Australia’s property boom making the nation poorer

Discussion in 'Economics' started by themickey, May 20, 2021.

  1. Sure let's also open up China to investment, property purchases, bank licenses, nail saloons, strip clubs. Sure you want equal treatment then fucking treat everyone and everything equally, MF. What gets me each time is how you fuckers claim capitalism but about your home base you protect it claiming its communism, nothing can be done about it. Ha.

    #21     May 21, 2021
  2. So, what about Australian young adults who just turned 20 or 22? They should have bought 10 years ago before all the Chinese locusts landed?

    #22     May 21, 2021
    beginner66 likes this.
  3. They got years ahead of them to work hard and save.
    I worked like a dog, working every hour of overtime i could get 20 years ago to get a deposit and get on the housing ladder, mortgage rates were 6% back then.
    Here in the UK a £500K mortgage only costs about £2000 a month to pay off these days. Although average price is 300K, which is even cheaper pay off.

    Wife wants me to take on more mortgage debt and buy a bigger place, i probably should (its a great investment), but i'm 48, my mortgage is nearly paid off, and I don't want to spend another 20 years in debt.
    #23     May 21, 2021
    Nobert and murray t turtle like this.
  4. Yeah and 20 or 30 years ago you could pay off a house in about 12 to 15 years. Now it takes 30 to 60 years. Basically, the average Joe will be hooked the entire life just to pay up for 4 walls to live in. Awesome. Thanks fucking Chinese. Not that I personally care, I am done. But I shed tears for our younger generations.

    #24     May 21, 2021
    themickey likes this.
  5. By the way, you along most people have a very convoluted idea about the mortgage concept overall. It matters nothing what you pay every month (as long as you can afford it). Hence the interest on a mortgage currently is completely secondary in nature. What really matters is that you now pay x-years/avg disposable income extra because of house price inflation. I don't understand why so many dummies get hooked on getting into expensive homes they cant really afford just because they can afford the monthly payments. Yes they can perhaps but they pay an extra 2 or 3 decades, those morons.

    #25     May 21, 2021
  6. JSOP


    Yeah but the problem is the housing price has reached so high that it's completely out of reach for local residents with the salary that they are earning regardless of how hard they work. You are talking about people who earn six figures and still live in a truck. There are stories of couples who are both doctors earning six-figure salaries each and still can't afford to buy properties and can only live in their parent's basement. It's that ridiculous. The price of the property is just completely out of step with the economic growth of the country that the property is located in due to the foreign buyers who pushed the price so high that it's affordable only by their level of income that they have earned through unfair trade policies and currency manipulations. This is what's unfair about the situation.
    #26     May 21, 2021
  7. %%
    Most likely because we dont make/model public policy off what chicoms do.
    Good import Chinese ringneck pheasant .And for the same reason[ more taxes ] tariffs are not a good idea on Canadian lumber; drives lumber prices up too much.
    #27     May 21, 2021
  8. Not foreign buys, CHINESE and Indian buyers. Because last time I checked in London, Christchurch, Auckland, HK, NYC, Sydney, Vancouver, Toronto, there were not all that many German, Swiss, Japanese, British, or Spanish buyers. It's when you let a bunch of hordes in that you never verified how their wealth was really generated, adding to the fact that China does not even legally allow to get more than 50k or so per year out of the country.... That's when problems arise.

    We have to stop letting Chinese lie their way through life abroad while China does not treat foreigners equally in their own country AT ALL.

    Chinese play the same dirty game now on Amazon and with all their dumping price imports into our countries. They hold back to manufacture goods in their factories for our companies who operate there but dump their shit at even below cost onto our markets. Check out furniture dumps in Canada from China. They destroy the entire domestic industry. Now Canada wants to impose 300% tariffs on Chinese furniture. In FUCKING AUGUST. Why not now or last year? Can't buy any new cars right now because of chip shortage. Guess what shortage you got in China? NONE. NOTHING. They pump out their shit products while holding the rest of the world hostage. After they gave us the virus, those locusts.

    Last edited: May 21, 2021
    #28     May 21, 2021
  9. JSOP


    And Middle Eastern and Russian buyers too if you want to round up all the foreign buyers. LOL Hell it's just the European and the North American people that are poor now. LOL
    #29     May 21, 2021
  10. Not much middle eastern money or Russian money in Canada as far as I can see. It's not that North Americans or Europeans are poor. But we are FUCKING NAIVE. We need to open our eyes and make decisive choices and protect our own markets. Bring back all essential manufacturing and especially high tech. Happening now but way too late. I am not for closed markets but I am strongly advocating for tit for tat. You get something if you give me something. Otherwise fuck off. We got the ability. For every Chinese hack into our infrastructure we hack their facilities and ground their entire cities, starting with Shanghai and Beijing. I am tired of hearing about those hacks and hardly anything is done about it in retaliation. Shutting down that Russian ransomware group is a start but nearly not enough. Anyone believe Huawei got as powerful as they are in 1/10 the time because they are so much smarter than our engineers? No, they stole and hacked, and copied like there is no tomorrow. And we did nothing.

    #30     May 21, 2021