Australia's Insane Housing Market
Вставка
- Опубліковано 5 лип 2024
- Surely it couldn't get worse
Check out the video for a LOT more info! • Why Living In Australi...
Twitch | / atrioc
Twitter | / atrioc
UA-cam | / atrioc
VOD Channel | / @atriocvods
Reddit | / atrioc
Edited by ædish :) | / aedishedits
Outro music | @CMT8
#atrioc #clips #twitch
Americans are going through challenging financial times, especially regarding housing affordability and retirement savings.
Absolutely. The fear of not being able to retire comfortably might tempt people to make risky investments or neglect proper financial planning, which could spell trouble for their portfolios in the long run.
As we observe the current economic landscape, it's evident that we're entering a recession. These times can present significant financial challenges.
It's a vicious cycle. If people can't afford homes, they might delay retirement savings. On the other hand, if they focus solely on saving for retirement without considering their housing situation, they could miss out on potential investment opportunities.
Indeed, recessions can profoundly impact people's financial stability and investment portfolios.
How did you find a good financial advisor? How can you determine if they are trustworthy and competent?
As a former Australian tax accountant, to answer your question at 10:50: no.
In the US, we gotta pay uncle sam Property taxes so for use sadly we do have to pay taxes.
@@Timely-ud4rmmy dad has property and he is not paying any taxes, depreciation lets you avoid that in the short term then just 1031 into something you don’t need to manage and they’ll keep depreciating for you, you can essentially kick the tax can down the road forever if you know the right people.
@@Timely-ud4rm hahahaha yours is fucked too, 37% is your highest bracket at 609k usd, ours is 37% at 135k aud (91k usd), and 45% at 190k aud
Bunch of property owners whining in these replies. The reality is, property tax is one of the best tax policies in targeting the rich over the poor.
@@mathmoril We have to pay State taxes, Federal taxes, and municipal taxes so it stacks up
I bought a house in western Sydney for $800k
Just to put this into perspective.
There’s an Australian dude who goes around recording “hoods”
I walked outside one day and this guy is walking straight past my house with his fucking GoPro recording himself I walked back inside and said to my wife, I just seen Spanian doing an into the hood we are fucking selling 😂
mate you fuckin made my day haha that is too good
lets ogggggggg
I'm really curious if you bought it with mortgage
Bruva
Sounds about right. Bought for $800k in the roughest part of Sydney. I feel for you brother 😂
Just hope he never finds out the tax rate and government incentives for our mining and gas companies, then he would really lose his mind.
Imagine being a country that got an incredible mining boom in the 90s and using it to subsidize those mining companies and cripple future tax income for several decades with insane housing policy.
@@DNeonLamp he, yeah imagine cause it's a hypothetical... 😭😭
Hope he never finds out about Foreign Tax Credit, where you can earn billions of dollars AUD overseas and basically never pay tax since the individual is taxed and rebated (IF THEY EVEN KNOW HOW TO) from foreign taxed income. So essentially, you can earn amazing money overseas in the country of your choosing and get refunded come tax season instead of paying tax. Remember, if the corporate tax is high, you can claim that against your own countries marginal tax rate and get refunded FOR EVERYTHING you lose from your own decision to earn money overseas.
as a 17yr old australian im fucking dreading becoming an adult cos our country sounds so fucked.
@@Liam-co1bw Yeah looook.... its not great
SF being software and SJ being hardware actually is a good way of putting it
The housing market obviously makes sense being more expensive in SF and SJ, they are some of the most productive cities on earth. And yet somehow sydney and Vancouver are more expensive despite being pretty unproductive. That's insane.
@@sarkaranish I'm Canadian brother you don't have to tell me the market is insane
@@JetsFittedUp ur cooked, invest in glizzies
@@sarkaranishAnd at least the Bay Area has high salaries, even in non tech jobs. Canadian salaries are dogshit.
@@sarkaranish median home price for a single family home in Vancouver (not greater Vancouver) is $1.9M USD. Median home/apartment price in Silicon Valley and Manhattan is $2M USD. Yes homes are larger in Vancouver ($800/sqft) compared to $1300/sqft but it’s insane given the salaries Canadians get.
Yep, as someone from NSW in my mid 20’s it feels pretty hopeless ngl. Housing is likely the #1 political issue among people my age and yet we have little to no trust in any of our politicians to do anything about it. Our politicians don’t care about younger generations, our older generations don’t care about younger generations, they just care about their own retirement and would rather call us all ‘lazy and entitled’ despite us working just as hard as they did for a fraction of the reward than actually acknowledge the mess they made and do something about it. We should be an incredibly rich and prosperous country and yet their greed and short sightedness meant most of that wealth has been sent overseas or to the pockets of their already rich mates.
It's looking pretty doomed for us and I don't see any hope for the future
Bitcoin is freedom boys. Study.
Your last sentence conflicts with your earlier argument that it is a generational issue. It's can't be both.
Buy outside of the capitals. Sydney is like a Paris of France or New York of America you're gonna pay. Go to major cities around the worlsd and see how much its gonna cost you. Unlucky but that's how it is the sooner you get your head around it the better you will be. Fuckwits whinging and complaining will never get anything cause they are pussies.
What makes the negative gearing idea more fucked is that you can claim depreciation on the home to turn positively geared investments to negatively geared investments. Meaning you can make money off investment properties and instead of paying tax on the income get a deduction on your taxable income.
Then when it comes to sell years later and you've depreciated $100,000's off the value of the home you somehow still sell it for far more than you originally paid and then instead of being in trouble for claiming depreciation on an appreciating asset for years, capital gains tax comes in and says you get to keep basically all the profit tax free
As a landlord in Sydney (sorry) I think claiming depreciation is the most fucked thing about investment properties. Why am I allowed to claim a 5-10k yearly tax deduction so easily? It’s just free money that most normal people aren’t aware of, but contributes so hard to the negative gearing issues.
Negative gearing: income from renting out my house is less than my mortgage. The difference can be claimed during tax income = profit! 😊
Depreciating asset only on new builds.
So if you are claiming depreciation on a second hand property then you are liable for gaol time.
You can claim depreciation for 40 years 🤣 doesn’t have to be brand new
The other issue is that we are so heavily taxed in every other aspect of life that it further encourages property speculation
This video doesn't mention an even more hilarious fact on the ground. The new houses being built are of increasingly subpar quality since the builders are desperate to claw a margin. There's houses being built in floodzones, crumbling apartments, cracked mold boxes. Everyone is staring at their house value go up on paper, but eventually a huge swathe of these houses will be unlivable.
There is a place where i live that is known to flood and it’s getting developed!
I mean Brisbane CBD is built on a floodplain so what's a few more houses in a flood zone.
As an Australian, It wouldnt even be that hard to fix the Australian property market. Get rid of negative gearing, limit foreign investment and increase capital gains tax and so many problems get solved. There would still be some complex issues that will take longer to fix, but for now making the changes I listed would be a great start.
The issue is that we only have two major political parties, and neither one is interested in doing it. Its not just the mega rich who fund politicians that would be hurt, but pretty much everyone who owns a home. Eventually though something is going to give, and I think it is going to happen when the cafes/businesses/restaurants in the rich areas start closing down because the workers cant afford to live there anymore, and they don't want to commute 2 hours there and back for awful pay.
As a Canadian who lives near Vancouver, we just got capital gains tax and significant changes to all our housing policy's to make more dense housing far easier to build. But there is a significant chunk of people who are against all of it, and we are about to vote in Poilievre, a unironic trump wannabe. But I just have to remember we only need one more tax cut and the wealth will trickle down.
@@grathepic He is no Trump wannabe lol. The Liberals are trying to him paint like this so you don't vote for him. He won't fix Canada but please, don't insult yourself like this
That’s already happening - cafe we go to every morning at work has had really high turnover recently. Owner says all applicants are from 1-2hrs away and most don’t last more than a few months. Makes sense when the cheapest rentals anywhere near there are like $600/wk…
You're partially wrong here. The Labor Party did actually want to change this, twice. In both 2016 and the 2019 elections they campaigned on getting rid of negative gearing and capital gains tax, and they lost the election both times, and they probably would have lost again in 2021 if they tried it a third time.
@@grathepic i watch canadian house hearings for fun. from what i remember, poilievre is much more than a "trump wannabe." I wouldn't even say they come close to eachother. pollievre seems like he has much more of a spine in general, and is generally more sensible. i don't exactly hate trump, even if i think his economic policy is bogus and he's just capitalizing on unrest and the people's need for a populist, but i tend to agree with him more than biden. im voting him soon. even saying all this good stuff about trump, i think pollievre is better.
The biggest issue we have is that nearly all Politicians we have even running, have massive amounts of investment property, so have literally 0 incentive to actually change what is going on.
This right here is the big issue. And the first home buyers schemes where the government will buy 25% of your property value proves it.
There are more people in Australia that own 10+ houses than own 2. Until covid home loan interest rates were about 1.9% and with negative gearing and 0% deposits on new builds, boomers would basically be losing money if they didn’t just keep buying houses indefinitely. But for the rest of us, the banks would say we can’t afford a 2k a month mortgage even if we’ve been paying 3k in rent for years
You're only going to get about 500k from a bank on a mortgage if you're intending on paying 2k back a month. An 800k-1million loan which most people need for a mortgage is going to set you back about 4k minimum on the mortgage, 5k if you intend to actually pay some principle off as well.
@@R3WIRED the same would apply for a 1mil mortgage. Before the interest rate hikes, a 500k 2 bed apartment would’ve been about 1900 a month in mortgage repayments, but renting the same apartment would cost the same or more, making it really difficult to save for a deposit, an the banks often refused to believe you could afford to pay a mortgage even when you’ve proven it by paying the same amount in rent. Unfortunately that’s all down the drain now, because the interest rates have gone from about 2% to 6.5-7% more than doubling some people’s mortgages, and the people it’s affected most are young people who finally managed to buy a place with the brief dip in house prices because of covid, owner occupiers with brand new mortgages, often borrowing at the most they could afford, who are now seeing the first increase in interest rates in their life time, who best case will have to get flatmates and live on the verge of poverty, worst case will go bankrupt and have to sell the house at a loss, ruining their credit rating. Meanwhile the boomer landlords will just offset all of the interest rates increases by doubling the rent they charge. It’s sad, preventable and bad for everyone because of the effect it has on the economy by destroying all the disposable income of the large chunk of population that don’t own a home.
Yeah, seen reports of people who basically string their mortgages and investment properties together. They use equity of one house to take out mortgage on a new property and rent that out with rent covering mortgage repayment. Some got a chain of 10+ houses like that.
It's crazy to talk about each country going through housing crises and entering massive bubbles individually when the crux of the problem is the 1% controlling the entire world economy due to being unchecked for so long.
This is a dumb non-answer
One of our parties went to election in 2019 with a mandate to fix this. Labor fixing this was branded as a "retirement tax" by the other party and Murdoch media and were voted against...
Then the next election they were so scared of the same happening that the refused to stop the millionaire tax cuts.
And now the UK is the first former first world third world nation.
@ILovePancakes24 they're talking about the Australian Labor Party
Bill Shorten had some great ideas which unfortunately scared the Murdoch media too much.
@@kingofrock1987 *rich boomers
For starters, Australia has compulsory voting, and while engagement is certainly lower in younger voters it's inaccurate to say that the home owners are the people who vote.
As someone studying town planning in Australia, the idea that NIMBYs are stopping greenfield development is ridiculous. NIMBYs are stopping densification. The red tape for new housing approvals in greenfield areas is because the cities are stretched to the limit of how far they can be sustained. Saying that Australia has limitless space to expand is fucking insane. It has limitless space to provide 2 hour commutes for sure, but then that costs hundreds of millions in consistent infrastructure upkeep for all the new commuting routes and public services, all for developments that we know cause unhappiness for the commuters (Big A frequently cites the study on commute effects on happiness).
Ultimately, people are somewhat responsible with their desire for detached housing above all and an unwillingness to adapt to cities that can logistically be provided to them, but worse is the developers who refuse to build for lower profit margins, which is why the red tape is so involved, Australian developers are trying to use "trickle down housing" and blaming red tape for stopping them is blatant propaganda. (EDIT: lack of government investment/reasonable economic policy is also to blame definitely, but with labour shortages in construction developers are actively retooling their developments to provide fewer high end apartments in order to maximise profit margins).
As for negative gearing, that was a huge election promise to remove before the pandemic and got twisted by the media monopoly into a fear campaign exactly as you said: that removing it would make old people homeless.
Why did this happen? I'm the 90s we got a mining boom in a conservative government who basically spent the boom to kill our tax income for the entire time since. And the one thing that the media can consistently lie about is who will be hurt by tax hikes/cuts. The current centre-left government is too scared by media backlash to even stop the last party's tax cuts for millionaires. All the working class and upper class tax cuts had already gone through, it was only the "stage 3" tax cuts for the extremely wealthy that hadn't and the centre-left were too scared to stop them despite being voted into power.
If you refuse to stop unfair tax cuts for the wealthy despite having the power to do so, then you're not "center-left." The democratic party in the US has similar problems, being a center-right party that uses having liberal positions on low stakes issues to masquerade as center-left. :(
Good writeup^^
I'll add the unwillingness to adapt to city housing is because the previous generation of home buyers, ie 5-10 years ago, were able to achieve the detached house Australian Dream. Now new buyers are seeing that every single person before them has achieved this so why can't they. Ultimately I get the sentiment that our culture in general really just looks down on city living in the sense other countries do it. Couldn't tell you the reason but that feels like the sentiment talking to people and friends.
It's also just fucking wild that a 5 bedroom house bought 10 years ago would have been cheaper than the cheapest 2 bedroom unit now in an almost 15km radius
Shits fucked, being a young Australian is great, but fuck this housing crisis and fuck the government.
To add, quoting "Brisbane's housing supply action plan" from the Brisbane City council:
"Importantly, single persons and couples with no children make up more than half of all households, but less than one-third of housing is one- and two- bedroom homes"
Not saying the council is an unbiased source or lack responsibility for some of the problems, but it makes it pretty clear what a major issue is.
Hey. Aren't apartments should make more buck per square meter of land? I'm a little confused on why it's less profitable than a house.
@@alohaal7125 The issue is that they make luxury apartments instead of affordable ones. So what SHOULD be the affordable alternative to a whole house in the suburbs isn't.
In 2016 and the 2019 elections labor promised changes to negative gearing, but both times they were hit with extremely negative press about it and it was hailed as one of the major reasons they lost both of those elections, so for the 2022 election, where labor won, they had dropped the changes. doesn't help that they constantly have the negative press for the past few years while in power dropping articles like: "are labor going to break their promises and remove negative gearing while they are in government"
if they change the system for the betterment of the country, they'll just get destroyed by the press and get voted out 💀
That's because our mainstream news channels are owned by the same guy who owns fox news (yes really)
My great grandma bought a house in Sydney in the 80s for $22k. It sold in 2005 for $1.4m.
63x increase. Average income went up less than 7x in that time period.
I'm in Brisbane, and our house has gone up 60% in value in the last 5 years. It's absolutely crazy.
I am pretty convinced that owning a house as an investment nowadays is just evil
Sure fucking seems like it. Practically every country that allows real estate speculation is going through a ‘crisis’ and we still act like it’s a mystery
It should be a healthy incline at least on par with inflation, it should not be a source of unimaginable wealth just because you bought it early.
@@apapods It's not a source of unimaginable wealth for the vast majority of investors.
weird take, who are you going to rent from without investors
Yeah and they wonder why the younger generations want communism. Just zero care about their own children living a decent life, it’s pathetic.
Australia actually has a Land Value Tax, it’s just near 0%
he's wrong about the housing crisis not being about migration
It is crazy though. Here in sydney, these houses that cost millions are actually falling apart and run down. You try to get a place in Glebe (very close to the centre) you get some non insulated, maybe no AC, wooden cladded stone shack. Which will be attached to both your neighbours. Oh and bugs will probably get in too.
Yet with all these run down houses they dont get demolished and replaced with multistorey affordable apartments.
Ayo, Im literally buying a house in Australia THIS WEEK to get out of this miserable renting crisis. It is 40 m^2 and cost me $350,000. My parents living room is bigger than my entire apartment. But at least im gaining capital ig.
Another thing that confuses me is why tf don’t Australian cities rezone and add more higher density buildings instead of just mindlessly sprawling out for 10s of KM. In Perth they keep incorporating and developing new suburbs with regular single family homes the only problem is they’re 50 km away from the CBD.
Partially it's because politicians are scared of political suicide because Australians love their detached housing. There's a huge push for densification but only at places that are already deemed "centres" because that's where they can retain public goodwill.
Some near city centre areas are.
In the 2019 election the Labor party (in opposition at the time) ran on phasing out negative gearing, phasing out franking credits, and closing a bunch of tax loopholes. They had been leading in the polls for ages but then the media (which has long been very biased towards the more conservative Liberal Party) ran one of the craziest propaganda/smear campaigns I've ever seen. They constantly said that Labor were going to massively raise taxes (they weren't they were proposing tax cuts for low income earners) and constantly said/implied that Labor had no way to pay for their renewable energy policy or planned investments in electric car manufacturing in Australia despite Labor explaining over and over again how they would pay for it. As a result Labor lost unexpectedly and have noticeably steered away from such policy since.
Fun fact: our biggest news channels are owned by Rupert Murdoch, you know, the guy who owns Fox News 😄🔫
It's tough out here
F for our kangaroo friends
Yo, random question if you are an Ozzy, but by chance I was looking through the prices of Hostels in Brisbane tonight and those seem to be like ~50 AU a night now? Do you know if that's roughly right? I went backpacking back in 2005 and paid like 15-20, and I can't imagine fruit picking and random construction jobs have doubled in pay.
@@bacchus8081 it's aussie not ozzy
@@bacchus8081 sounds bout right, I'd say that's as low as you'll find now. Hospitality has seen some improvement in fair pay conditions(still plenty of $15-20ph cash wage theft going on. But bigger names have above board $30+ph if you're somewhat skilled in "unskilled" labour and can pretend you'll work there for longer than your visa can possibly last 😅 some of the laws around forced regional work for working holiday visa holders have changed I believe. Probably still incredibly unjust and on the edge of breaking our own human rights laws....I would love to have seen this country utilize its to lucky breaks, thus far the powers that be have done nothing but drive a wedge between 2 rather large wealth classes, house owners and renters. All while appeasing the uber rich! We could sustain through easing of the market and offset the losses endured by non investor house owners from the vast resources we dig up and sell....but the people don't see a lick of that! Disgusting.
@@sebrobertson7798 Tnx for the in-depth answer, dude! It sucks too hear cuz that year backpacking was just the best and with price changes like that it has to be completely different/ so much harder now. I took a job as unskilled labour building the resort on Moreton Island and was also paid about $25 ph back then.
Bros solution to people not being able to afford housing is to buy a house 😭😭😭
What if instead of Australia's insane housing market it was Glizzygli'z Glizzy Glizzyg Glizzy
What if
So true king
this made me schedule an appointment for therapy!!!!1!!!11
hilarious
What if...
How was that chilis vid a main channel vid
But this is side channel?
This is primo content.
Wdym. Big A Clips > Atrioc all day
Because it's reaction content. He doesn't tend to put reactions (excluding best tweets/Reddit recap) on the main channel.
The Aussie market is crazy, my grandma bought her house for 4K and sold for 1.6mil. Crazy crazy
Thats what happened to the lightrail in the suburbs in Minnesota. Took them like 20 years of talks and negotiations to finally build the lightrail from Minneapolis to edina, eden prarie, etc.
I’m 17 and living in Australia and if I’m being so honest, I’m so worried for my future here hearing about how fucked it seems we are.
Like, I know I have many years to come and I’m so lucky to be able to have a house right now in Canberra, but I’m actually fuckin scared for the future🥲🥲🥲
When the last labor pm candidate (Bill shorten) campaigned on ending negative gearing, the consolidated media owned by wealthy land owners did everything in their power to smear them and thus we end up with a cowardly labor gov who is too scared to fix the issue.
0:23 "Australian Dollars? Why do they have Canadian and Australian Dollars" -> Your currency is the US Dollar, all derived from the spanish Dollar.
That doesn't sound very patriotic of you. The American dollar is the only true dollar and everything else is just Mickey Mouse monopoly funny money. There really isn't any argument.
Its a housing racket. Politicians, big corpa and the 1% are buying the majority of the real estate and then limiting further housing constructions to create a literal monopoly. Buy owning most of the real-estate it forces families to remain as renters long-term and charge whatever they want in the interim.
I find it funny when Americans are afraid of our spiders and label Australia as a deadly place where everything wants to kill you, But the truth is, more people die in America from getting mauled to death by a bear or a cougar, NOT ONCE in my life have i ever gone to the outback and brought bear mace with me "just incase"
7:25 most people feel that way until the train line had to smash down their house to get built. I mean I agree too but I love my house and can easily see my position changing (also because I'm a homeowning Australian, for all the reasons listed in this video I wouldn't want that to be forcibly changed...
12:42 also we don't have bloomin onions. The Americans that run Outback Steakhouse just made up that dish and gave it an Australian sounding name
"call it your own thing" bruh Dollar is Spanish....
@Chickenfriedpenguin
"The term was later applied to a coin used in the Spanish American colonies, which was also widely used in the British North American colonies at the time of the American War of Independence, hence adopted as the name of the US monetary unit in the late 18th century." - Dollar is American.
@@sp6450
The Spanish dollar, also known as the piece of eight (Spanish: real de a ocho, dólar, peso duro, peso fuerte or peso), is a silver coin of approximately 38 mm (1.5 in) diameter worth eight Spanish reales. It was minted in the Spanish Empire following a monetary reform in 1497 with content 25.563 g (0.8219 ozt) fine silver. It was widely used as the first international currency because of its uniformity in standard and milling characteristics. Some countries countermarked the Spanish dollar so it could be used as their local currency.
it's Spanish buddy.
@@Chickenfriedpenguin Alright got it. Thanks for the correction.
The US dollar, and other dollars, was named after the Spanish Dollar also known as a Piece of Eight, the spanish international trade silver coin.
Americans also invented English. They think.
An American saying "just use dollars or call it your own thing" is hilariously ironic.
Yeah lmao, I cringed at that too.
One thing to note when you talked about voting in Australia, in Australia once your registered to vote you have to vote, otherwise you'll be fined... The issue with Australia is both major party's are full of people who are heavily invested in the property market.
The amount of people in chat saying "are you serious" during the "just get a home what is the problem" bit amazes me
The video also doesn’t mention one of our biggest imports being foreign exchange students with billions in Australia’s economy coming from charging exchange students from Asia 3-5 times the amount for our education. With with a. Heavy percent of our imports being students so when it was purposed to lower the number of imports it would severely cut the government and education industries income. And it has lead to a certain role in the job market for where it is just people who work with newly graduated students that are about to get sent home when there visa runs out to try and get them to qualify permanent residency in Australia. So what happens is when these student graduate and get there residency their families back home loan them money to buy a house in there name and make it hard for the middle class to compete.
battle bit theme go hard, thanks to whoever edited this slop :D
My parents bought an investment house in 2020 for 318k and have just sold it less then 4 years later for 600k, which was considered below market value because they wanted it sold quickly. I make the median income for my city but couldn't afford even a cheap house with a 100k deposit. It's so fucked but politicians own so much property themselves that they don't want to screw with the tax benefits they're getting from it.
5:02, expirienced this just last year when moving house. with 3 people looking for a 3 bedroom house, we went to probably about 20 or 30 inspections between us, and applied for probably the same amount of houses. we had to take a 4 bedroom house, and that was only because the other 2 people had dealt with the manager before. when we moved in, there was black mould in the front half of the house, a carpet that was full of dust and debris, an oven that didnt work, with a hood that pumped the clogged up oil back into the air. there were parts that were weirdly sticky, draws that werent properly cleaned out, half the locks didn't work, the front door handle needed to be replaced, I could go on. we told the landlord as he walked through the house, what he said was "I guess my guys didn't do their job properly" , like no mate, you didn't do ur fucking job properly. Anyways, we spent probaly the first month cleaning and organising the house with the landlords. It was fucked, they also put rent up by $20. It is a nice house, with a view that is pretty cool, you can even see the ocean, but the work we put in was unececary if we didn't have to take the first property we got and the landlords made the fucking house up properly.
I was on board but saying san jose doesn't have a good food scene is messed up dude. There is some super good food in san jose, mostly like various E asian cuisines etc but still, S tier at times.
Tbf the best food in the bay is in the cities surrounding San Jose. But it's like not even a long drive so it's not a negative of living in SJ.
Australia is actually so nice to live in though 🇦🇺
Is it really nice? you have to share it with your spider friends.
@@Timely-ud4rm guns
@@Timely-ud4rm I don’t mind the spiders. I know you’re joking but it’s really overestimated how many dangerous animals are here! No one has died from a spider bite here since the 70s. Also the Huntsman spiders are really harmless to humans even though they are huge.
@@TsunamicBug No guns, gun regulations are about the only semi-strict law actually enforced
@@apostleoftea8426 exactly
I am a young Aussie and I will be going into my third year uni next year. To put into perspective how horrible these housing and rent conditions are for people like me, rent near my university is 1000$ a week at least and the housing cost has gotten so insane that it is literally a better option for me to move continents next year for pretty much good (I will be doing this)
Its much easier to own your 2nd home than your first in Australia.
when is our next chilies date
it's an insane place. It's like the secret got out and everyone is trying to buy property
The only way that young people can win is to short the market and when the inevitable crash happens wealth inequality will flip. It also in turn hedges their future inheritance. Ez wins. Not not financial advice.
150 people attended a viewing of a 2 bedroom apartment in Melbourne when we were looking, blood insane competition.
We all want more paper mario
Strioc clearly hasn't been to the east side of san jose or to the downtown side💀
Watching this an Australian completely ready to just get sad about our housing market again :(
Same, happy because Australia is mentioned. Then crippled by being reminded again and again of how much of a failure our housing crisis is.
It won't get fixed unless young voters realise what's going on.
@@discipleofdagon8195 You're right, I mean a decent part of it is with both Labour and Liberal, most of their party all are multi homeowners and don't want to change any of the current policies with houses since it directly benefits them.
The greens are the only ones that seem like they have a plan they actively want to change and fix the housing Crisis. Definitely Bonus points for being the only party that is calling out Australia's support for Israel and their genocide of Gaza.
@@discipleofdagon8195 As a young voter, with many young voter friends. I'm the only one in my friend group of 7 to know which parties do what plus a little history on each. I'd say 1 out of 50 young voters have enough knowledge to vote, the rest have a general understanding but are so tired of life ( we're 20) that they have started making half serious jokes about making sure they don't live past 40 if you know what I mean.
Failure? These guys with houses are living their dream life, gaining over 200k per year in asset value appreciations..
US$70, 000 deposit, US$290, 000 whole price, for the cheapest home for sale in Aus today.
They can’t get rid of negative gearing system in Australia because it will make it from bad to worse. More poor people in debts. These people who borrow money to invest hoping for negative gears to return their money were blooming 10 years ago counted for more than 40% of Australian. Imagine 40% more people to burden the economy if government remove negative gearing, no in the way.
Income and capital gains tax is 32.5% up to 45% in Australia.
2:00: Indeed, so is the inflation rate being measured properly? I suspect not.
Not going to lie, as an Australian it’s genuinely depressing to know that I’ll likely never own a house and I’m likely screwed whatever I do.
If yuou think thats bad.. NZ doesnt even HAVE Capital Gains Tax, Property Tax, or Stamp Duty.. Just rates and a clause that limits you from flipping within 5 years of purchase.. Meanwhile every wage dollar is taxed, & wage earners cant claim on work expenses.. NZs property bubble extracts more wealth from the real economy than Australia's even..
We've started looking at homes in Sydney and it is the most black pilling experience you can have.
Big A probably never came to east/south sj but I like to Imagine he was ridin around seven trees with a bunch of norte foos.
Damn this guy uploading like crazy
Absolutely right. Not immigrants, not developers, but the old farts that holds the assets dont wanna new supply
I moved from one of the most expensive cities in Europe to Japan and now Australia. I am cursed to never own a home. (Canada next?)
I love the outro music
Just ban people from owning more than one residential property at any moment in time. Also completely ban companies (any legal entities) from owning any residential property at all. The negatives of allowing this are obvious and clear. Any individual benefit is massively outweighed by the damage done to society as a whole from this housing situation.
Houses should not be speculative assets for the elite, but should be homes for families.
Good idea but you don't want them to ban the illegal entities from owning more than one residential property? The Mafia can just buy up all the houses lmao 🤣
The biggest problem at this point is that there just isn't the supply. If there was really expensive housing and cheap rent then yeah that could fix it. But when rent and owning is a high you just got a fucked supply issue And as Atrioc pointed out the deeper truth that people dont' want to swallow is that individual homeowners are often the biggest culprits resisting change because they want their house to be even more valuable.
@@guppy719 Just build more houses.
Part of the reason FDR was able to push things through is not only his general support in Congress, but he literally didn't care if what he was doing was constitutional or not. When you threaten the Supreme Court to not strike down any more of your new laws immediately after they start doing so, yeah you get shit done. I don't care if you disagree with the policies he advocated for or love them, but he said screw pretty much any limitations on the powers a branch of the government has, we're doing what I want
Yeah and also he seemed ignorant of the fact that a lot of highways went straight through the neighborhoods of predominately poor, minority neighborhoods. Which still affects them to this day.
Massive Atrioc L honestly.
You pay like 44k a year in hoise repayments and only actually pay off 5k worth of property value the rest is taxes and interest. Australia is so cooked.
Yep, welcome to australia, we give excessive amounts of money to people that dont want to work and even more if you have a self proclaimed disability, every single angle you look at it just sends house prices higher, way too many foreigners, homeownership incentives and benefits, and the government STILL thinks the best way to tackle it is make home ownership EASIER by making MORE INCENTIVES
Something needs to crash and burn
I redid the whole power of my house and it was 6k brand new kitchen+bathroom is like 40k if you get expensive stuff. An extra 50k on a 3.5m house isn't that much more
very cool, thanks
You have to live and prove you lived in the house to avoid capital gains tax.
Makes horrible forecast then *laughs*. What's so funny Big A?
Kangaroo Buck sounds like a good currency
Getting Adish to VIP
It seems they got atrioc too 😔 how could Australia have an insane housing market if it's not even real? You might be able to trick the naive twitch chat but we won't succumb so easily
We don't even have blooming onions 😓
really informational video by charborg
"the short-term negatives would be outweighed almost instantaneously by the long-term benefit"
Every country, apart from the US, is having a massive housing crisis.
love the tumbnail
Casual British Prison Colony Flex
Atrioc joker laughing at us landless peasants is too much 😂
10:53 yes and regular people who work hard are paying tax on money they were taxed on. Last year i owed the government $600 on top of the $800 tax my employer took out of my pay.
No the spiders aren't the size of cars, they're a little smaller so they can drive the cars. #naturalselection
10:08 it's exactly the same in NZ
There are two types of classes in Australia: home owners and not home owners. There is no other way as an individual to legally avoid taxes. It is fiscally irresponsible to not own investment property in Australia if you are ablee to.
At 7:30 you make a really good point, that’s probably true about the greater good and eminent domain. But specifically and uniquely to America, we do not allow that. That is the EXACT type of thing forbidden here, fought against here, and will never rise again here. Maybe it’s too individualistic and anti federalist but that’s basically what the Constitution outlines
Bill shorten tried to grandfather existing negative gearing and stop any new negative gearing, but the media got so many people confused. You had people vote against him, who were renting turning up to pick up unemployment benefits asking where there negative gearing money is.
When the video talks about how little Aus invests in R&D, we also don't invest in innovation that's successful. New technologies that we produce end up being bought up by overseas companies, just like our mines and homes and oceans.
We dont rip the banaide off we immigrate more people to keep higher demand and higher prices
It’s fine if you’re rich…
I’m not rich so it’s not fine lmaoooooooo
Don't call them "kangaroo bucks". Call them "buckaroos".
If Atrioc is calm, he is being sarcastic. If he is not, it's because chat is being sarcastic
I'm a 33yo Aussie renter, i'm the one paying the tax for all this because I'm not rich enough to save money
Dollarydoos is the correct term for our currency