses, survey finds

More than half of Australian parents are providing financial support for their adult children.

‘Bank of mum and dad’: Aussie adults relying on parents for housing costs and everyday expenses, survey finds

KATE BURKE TWITTER JOURNALIST JAN 16, 2020

The “bank of mum and dad” is helping adult children with not only housing costs but everything from fuel and phone bills to holidays, a new survey shows.

More than half of Australian parents surveyed subsidise the lifestyles of their adult children, with almost 40 per cent letting them live rent-free and about the same proportion paying for their groceries.

About one in three parents help pay for mobile phones, internet or other bills, according to a survey by comparison platform Finder, while one in five pay for some or all of their children’s holidays.

*Another 15 per cent lent or gifted money for a home deposit, 15 per cent charged lower rents, 5 per cent went guarantor on a home loan and 4 per cent helped with mortgage payments.

About a third of parents are helping their adult children pay for their mobile phones or other bills.
About a third of parents are helping their adult children pay for their mobile phones or other bills. Photo: Getty Images

Rising property prices, particularly the return to price growth seen in Sydney and Melbourne after their market slumps, have raised fresh worries about how aspiring home owners can afford to get onto the property ladder.

“As a parent myself, it does concern me that we are seeing a future generation that relies on their parents for everything,” said Kate Browne, a personal finance expert at Finder.

“We know that a lot of younger people do rely on the family to help bolster them when trying to scrape enough money together for a home deposit … but we were surprised [by how many are helping with] day-to-day costs.”

The survey of 1020 adults included 419 parents who all had children over 18, and found about 16 per cent paid for or subsidised tertiary studies. Some 22 per cent paid for car-related costs such as registration and petrol, while similar numbers (21 per cent) paid for transport and part or all of their child’s car.

While this may suggest they had very young adult children, Ms Browne said, a quarter surveyed were also providing free childcare for grandchildren.

“We’re looking at a generation of ageing Australians providing an awful lot of childcare, and ageing parents potentially putting themselves at financial risk to support their adult children,” Ms Browne said.

HOW DO YOU FINANCIALLY HELP YOUR ADULT CHILDREN?
Pay for groceries39%
Free rent38%
Paying for bills (broadband, mobile phone, energy)35%
Provide free childcare25%
Paying for car-related costs (rego, petrol, car insurance)22%
Paid for part or all of car21%
Paying for transport21%
Paying for some or all of holidays20%
Paying for/subsidising tertiary education16%
Charging low rent15%
Loan/money for a home deposit15%
Other15%
Helped with wedding costs13%
Going/went guarantor for their home loan5%
Help them pay their mortgage4%
Source: Finder. Note: Survey was conducted in December 2019.

Rising property prices meant relying on the bank of mum and dad for help with a home deposit had become “a fact of life” for many, Ms Browne said. However she noted such help made it even harder for other first-home buyers, who couldn’t get funds from their parents, to get onto the property ladder.

While some would be able to get assistance under the recently launched federal government First Home Loan Deposit Scheme, only 10,000 of the 100,000 or so first-home buyers who enter the market each financial year will be able to get assistance. All 3000 spaces released so far have already been reserved.

The great disparity between wage growth and property prices growth in recent years had made it more common for younger generations to rely on the bank of mum and dad, said social researcher Ashley Fell from McCrindle Research.

“They’re living at home for longer to alleviate some of the costs that they face,” she said. “The stigma of living at home into your late 20s has been removed, everyone knows the housing market is tough.”

Millennials and small homes. A young woman makes pancakes for breakfast.
Almost 40 per cent of parents are helping pay for their adult children’s groceries. Photo: iStock

Younger generations are also more likely to study at university, enter the workforce later and are delaying traditional life markers such as having children and getting married, Ms Fell says. Even some Millennials who had children were moving back to the parental nest, she noted.

“They’re starting earning years later in life and stating with a greater debt,” she said. “We also know they have a great desire to travel, so they’ve got competing priorities in terms of savings.”

While giving financial help for other expenses had become more acceptable, even expected by some, Ms Browne urged parents to choose wisely.

“Helping your kids in any way you can is how many see the job of a parent, but mum and dad need to make sure they aren’t hurting themselves in the process,” she said.

Ms Fell said: “A negative impact of this next generation staying at home longer is parents need to and already are working longer.”

Ms Browne added it was also important for adults to become financially responsible.

Stocksy_txpaa1746bc9QD100_Small_311460_db1pe3
Urging your kids to learn the fundamentals of finance and money is really important, experts say. Photo: Stocksy

“When learning to look after yourself financially, you learn through experience … until you’ve moved out of home, blown all your money and can’t afford your groceries, you don’t really learn the importance of budgeting,” she said.

“[And] if you’re going to keep getting bailed out by mum and dad, it’ s probably not a lesson you’re going to learn.”

Weighing up how to financially support adult children is a situation faced by many parents, according to wealth coach Jackson Millan, chief executive of Aureus Financial, who believes it is important to enforce good money management habits early.

“A bank wouldn’t continue to lend money without a clear strategy … without an end in mind, the bank of mum and dad should be the same,” he said. “If kids are employed but they still need help with bills, rent and their car, you may not be setting a good long-term behaviour pattern if you help them.”

Parents will always look to support children in times of hardship if they can, Mr Millan says, and try help them take the very difficult first step onto the property ladder. But, he said, paying for negotiable expenses and “nice to haves” such as holidays could set a bad precedent and encourage children to live beyond their means.

Mr Millan said it was best to treat the root cause, rather than treating money shortfalls with a Band-Aid solution.

“Financial literacy is not taught as it should be at schools,” he added. “So urging your kids to learn the fundamentals of finance and money is really important.”

SOURCE: https://www.domain.com.au/news/bank-of-mum-and-dad-aussie-adults-relying-parents-for-housing-costs-and-everyday-expenses-survey-finds-920638/

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First home buyers locked-out again as bubble returns

Toby Llewellyn, a 29 year old auctioneer with Cooley Auctions in Sydney, about to close a sale in front of a house for auction

*CAAN will talk about what it seems cannot be talked about … *

REMEMBER the Scomo Coalition ran fear and lies campaigns before the May 2019 Election about negative gearing and capital gains?

Image may contain: 1 person, eyeglasses

*WHAT the Scomo Coalition did not share with you … was that they EXEMPTED the Real Estate Gatekeepers from the second tranche of the ANTI-MONEY LAUNDERING LAWS in OCTOBER 2018

*AND Temp Visa Holders can buy Aussie Domestic Housing to gain a ‘Permanent Resident Visa’ with MEDICARE Benefits thrown in!

-1,700 (Sydney) and 2,300 (Melbourne) population increase each week

-developers can sell 100% of ‘new homes’ to foreign buyers (FIRB Ruling)

-led to the creation of the high-rise Precinct boom for foreign buyers

‘HOT MONEY’ = HOUSE PRICE BUBBLE

SEARCH CAAN WEBSITE FOR THE FACTS

SHARE! AND TELL OTHERS …

Image may contain: 1 person, standing, suit and outdoor

Photo: Also View Website for ‘First-Home Buyers use Govt Deposit Schyeme to pay Thousands in extra interest!

First home buyers locked-out again as bubble returns

JANUARY 13 2020

By Leith van Onselen in Australian Property

With Australian dwelling values rising at the fastest quarterly rate in a decade, according to CoreLogic, driven by Sydney and Melbourne:

The ABC’s Michael Janda

Contact Michael Janda

… has penned an article lamenting that first home buyers (FHBs) are again being shut-out of Australian housing:

*While Sydney and Melbourne, as well as the national average, are still below their 2017 peaks, at the current pace of growth those record price levels are set to be broken by March this year.

Data on vendor asking prices for houses from SQM Research also has them back around record levels, with Sydney again above $1.3 million and Melbourne above $1 million…

These prospective buyers have been hit with a triple whammy of factors good for those who already own property, but bad for those wanting to buy — lower interest rates, looser mortgage lending restrictions and the retention of negative gearing and the 50 per cent capital gains tax discount…

In the end, it is only a fall in property prices relative to incomes that will genuinely improve long-term housing affordability for first home buyers.

That is only likely to happen through an increase in the number of properties for sale and/or a reduction in the number of existing property owners buying more real estate.

Basically, until you make it less attractive for existing owners to buy more property, or even give them a reason to dump some of their current holdings, first home buyers are not going to see a genuine improvement in affordability.

One of the most logical ways to achieve this is to remove the tax breaks that currently make it feasible and attractive for investors to buy and hold loss-making properties in the hope of future capital gains.

But such changes to negative gearing or capital gains tax look further off than ever after May’s election result.

Michael Janda’s sentiments are justified. But like most of his ilk, he has failed to mention that Sydney’s and Melbourne’s explosive population growth, driven by mass immigration, is making the affordability situation much worse:

Sydney’s and Melbourne’s populations are growing by between 1,700 (Sydney) and 2,300 (Melbourne) people each week. And this manic growth is projected to continue indefinitely, with both cities’ populations to double to around 10 million people each by 2066.

This permanent demand shock created by the mass immigration means that continuous upward pressure will remain on dwelling values, crushing affordability and forcing future generations to live in shoebox apartments.

If you don’t like this situation, Michael Janda, perhaps you should start lobbying against a ‘Big Australia’, rather than focussing purely on tax distortions.

Leith Van Onselen

Leith van Onselen is Chief Economist at the MB Fund and MB Super. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.

Bronte and Tamarama Beach aerial view Sydney NSW Australia

Sydney prices are expected to keep growing despite already being expensive. realestate.com.au

SOURCE: https://www.macrobusiness.com.au/2020/01/first-home-buyers-locked-out-again-as-bubble-returns/

CAAN FACEBOOK:

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The puzzle of high home prices and vacant homes

An aerial shot shows skyscrapers in Melbourne's CBD.

MONEY LAUNDERING IN AUSTRALIAN REAL ESTATE IS DAMAGING OUR ECONOMY ON TWO FRONTS …

ASIDE from the high influx of foreign buyers and our
Real Estate awash with ‘Hot Money’ come newly made ‘Permanent Residents’ … and in some instances almost a complete demographic change sweeping across vast tracts of Sydney

THEN there is an economic logic behind the puzzle of high prices and high vacancy … and it LOOKS like there is a criminal logic!

much of the vacant housing in Australia is due to money laundering

no checks on the source of finance for home purchases

no checks on who the ultimate beneficiaries are in the ownership structure

a home can be purchased in a trust or company name

.the identity of the trustees and the company owners need not be disclosed

if there is no rental income, the corporate structure is protected from scrutiny by tax authorities

with most of the return to housing from capital gains housing is an attractive place to hide money; three-quarters of the total return can still be had

The puzzle of high home prices and vacant homes

By Cameron Murray in Australian Property

January 9, 2020 | 15 comments

One pattern that stands out in the property market is that although homes prices are at all-time highs, so too is the proportion of vacant dwellings. This is a puzzle.

How can it be the case that when housing is in high demand it is also rational to keep more housing vacant?

Australian data shows that the number of residential dwellings has grown faster than the number of households for the past decade, indicating a substantial rise in the proportion of empty homes. This phenomenon has been a broad one, experienced in cities such as SydneyVancouver, and Toronto. Here are some of my previous thoughts on the topic.

Image may contain: 5 people, people smiling, people standing and outdoor

The resolution to this puzzle is as follows.

Housing is an asset, and in asset markets there is a trade-off between liquidity and returns.

A vacant home is a more liquid asset than an occupied home. Timing a sale is easier, the sale is faster, and it is likely to result in a higher price when vacant.

When capital gains are a large proportion of the total return, and capturing this return requires timing the market because of price variability, the value to liquidity from vacancy can be high. In short, when yields are low and prices high and variable, the benefits to vacancy are high.

Here’s an example. In Scenarios A and B the total asset return to housing is 10%.

But in Scenario A the price is high and yields are low. Here, leaving the property vacant forgoes only a quarter of the total return from the asset. If prices are variable in this Scenario, then timing a sale becomes an important factor for earning the capital gains. Hence, the liquidity from vacancy has a large benefit.

ReturnCap. gainsRent
Scenario A10%7.5%2.5%
Scenario B10%2.5%7.5%

In Scenario B the price is low, as the rental yield is 7.5% of the price. Capital gains are also low at 2.5%. In this low price, low capital gain, scenario, keeping the property vacant requires giving up three-quarters of the total return. The benefits from doing so are limited since capital gains are low, and hence less variable.

So there is an economic logic behind the puzzle of high prices and high vacancy, and it stems from the fact that housing is an asset as well as a consumption good. But there is * also a criminal logic.

*Much of the vacant housing in Australia (and probably Canada and a few other locations) is due to * money laundering.

*There are no checks on the source of finance for home purchases and no checks on who the ultimate beneficiaries are in the ownership structure.

*You can buy a home in a trust or company name, and the identity of the trustees and the company owners need not be disclosed.

*If you then also do not earn rental income, the corporate structure is protected from scrutiny by tax authorities. Housing is a great way to hide ill-gotten gains.

*The criminal logic and economic logic are closely aligned. When most of the return to housing comes from capital gains it makes housing a more attractive place to hide money as three-quarters of the total return can still be had.

But when most of the return comes from rent it is much less attractive — and it may require corporate disclosure due to local incomes warranting taxation.

Finally, some new data

On another note, new data from the Australian Bureau of Statistics came out recently, filling one of the holes in the housing data landscape — the share of lending to investors that is directed towards purchasing or building new homes.

This data helps to answer questions about the economic value of new credit in the economy, the real economic effects of monetary policy, and more.

In standard economic thinking, low interest rates make borrowing to invest in new buildings and equipment more viable. Because standard economic models do not include secondary markets, the effect on the trade of existing assets is mostly ignored. Yet we can see that the majority of home purchases are simply trades of existing housing, and hence are a key mechanism through which low interest rates mostly cause higher prices without having much effect on new construction.

As you can see in those few months of investor data,  investor lending is not substantially more biased toward new housing than lending for owner-occupiers.

For investors, 24% of loans have been for new housing in the past few months, just as 24% of loans to owner-occupiers have been.

The main difference seems to be that the typical existing home bought by owner-occupiers is more expensive than the typical new home, whereas for investors the mean value of lending to both is the same.

The Chinese use numerous tactics to transfer money abroad, and smurfing is routine.

Photo: The Chinese use numerous tactics to transfer money abroad, and smurfing is routine. From: China’s ‘smurfs’ beat cash controls, sending real estate soaring

SOURCE: https://www.macrobusiness.com.au/2020/01/the-puzzle-of-high-home-prices-and-vacant-homes/

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HOUSING SET FOR A RECOVERY: LENDLEASE

ASK WHO FOR?

Image may contain: 1 person, smiling

LENDLEASE Property Chief Kylie Rampa has risen to become one of the most senior women in the industry: Photo The Australian

FROM THE AUSTRALIAN BUSINESS REVIEW JANUARY 6 2020

‘HOUSING SET FOR RECOVERY:  LENDLEASE’

PAGE 13 …  we summarise here …

AN exclusive that says the Australian property market is set
for an upturn in 2020 … that credit for housing was becoming easier to get with the end of the Royal Commission into misconduct in the financial sector  … lending is starting to free up … it hasn’t
come back as far as it needs to  … as the banks adjust their processes …

That lower interest rates were a positive for the housing sector

The Federal government’s First Home Loan Deposit Scheme
would add to demand in 2020

HOWEVER, this Scheme has been debunked! *

VIEW:   https://caanhousinginequalitywithaussieslockedout.com/2020/01/03/theres-just-a-handful-of-sydney-suburbs-cheap-enough-to-qualify-for-the-governments-first-home-loan-scheme/

AUCTION clearance rates in the high 70s were now rising into
the low 80s … that there would appear to be some momentum building, but not back to peak market conditions …

That the First Home Buyers Guarantee Scheme would provide a
BOOST to the …

‘GREENFIELDS’ New Housing Market … this scheme is all about
filling the coffers of devilopers and this Greenfields Housing Code is for
homes on tiny lots of 200M2 X 6M wide … a third of the size of traditional land lots in Australia … obviously better than a hole in a wall.

ASK why is it since the Liberal Coalition came to power in 2011 that there has been so much overseas competition and inflated prices for Australian domestic housing?

SEARCH CAAN WEBSITE to learn more!

The market in Melbourne would also be assisted by strong
population growth in the city… well above the national average.  What’s new there?

The apartment market in Brisbane was still suffering from
oversupply which needs to be absorbed.

TURN OVER TO PAGE 14 … where the real story emerges …

PROPERTY HIGH-FLYER PUTS EXPERIENCE TO WORK

-the market in Perth was still under pressure with the end
of the mining boom

THAT 2020 would be a year of ‘Rebuilding’ … the office sector
in major capital cities was strong with continued growth in white collar jobs …

Lendlease’s new apartments at Barangaroo have broken property
market records with the sale of a $140M two-storey penthouse at $100,000 per square metre

These apartments were part of a global property market
rather than reflecting domestic demand.

THAT there were strong pools of capital available from OFFSHORE
FOR NEW PROPERTY DEVELOPMENTS IN AUSTRALIA for the right projects.

‘There have been good flows of FOREIGN CAPITAL into the
Australian market’

Some of the capital has been investing here for the first time
and trying to build out their portfolios and investments

She said some of this had come from Japan, where insurance
companies were now allowed to invest offshore.

However, she said ‘she did not see much speculative development
in the Australian property market from foreign investors’

NOTHING TO SEE HERE

What about that proposed for Sydney’s South West in the
Wollondilly and Macarthur?  With much Chinese investment? 

Dahua and Country Garden, for example?  …

LENDLEASE was keen to get involved in more ‘AFFORDABLE
HOUSING’ … obviously for the Whole Cohort of Australians locked out of the domestic housing market by the ‘Hot Money’ from overseas ….

That continues to be AWASH in Australian real estate

-with good flows of Foreign Capital into the Australian
market

-the Real Estate Gatekeepers are exempt from Anti-Money
Laundering Laws (Scomo: October 2018)

BE WARNED a nasty precedent has been set by LENDLEASE in
London …

-Londoners were promised affordable, accessible homes for keyworkers but way ahead of them in the queue – two years ahead, in fact – was the international market.

View:  Every Flat in a new South London Development has been sold to foreign investors

https://www.vice.com/en_uk/article/qkq4bx/every-flat-in-a-new-south-london-development-has-been-sold-to-foreign-investors

AND …

View:  LENDLEASE Sues London Council for Scrapping $3.6bn Housing Deal

https://caanhousinginequalitywithaussieslockedout.com/2018/11/15/4171/

AND … It’s not easy being green:  Lendlease’s Elephant Park London under Fire for its sustainability claims

Elephant Park london

It’s not easy being green: Lendlease’s Elephant Park London under fire for its sustainability claims

 

 

THE AUSTRALIAN: PAGE 14: HOUSING SET FOR A RECOVERY: LENDLEASE

No photo description available.

CAAN Photo: Page 14 The Australian: Housing set for a Recovery: Lendlease

7337afb2-bf87-40fb-a0b8-a7dea39344e8

Read more: https://caanhousinginequalitywithaussieslockedout.com/2019/10/23/country-garden-lists-364-ha-site-in-sydneys-south-west/

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THIS is How State Governments will change Tenancy Laws in 2020

SOMEWHAT belatedly State governments are responding to the surge in long-term renting … a consequence of poooor National and State Government policies …

BECAUSE foreign buyers are swapping places with our Families locked out of Australian Domestic Housing …

WOW! A raft of new reforms are being introduced to boost the rights of Tenants!

However ‘NO GROUNDS EVICTIONS’ are not yet abolished!

READ MORE!

This is how state governments will change tenancy laws in 2020

New laws will make it easier for tenants to own pets. Photo: Getty

Euan Black

Euan Black

COMMENT

State governments are responding to the surge in long-term renting by introducing a raft of new reforms aimed at boosting the rights of tenants.

Tenants’ advocates have welcomed the proposed changes but argue governments should go even further by abolishing ‘no grounds’ evictions.

Landlords have said the reforms will discourage investment and consequently drive up rents.

NSW, Victoria and the ACT have already legislated changes.

While the exact reforms vary from state to state, all three governments will limit rent increases, make it easier for tenants to make minor modifications, and allow domestic violence victims to immediately terminate a contract free of charge.

Queensland plans to introduce similar laws later in the year. Western Australia and the Northern Territory are currently reviewing their regulations. And South Australia and Tasmania made small changes a few years ago.

(Lists of reforms are included at the bottom of this article.)

Better Renting executive director Joel Dignam said the reforms were a “positive step in the right direction”.

But he told The New Daily they were overshadowed by the looming threat of a no-grounds eviction, with most tenants feeling too insecure to confidently assert their rights.

“As long as no grounds terminations can happen, tenants are worried,” Mr Dignam said.

“So even if the law says they can ask for a pet, they might not ask for a pet because even if the landlord has to say yes, the landlord can then terminate their tenancy for no reason.

“So that fundamentally undermines the security of the tenancy contract.”

All states currently allow landlords to evict tenants without cause once a fixed-term agreement expires – so long as they provide the required notice.

But Victorian landlords will lose this power in July, when 130 new reforms come into effect. And Queensland landlords might lose it, too, if the state government manages to pass its proposed changes.

Propertyology director and landlord Simon Pressley said such changes went against Australia’s historic commitment to private property rights.

He told The New Daily increased engagement between landlords and tenants would have led to better outcomes than “heavy-handed legislation” – which he said would discourage investment and push up rents.

“Pets are a good example. The reality is pets can cause damage to a property. The legislation can say whatever it wants about pets, but that’s a fact,” Mr Pressley said.

“So I think it is completely wrong for any state government, at any time, to say, ‘we’re going to pass some legislation that removes the right of the asset owner to say yes or no to pets’.”

Mr Pressley said he considered applications from pet-owning tenants on a case-by-case basis and had had good experiences in the past.

Pet owners often offered to pay an extra $5 a week to cover the increased financial risk, he said, while many stayed put for longer, to avoid repeating the “frustrating” process of finding a pet-friendly home.

But he said individuals who lease such an expensive asset should be entitled to “put some conditions about how it’s used and when it’s returned”.

“This is what the industry should be doing, specific to pets: Engaging in that discussion and getting landlords to see that it’s not all about risk. There’s also some opportunity there,” Mr Pressley said.

“But the tenants need to get off their high horse. They don’t have the right if they don’t own the property.”

Key changes in NSW (Applicable to leases signed after March 23, 2020)

  • Landlords must make sure their rental property is “structurally sound”; contains private bathroom facilities; and provides adequate lighting, ventilation, gas and electricity.
  • New penalties for landlords who fail to maintain smoke alarms.
  • Landlords will no longer be able to unreasonably stop tenants from making renovations of a “minor nature”.
  • Set break fees for tenants who cancel a fixed-term agreement.
  • More information can be found here

Key changes in VIC (Applicable to leases signed after July 1, 2020)

  • Landlords will no longer be able to evict tenants without cause once a fixed-term agreement expires (i.e. banning no grounds evictions).
  • A new blacklist will name and shame dodgy landlords.
  • Tenants will be allowed to make minor modifications without their landlord’s consent.
  • Rent increases outside fixed-term agreements will be limited to one per year.
  • Landlords can only stop tenants from keeping a pet if they obtain an official order from the Victorian Civil and Administrative Tribunal.
  • More information can be found here. 

Key changes in ACT (came into effect on November 1, 2019)

  • Rent increases outside fixed-term agreements are limited to one per year.
  • Rental agreements cannot prohibit pets completely.
  • Landlords can only refuse consent to tenants who wish to make minor modifications if they obtain approval from the ACT Civil and Administrative Tribunal. Minor changes include: Installing picture hooks, setting up a herb garden, and affixing blinds to a window.
  • More information can be found here.

Key proposed changes in Queensland (under consultation)

  • Owners will be asked to provide reasonable grounds for denying tenants the right to own a pet.
  • All rental properties will need to meet new minimum standards.
  • Landlords will no longer be able to evict tenants without cause once a fixed-term agreement expires (i.e. banning no grounds evictions).
  • The government will make it easier for renters experiencing domestic and family violence to end tenancies without the usual notice requirements.
  • More information can be found here. 

VIEW SOURCE LINK FOR VIDEOS

SOURCE: https://thenewdaily.com.au/finance/property/2020/01/03/state-tenancy-laws-changes/?utm_source=Adestra&utm_medium=email&utm_campaign=Saturday%20News%20-%2020200104

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THEREs just a handful of Sydney suburbs cheap enough to qualify for the GOVERNMENTs first home loan scheme

IF it seems too good to be true … it probably is …

IN the lead-up to this Scomo Government deposit scheme house prices have already risen at the fastest pace in 10 years to again lock out many aspiring First Home Buyers …

https://caanhousinginequalitywithaussieslockedout.com/2020/01/03/property-prices-rise-at-fastest-pace-in-10-years-as-affordability-again-starts-to-bite/?fbclid=IwAR3v5qyTXZ6lPomnywwFwahPD8Yd2TvOIf600fvMUnlqjplN9tq850P56Y0

RELATED ARTICLES following the announcement of this scheme

From Shane Wright: First Home Buyers use Govt Deposit Scheme to pay Thousands in Extra Interest!

https://caanhousinginequalitywithaussieslockedout.com/2019/05/14/first-home-buyers-use-govt-deposit-scheme-to-pay-thousands-in-extra-interest/

From the Unconventional Economist: Coalition’s First Home Buyer Bribe will be a Scab Grab

https://caanhousinginequalitywithaussieslockedout.com/2019/10/27/coalitions-first-home-buyer-bribe-will-be-a-scab-grab/

AND … Insiders: Morrison’s FHB Deposit Subsidy to lift Property Prices

https://caanhousinginequalitywithaussieslockedout.com/2019/11/12/insiders-morrisons-fhb-deposit-subsidy-to-lift-property-prices/

There’s just a handful of Sydney suburbs cheap enough to qualify for the government’s first home loan scheme

JESSICA IRVINE, SMH

JAN 2, 2020

Sydney’s property market eludes even buyers backed by the Australian government.

Sydney first home buyers hoping to take advantage of the federal government’s new loan guarantee scheme, which opens with limited places on Wednesday, will have to restrict their property search to outside a 10-kilometre radius of the CBD.

A purchase price cap in Sydney of $700,000 means just one suburb, Canterbury, both falls within 10 kilometres of the city and has available stock of two-bedroom units with median asking prices below the cap, according to an exclusive analysis by economist Andrew Wilson of consultancy My Housing Market for The Sydney Morning Herald.

The analysis whittles down Sydney’s 800 or so suburbs into those currently offering more than 20 listings of two-bedroom units for sale. Of 57 such suburbs, just 29 have a median asking price below $700,000.

“If you’re a first home buyer, there’s not a lot on offer,” Mr Wilson said. “In Sydney, it’s more of a unit play, because you really have to go out to Macquarie Fields and further to get a house under the cap.”

Of the top 10 Sydney suburbs identified as having a decent supply of two-bedroom units with a median asking price under the cap, nine lie within a 10 to 20 kilometre radius of the city.

They include Campsie ($650,000), Belmore ($630,000), Lakemba ($399,000) and Bankstown ($550,000) to the south-west, Homebush ($669,000) and Auburn ($549,000) to the west and Carlingford $682,000) to the north-west.

Under the scheme, which officially opens on January 1, the federal government will go guarantor on 10,000 loans to first-time buyers each financial year. Recipients with deposits between 5 and 20 per cent of the purchase price will avoid paying the cost of lender’s mortgage insurance, usually worth about $10,000.

Mr Wilson predicted the scheme, while limited in scope, would have an upward impact on home prices.

“I think that absolutely it’s going to add to demand at a time when prices, particularly in Melbourne and Sydney, are rising and in an environment where you’re likely to see even lower interest rates.”

“The bigger picture is we’re looking to see a 10 per cent price increase in 2020 in Sydney and Melbourne. Higher prices are poison to first home buyers so there’s certainly an incentive to get in.”

*Economist Saul Eslake said the scheme was similar to other first home buyer incentives because it inflated demand without increasing supply.

*“There will be 10,000 lucky people who get an advantage. The effect of the scheme is to allow them to borrow more than they otherwise would or to pay more for a property.”

In a rising market, all these schemes do is rearrange the queue of would be first home buyers and put upward pressure on prices,” Mr Eslake said. “In reality, the number of people eligible is so small that those effects will be small. The fact that there is a purchase price cap and an income test is a good thing.”

For buyers ready to move, the government’s scheme was worth considering, he said.

“If you can get to the head of the queue, do so. As I say, the main effect is to reshuffle the queue of would be buyers.”

This story was originally published in the Sydney Morning Herald. Read the original story here.

SOURCE: https://www.businessinsider.com.au/sydney-suburbs-first-home-loan-deposit-scheme-government-2020-1?utm_source=Business+Insider+Australia+-+10+things+you+need+to+know+in+the+morning+in+Australia&utm_campaign=22afcb3ca0-businessinsider_2020_01_03&utm_medium=email&utm_term=0_8a990bd96b-22afcb3ca0-278993497

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Property prices rise at fastest pace in 10 years – as Affordability again starts to bite

IN reading between the lines … ask where have the Buyers come from?

READ on … and no doubt it will become apparent to you that this ‘great country’its sovereignty is seriously at risk! Thanks to what can only be described as ‘rank amateurs’

We have it on advice from Tasmania that Chinese are buying up there ‘big time’ … as borne out by the following articles …

Avoid the Foreign Investor Duty Surcharge in Tasmania … hving gained ‘Permanent Residency’ prior to purchase’!

https://caanhousinginequalitywithaussieslockedout.com/2019/08/22/flood-of-wealthy-hong-kong-residents-buying-australian-property/

Tasmania independence at risk from Chinese investment says Australian academic Clive Hamilton

https://caanhousinginequalitywithaussieslockedout.com/2018/10/03/2415/

Tasmania on verge of becoming “Chinese client state”

https://caanhousinginequalitywithaussieslockedout.com/2018/10/03/2418/

China has become Tasmania’s biggest trading partner but has the State been left vulnerable

https://caanhousinginequalitywithaussieslockedout.com/2019/11/23/china-has-become-tasmanias-biggest-trading-partner-but-has-the-state-been-left-vulnerable/

BACK to Sydney, New South Wales … have you observed locally who are the successful bidders? Who are those that make offers ahead of an Auction? Have you noticed the Mandarin language and WeChat symbols on For Sale/Auction signs?

Now an influx of HNW buyers from Hong Kong …

-Sydney and Melbourne the standout performers

-increased activity at the top end of the market

RELATED ARTICLE: Find out more here … https://caanhousinginequalitywithaussieslockedout.com/2019/12/30/chinese-sydney-real-estate-weekly-paper/

MEANWHILE Our Families are locked out by ‘hot’ money driven prices, stagnant wages and insecure work ...

PLEASE start the conversation … share the facts with Others … your family, over the backfence …

Property recovery runs into speed bumps as affordability starts to bite

Brisbane saw its median home value rise 0.7 per cent in December. Photo: Getty

Euan Black

Euan Black

COMMENT

Property prices continued to rise in December – but greater choice for buyers and decreased affordability saw the market ease its foot off the accelerator.

CoreLogic’s final home value index of 2019 showed national property prices jumped 1.1 per cent in December and 4 per cent over the quarter.

That marked the fastest growth over any three-month period since November 2009, and meant prices finished the year 2.3 per cent higher than they started it.

*Sydney and Melbourne were the standout performers, with prices in Australia’s two largest cities lifting 1.7 per cent and 1.4 per cent in December respectively – largely thanks to increased activity at the top end of the market.

Darwin was the only capital city where prices fell.

And the regional median rose half a per cent, too.

Overall, though, the recovery has started to lose some steam, with December’s national rise weaker than both November’s (1.7 per cent) and October’s (1.2 per cent).

*CoreLogic head of research Tim Lawless attributed the slower pace to higher advertised stock levels and worsening affordability.

*Supply had risen to meet demand, he said, while stagnant wages and soaring prices meant fewer and fewer people could now afford to buy a home.

Mr Lawless told The New Daily these trends were likely to continue.

“Throughout spring, listings were tracking very low. But coming into December, we started to see listing numbers getting roughly where they were a year ago, which was the first time we had seen listings on par with 12 months prior for more than a year,” Mr Lawless said.

“So, we did see more stock come onto the market in spring, and I think that probably is a trend that will continue into next year.”

Mr Lawless said more home owners would list their homes next year, as many had delayed their selling plans until prices had recovered.

“And another factor that will contribute to more stock coming onto the marketplace through 2020, particularly the first quarter, comes back to strong selling conditions,” he said.

“We ended the year with auction clearance rates still in the mid-70 per cent range. We were seeing homes taking a much shorter time to sell, and discounted rates were progressively reducing as well.”

*Despite the strong pace of capital gains, national prices at the end of December remained 3.1 per cent below their record high, while Sydney and Melbourne finished the year 6.4 per cent and 2.3 per cent below their respective peaks.

*According to CoreLogic, the only areas where prices are tracking at new record highs are Hobart, Canberra and regional Tasmania.

*But if current growth rates are sustained, the national median will hit a new record high in March, while Sydney and Melbourne will surpass their 2017 peaks in April and February respectively.

After then, though, prices should rise much more modestly, according to Angie Zigomanis, director of research and strategy at Charter Keck Cramer.

Mr Zigomanis previously told The New Daily the recent house price rebound was largely the result of APRA’s “sugar hit”.

*APRA’s easing of serviceability requirements increased people’s maximum borrowing capacity by roughly 13 per cent.

*Consequently, the pace of capital gains should slow down substantially once prices have risen 13 per cent above their recent trough, as prices are rising so much faster than wages.

This means fewer and fewer people will have the money to buy a home the further we head into 2020, causing demand to fall.

*Mr Lawless said investors would fill in part of the hole left by first-home buyers leaving the market. Not least because the average three-year fixed mortgage rate for investors has dropped below the gross rental yield across Australia’s capital cities for the first time since 2007.

*But growing sales activity, stagnant wages, and a steady stream of apartment completions will outweigh the lift in investment activity, acting as speed bumps to future growth.

*“What’s going to continue to drive [price] growth through 2020 is that we’re still seeing quite strong population growth,” Mr Lawless said, adding that slowing population growth in NSW and Victoria suggested prices in 2020 might rise faster elsewhere.

“Some of Australia’s smaller cities – which don’t have the same affordability challenges as Sydney and Melbourne, and are showing [strong jobs growth] and demographic trends that are rising rather than falling – could outperform Sydney and Melbourne,” he said.

Sydney and Melbourne set most of the property headlines in 2019. Photo: Getty

SOURCE: https://thenewdaily.com.au/finance/property/2020/01/02/property-speed-bump-corelogic/?utm_source=Adestra&utm_medium=email&utm_campaign=Morning%20News%20-%2020200103

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Accusations Fly as CANBERRAs Vulnerable are Moved to Make Way for DEVELOPERS

‘It reminds me of Rio during the Olympics’: accusations fly as Canberra’s vulnerable moved to make way for developers

ACT government says it is spending $600m to renew homes and increase stock but opposition says hope lies in ‘gun-shy investors’

Last modified Tues 31 December 2019

Paul Karp and Nick Evershed

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A tram glides by public housing flats in Canberra
 ACT government has ‘taken a broom along the inner north light rail corridor … sweeping public housing tenants as far from latte-land as they possibly could,’ Liberal housing spokesman Mark Parton says. Photograph: Paul Karp/The Guardian

Hundreds of public housing dwellings in the inner suburbs of a major Australian city have been sold to make way for slick new apartments, which the government defends by building new dwellings for the needy at the city’s margins.

No, it’s not the New South Wales Liberal-National government’s sale of public housing at Sydney’s Millers Point, this is happening in Canberra under the Labor-Greens government led by Andrew Barr.

New figures released under freedom of information show there are now 397 fewer public housing dwellings in Braddon than in 2014, with further big reductions along the Northbourne light rail corridor in Turner (123), the inner south in Griffith (150) and Red Hill (146).

*Although increases were recorded in Coombs (152), Moncrieff (143) and Gungahlin (100), the Australian Capital Territory had about 200 fewer public housing units in June 2019 than in 2014. Budget papers confirm that a target for public housing stock of 11,809 was missed, with just 11,700 at the end of 2018-19.

The hollowing out of inner-city public housing has been driven by a government program to replace 1,288 older properties with new homes, which concluded this year.

The ACT Liberals’ housing spokesman, Mark Parton, says the government has “systematically taken a broom along the inner north light rail corridor … sweeping public housing tenants as far from latte-land as they possibly could”.

“I think it’s despicable – it reminds me of Rio [de Janeiro] in the lead-up to the Olympic games forcibly moving homeless people,” Parton says.

“It’s bizarre to think that the people who would have benefited most from the light rail – many of whom don’t own a car – now won’t see the benefit and instead the government is flogging off high-priced apartments to people who drive BMWs and Audis.”

The housing minister, Yvette Berry, says end-of-year stock numbers have fluctuated but “remained relatively stable” since 2000 “without any significant investment from the federal government”.

We have clients who report feeling trapped in public housing that is infrequently serviced by buses and who cannot afford a car Sophie Trevitt

Berry says the government is still committed to a “salt-and-pepper” approach to public housing and the concentration of up to 200 public housing dwellings at old sites did not deliver good social outcomes for tenants and the broader community.

The renewal program built dwellings in relatively new suburbs “with previously little to no public housing” and also delivered 200 replacement properties back into the inner north.

“The government believes that public housing should be available in all parts of Canberra to give tenants a greater choice in where to live,” she says.

But Parton says the government “worked out how they could get as much money as they could out of this” and as a result not enough housing was rebuilt in the suburbs where it was demolished.

Vulnerable isolated from services

The ACT government raised $150m from the sale of land in the inner north alone, with new private housing expected to deliver an ongoing boost through rates and the ACT’s land tax on rental properties.

Stretches of prime real estate either side of Northbourne Avenue are now grassed over awaiting redevelopment; in Turner and Dickson new apartments are being built alongside abandoned public housing structures.

“The biggest reason for my concern is so many of the services set up to look after the homeless or those on the edge of homelessness – tapped into by people in public housing, like the Vinnies night patrol, the early morning centre [at Canberra City Uniting Church] on Northbourne Avenue or Reclink on Ainslie Avenue – were set up there because of the high number of public housing residents,” Parton says.

public housing units wrapped by a developer's display suite sign
 Dickson Flats, an old public housing block on Northbourne Avenue, Dickson (ACT) that has been sold by the ACT government for redevelopment. Photograph: Paul Karp/The Guardian

“Although there are still quite a high number of people there, many who desperately need a helping hand can’t access them any more because they’re out in the suburbs.”

*Nicole Wiggins, the director of the early morning centre, says although some regulars who moved to Gungahlin are no longer able to attend for breakfast, concern about a decrease in numbers accessing the service “didn’t pan out” and demand is as great as ever.

Mark Ransome, the program manager at community group Reclink, says medical, legal and mental health services are harder to access in newer suburbs.

According to Sophie Trevitt, a solicitor at Canberra Community Law, which represents current and prospective public housing tenants, the results are mixed.

“Our clients are some of the most vulnerable members of the Canberra community – by and large, they are just desperate for somewhere to live,” she says.

Just 5% of Australian community services staff able to meet demand

 Read more

“Some were happy to be moved from ageing, dilapidated properties in the inner suburbs to newer properties further out – particularly if they were part of larger families being moved into properties with more bedrooms and space outside.”

In particular, Trevitt praises the ACT government’s commitment to ensure all new housing is accessible to people with disabilities.

“However, public transport is not as accessible in the outer suburbs. We have clients who report feeling trapped in public housing that is infrequently serviced by buses and who cannot afford a car,” she says.

Berry says that throughout the renewable program, “Housing ACT worked with all the relocated tenants a year before they were scheduled to move” including consulting them about where they preferred to live.

Public housing undergoing redevelopment on Northbourne Avenue
 Public housing next to Embark development on Northbourne Avenue, Lyneham, in Canberra. Photograph: Paul Karp/The Guardian

Tenants “received full wrap around supports including removalists and movers’ services”.

“The majority of replacement properties delivered through the public housing renewal program have been located along public transport service routes.”

Hope lies with ‘gun-shy investors’

The recent changes have made only limited impact on waitlists – according to the government’s own statistics it takes 151 days for a tenant to access priority housing, 625 days for high needs housing and 1,079 days – just shy of three years – for standard housing.

Trevitt says the waitlist affects people like a client of hers on the high-needs list who fled domestic violence in 2018, currently sharing a double bed with her son in a sharehouse of unrelated adults, with no space to store belongings.

Berry says over the next four years the ACT government will spend $600m to renew a further 1,000 homes and to grow the stock by 200 – $100m of which is new money and $500m comes from selling old housing stock.

Berry describes this as “the largest investment in public housing per capita in the country”. Although the last phase of renewal did not increase the number of dwellings, building fewer apartments and more detached houses resulted in 400 more bedrooms in public housing.

 Surging house prices are limited to Sydney and Melbourne – and cannot hide the economy’s weakness

Greg Jericho

Greg Jericho

 Read more

Parton expresses scepticism that Labor will deliver an increase in public housing if re-elected in 2020, but does not promise a Liberal government will outperform Labor on that measure.

Instead, Parton argues that community housing “should be playing a much bigger role” because it can provide housing at a “much lower cost than [public housing provider] ACT Housing”.

The Liberals will campaign heavily on a promise to freeze rates, paid by all homeowners, and land tax, paid by investors.

“You can’t separate the public housing crisis from the private rental market – to improve housing affordability you’ve got to get gun-shy investors back to market,” Parton argues, claiming the Liberals policies will give “genuine relief” to renters.

Berry wants the federal government to contribute more, calling on it to forgive $100m of historical housing debt, as it promised to do for the Tasmanian government in a deal with independent senator Jacqui Lambie.

Trevitt says the ACT – like the rest of the country – needs “more and diverse public housing for the many, many people are waiting for somewhere safe, stable and decent to live”.

Goodbye Detached Family Home … Hullo Super Apartments … How Australians are being Manipulated for Multi Generational Apartment Living

IS the detached house shrinking due to inflated prices due to foreign ‘hot money’ competition?

ANOTHER consequence being lot sizes can now be a third of the original quarter acre lot ‘downsized’ for the Greenfields Housing Code of 200M2 X 6M wide

-however some new project homes are very large occupying most of the land site to house the ‘Family Visa’ extended family

Australians are now housing their families locked out of the housing market in the ‘family home’ of some 40, 50, 60 years

.is this a consequence of the Visa Worker invasion; lowest wages growth for 60 years; insecure contract work?

.the rise of multi-generations in the ‘family home’ means more wear and tear; a personal sacrifice with child minding

.a consequence of the Big End of Town manipulation to fill their coffers

-are the new ‘Permanent Residents,’ members of the CCP buying the ‘new homes’ including attached, and detached with granny flats to house their ‘Family Visa’ extended families?

WILL quality builds be enforced in time? Imagine the cost of the LEVIES and the SINKING FUND for Super defective towers …

Goodbye detached family home – hello ‘super-apartments’: how Australians are embracing multi-generational apartment living

It has been widely reported this year that the average size of the Australian detached house is shrinking, which is a particularly interesting statistic when you consider the fact that multi-generational living is becoming far more popular in Australia.

This begs the question – if houses are shrinking, how can all of these cohabitating, multi-generational families still fit comfortably in their homes? 

While Australian house sizes are indeed shrinking, apartment sizes are continuing to increase. In fact, the Point Piper Estate that previously held the title for Australia’s most expensive residential property was toppled this year by a Sydney harbourside apartment.

The $140 million price tag of the ‘One Sydney Harbour’ mega-penthouse – a bonafide ‘super-apartment’ – vastly eclipses last year’s $100 million sale of the Point Piper estate, proving that apartment living is becoming increasingly popular at all levels of the property market. 

Families are starting to see the benefits of apartment living

CAAN: Is that because there is little else within a reasonable distance of the CBD workplace?

AD: and a number of new residential development projects have been designed precisely with this in mind. In addition to embracing the apartment lifestyle, living with extended family members is also becoming favoured around the country, so it makes sense that the two concepts are being combined – sparking the rise of multi-generation friendly ‘super-apartments’. 

The many positives of multi-generational living, such as split costs, free child-care and having your family close by are quoted as some of the key factors as to why the practice is becoming more prevalent.

CAAN: With the new ‘Permanent Residents’ and a culture of ‘Prosperity’, isn’t it more about saving on child-care costs and house cleaning … so they can get on with developing their business?

Many forward-thinking developers predicted this growing preference amongst Australian families, since multi-generational living has already been embraced for many years in other cultures, particularly in closely neighbouring Asian countries. 

CAAN: Would such developers be the Urban Taskforce and Property Council of Australia? … And their Ilk … that by building little else and particularly targeting the wealthy Chinese market (1.4 Billion of them) that they ensured a preference for apartments?

AD: Amenity-rich apartment living is often a great option for families looking to embrace a cohabitational, multi-generational style of living in Australia’s capital cities, and developers have begun to adapt their apartment development designs accordingly. 

The Landmark in Sydney not only offers breathtaking vistas of Sydney Harbour, but also a plethora of resort-style amenities including a sauna, kids play area, piano room, virtual golf, cinema, library, lounge and dining room – making it ideal for family life. Oversized apartments provide a great opportunity for adult children to welcome living with their parents again, creating a perfect home for grandparents, parents and children to thrive in. 

CAAN: Go figure the cost of the Levies! And the sinking fund

The Landmark kids play room
The Landmark kids play room

Melbourne Square, situated in perfectly-connected Southbank, also boats a number of ‘super-apartments’ and amazing amenities ideal for family life, with many residents purchasing more than one property in order to create the perfect home for multiple family members. One purchaser at Melbourne Square bought six apartments on two floors, creating 3 large 3-bedroom family residences – one for him and his wife – another for his adult daughter and a third for his adult son’s family with two young children. 

Melbourne Square penthouse kitchen
Melbourne Square penthouse kitchen

The Catalina in Surfers Paradise offers large 3 and 4 bedroom apartments and penthouses suitable for families looking for impeccable design and a hyper-convenient lifestyle. The development has created an affordable price point for families who may not have otherwise been able to afford the exclusive Chevron Island address, not to mention enviable resident amenities such as a pool, BBQ areas, a fully equipped gym and cinema. 

The Catalina outside entertaining space
The Catalina outside entertaining space

By moving into these luxurious ‘mega-apartments’, many families gain access to facilities and amenities that they may not have had in their traditional, detached family home. The option to customise floorplans and combine multiple properties makes multi-generational living even more achievable and enjoyable. 

SOURCE: https://www.apartmentdevelopments.com.au/buying-living/lifestyle/goodbye-detached-family-home-hello-super-apartments-how-australians-are-embracing-multi-generational-apartment-living?utm_source=ApartmentDevelopments.com.au&utm_campaign=f67b6e7a60-APD_Newsletter_VIC_Sun_29.12.19&utm_medium=email&utm_term=0_89b860427f-f67b6e7a60-263112251

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