Not exactly about housing, but about unfair government taxation....blatant corruption imo! Australia’s richest self-managed super fund has $401m Michael Read and Michael Roddan Aug 30, 2022 https://www.afr.com/politics/austra...on-costing-taxpayers-millions-20220830-p5bdza Taxpayers are spending $200 million per year on concessions for Australia’s 100 largest self-managed super funds, with new data showing the 32 biggest accounts each have more than $100 million assets, including one mega-SMSF with $401 million. The release of the figures, published by the Australian Taxation Office on its freedom of information log, follow calls by economists to rein in and simplify Australia’s system of generous superannuation tax concessions which Treasury estimates will cost $93 billion over the next four years. The data from the ATO’s top 100 SMSF monitoring program show there were 32 individual SMSFs that had retirement savings greater than $100 million in the 2020 financial year – the most recent year for which there are available figures. It marks an increase on 2019, when 27 individuals cracked the threshold and 2018, when there were 22 SMSFs with more than $100 million in assets. Australia’s biggest SMSF in 2020 had $401 million in assets. The largest SMSF in 2020 held $401 million in assets, 8120 times more than the national median balance of $49,374. The figure has likely increased since then due to the strong growth in asset prices following the early pandemic downturn. The second largest SMSF in 2020 had $371.4 million in assets while the third-biggest retirement savings account was worth $273.2 million. Collectively, the 100 largest SMSFs in the country held $9.7 billion in assets as at June 2020. The figure represented a modest increase on 2019, defying the sharp downturn in asset prices at the onset of the pandemic. The Grattan Institute’s Joey Moloney and Brendan Coates estimate the earnings tax concessions accruing to the top 100 SMSFs are around $200 million per year. Around $50 million of this flowed to the 10 largest accounts, which each have more than $171 million in assets. Mr Moloney said it “was impossible to argue a super balance of $50 million, let alone $400 million, was necessary for an adequate retirement”. “These ultra-high SMSFs show how the system is being used as a tax-planning vehicle and ultimately a taxpayer-funded inheritance scheme. The simplest and fairest way to stop this would be to cap the amount you can have in the system,” he said. While Treasurer Jim Chalmers has flagged “hard decisions” to repair the budget, the Albanese government is not considering introducing a threshold after which savers no longer receive tax concessions. These funds, likely held by the wealthiest Australian families, receive generous tax concessions, including taxed earnings at a low rate of just 15 per cent in accumulation and for all savings in excess of the $1.7 million cap on pensions for individuals. The smallest fund in the top 100 program had savings of $53.4 million at the end of 2020, compared to $52.2 million a year earlier. The names of the SMSF owners are protected under the Taxation Administration Act 1953. While excessive funds left in accumulation accounts are taxed at a concessional rate of 15 per cent, holding investments in the super system is still far more advantageous for tax minimisation. If the investments were held outside of super, they would attract tax applied at a marginal rate. For a wealthy Australian, this would likely be a rate of 45 per cent, plus the Medicare levy. The Australian Financial Review revealed in August that almost $3 billion could be returned to the federal budget if Labor stopped paying tax concessions to the 79,590 people with more than $2 million in superannuation. Among the cohort of wealthy savers with more than $2 million are 384 people aged under 30, who boast an average balance of $5.3 million. About 80 per cent of the young savers in this group either did not lodge a tax return or earned less than $18,200 in 2019-20. Economists have suggested taxing superannuation earnings at a 15 cent discount to a person’s marginal tax rate, which would net the federal budget about $6 billion per year, while superannuation lobby groups have proposed capping balances after a certain level of savings had been reached. The Coalition government’s retirement income review said the provision of tax concessions for very large superannuation balances “are not required for retirement income purposes as they are unlikely to encourage additional saving” and that it appeared that “large balances are held in the superannuation system mainly as a tax minimisation strategy, separate to any retirement income goals”.
Bundaberg's Hinkler Lions Park refuge for homeless as Australia lucky country no more for some ABC Wide Bay / By Brad Marsellos Posted 2 hours ago https://www.abc.net.au/news/2022-09...ioners-unwell-homeless-in-australia/101387720 Julie Ann and Ron say having pets has made it hard to find a house.(ABC Wide Bay: Brad Marsellos) As the sun sets in a small park on the outskirts of Bundaberg, a young mother says goodbye to her two children and heads off to work as their father reads them a bedtime book in a tent. Nearby, an elderly man starts a generator to run a nebuliser that "keeps me alive" before the cool night air torments his lungs. Cars roll in, and young couples unpack their swags for the night. Ron Hughes hopes to help other homeless people in the Bundaberg park.(ABC Wide Bay: Brad Marsellos) Hinkler Lions Park isn't a campsite for paying visitors but the last refuge for the changing face of homelessness caught in the crossfire of Australia's housing crisis. Nine young children are among the residents who live day-to-day, unsure about where they will go next. Jackson Walters bought a caravan from another resident in the park for $500, but it leaks.(ABC Wide Bay: Brad Marsellos) Julie Ann Tucker, 68, and her partner Ron Hughes, 71, have called this park home for several months, but they say the worst part is knowing they're better off than others living there. "The toughest thing about living like this is watching women and children homeless and struggling," Mr Hughes said. "Believe me, it's very hard being homeless. I rode rodeo in my younger life, and it was nowhere near as hard as this now." Ron Hughes starts a generator every evening to run a nebuliser.(ABC Wide Bay: Brad Marsellos) The couple became homeless after falling behind in their rent and started sleeping in their swags in parks before being gifted a caravan from a local community fundraising effort. Mr Hughes, who relies on a nebuliser for his lung condition, said he and his partner were still shocked to see the new arrivals to the park each afternoon. Julie Ann Tucker says they can't afford the rent on their pension.(ABC Wide Bay: Brad Marsellos) "I always thought Australia was the lucky country, and I was proud to be an Australian," he said. "But I put my head down in shame. "I'm ashamed to call myself an Australian. That's how bad it's got." Jackson Walters and Shyanne Hennessy, and their dogs, have been unable to find a place to live.(ABC Wide Bay: Brad Marsellos) Life seems to pass by these temporary residents of Hinkler Lions Park with a considered glance. Visitors are only supposed to stay 24 hours in the free camp rest site, but those staying longer live in fear of being removed every time council workers turn up. So far, they've been left alone. The park on the outskirts of Bundaberg is designed as a 24-hour rest site for campers.(ABC Wide Bay: Brad Marsellos) Planes come and go from the neighbouring airport, while holiday-makers and businesspeople look down on the camp from their windows. Commuters pass on the busy Childers Road, and young would-be professionals study at the university just across the road. Michael Johnson said he moved into the park a month ago, straight from having surgery to implant heart stents at the Bundaberg Hospital. Michael Johnson is living in a tent while he waits for a heart operation.(ABC Wide Bay: Brad Marsellos) "There's no accommodation. You got a waiting list as long as a toilet roll," Mr Johnson said. "There's nowhere to go, so I'm stuck here waiting for another heart operation. "I had to pay medical bills, and I ended up staying here to save a bit of money because I can't afford accommodation." The park has a toilet block, but no showers.(ABC Wide Bay: Brad Marsellos) Like Mr Hughes and Ms Tucker, Mr Johnson said his main concern was for those surrounding him. "I've given up," Mr Johnson said. "There's families, children, oldies, disability — we need someone to speak up." Some of the families have pets living with them.(ABC Wide Bay: Brad Marsellos) Community offers hope For these neighbours, the discussion often turns to possible solutions to fix their problems, but no one has any realistic answers. In the meantime, commuters sometimes pull in with blankets and food or other offers of assistance. A team of volunteers rocks up weekly with a trailer barbecue to start preparing meals as the last of the daylight fades. Matt A'Bell (front) says they want the people to feel human.(ABC Wide Bay: Brad Marsellos) Matt A'Bell from the Christian-led Restoration Centre sees a lot of new faces each week. He also doesn't know how to fix the homelessness crisis. All he can do is offer hope. "A meal is one part of it, but the other part is people feel seen," Mr A'Bell said. "We just want to make them feel human and seen and loved. "We just want to give some hope. It's happening in other places, but we are just here to help in our little part of the country." Years on the waiting list For Storm Brydon, who has been living in parks across Queensland for "12 months or so", hope is in short supply. The mother-of-nine said she had been on the public housing waitlist for four years, trying to be reunited with her family. Storm Brydon and Jason Bossom have been on the public housing waiting list for more than three years.(ABC Wide Bay: Brad Marsellos) "I need a place to live. I'm trying to get my kids back, and housing has been one of the major issues in trying to get them back," Ms Brydon said. "I've applied in all different places up and down Queensland between Brisbane and Bundaberg. Ms Brydon shares a campsite with Jason Bossom, who said he had been on the public housing list for three years. Jason Bossom enjoys a meal provided by the community as food storage is a problem.(ABC Wide Bay: Brad Marsellos) "The toilets are here, but there's no shower, and the weather," he said. "And food, we don't have a fridge, places we camp there is no power. "We have to buy food every day, you can't buy milk or frozen food." Still, the pair is making do with the little they have. "I don't know what's next, but hopefully, it's a house," Ms Brydon said. Many of the homeless return as the sun sets and leave at first light to meet the 24-hour rest site rules.(ABC Wide Bay: Brad Marsellos)
Call for more Safe Space shelters in suburban Hobart, as housing crisis worsens and homelessness grows By Adam Holmes Posted 46 minutes ago https://www.abc.net.au/news/2022-09...e-space-shelters-in-suburban-hobart/101400780 Nicole McGowan says relying on shelters can be difficult: "You struggle with different people, different personalities."(ABC News: Adam Holmes) Nicole McGowan comes to Hobart City Mission's Safe Space during the day to relax and take a break from the constant stress of living on the streets. Key points: Hobart's Safe Space program, which helps homeless people find shelter, should be expanded, a report finds. Tasmania's housing issues show little sign of easing, with over 4,000 applicants waiting an average of almost 90 weeks to be housed Safe Space has provided 16,000 overnight stays for those in need since opening in 2019 She and her partner became homeless earlier this year after she completed a term of imprisonment, finding that the cost of rent left them without options. This brought a range of challenges. "You have to carry your stuff with you, so you can't accumulate too much because you've got to carry bags every day," Ms McGowan said. "It's actually really expensive to be homeless. You can't just go and buy groceries that can do you for the week. You've got to buy takeaway food or food for that night." Without somewhere to live, she found there was little to do during the day. "The biggest thing when you're homeless is you've got nowhere to go. That's why you probably see people around the streets, we have nothing else to do," Ms McGowan said. To ease this, she comes to Safe Space on Barrack Street to cook her food, chat with staff and access support services. And at night, she goes to the overnight service in a converted church on Davey Street, where beds line the walls, along with rooms at the back of the building. Demand is always increasing for a place to sleep at night.(ABC News: Jordan Young) The service has provided 16,000 overnight stays for those in need in Hobart since opening in 2019. Over that time, it has evolved from a pilot program at the Youth Arc precinct to a night shelter and a day space. It now has capacity for 40 beds, usually seeing 30 people, but demand is always increasing. A backup for when things go wrong The University of Tasmania surveyed a range of Safe Space users and found all respondents had an overall positive experience with the service. Another key finding was that, over time, rates of people being turned away due to poor behaviour decreased as people came to better understand the role of the service. The service was described as providing "the crucial stepping stones on the path out of homelessness". The report recommended Safe Space be expanded to other parts of the state's south, including the Huon Valley, Glenorchy and eastern shore. To achieve this, it recommended funding be "increased substantially" noting there was significant unmet need beyond the city's centre. City Mission housing services manager Ewan Higgs said it was vital to have the service as a backup for when things go wrong in people's lives. "The community are very resourcing, so at times they will find places where they can couch surf or there'll be connections, friends, families that might open doors for a short period of time," he said. "But ultimately, we find that people end up back here. "That's where we see that fluctuation where we might be sitting at 35 one night, and maybe 25 the next night. But it's just being able to have the capacity so that when people do need us, we're able to accommodate." Housing crunch hitting hard Tasmania's housing affordability issues are showing little sign of easing, with 4,419 applications on the housing register in July, waiting an average of almost 90 weeks to be housed. Hobart City Mission housing services manager Ewan Higgs (left) and Hobart City Mission CEO Harvey Lennon.(ABC News: Jordan Young) Hobart's private rental vacancy rate sits at 0.6 per cent, while it's 0.2 per cent in Burnie and 1 per cent in Launceston. A rate of about 3 per cent is considered normal in a healthy rental market for tenants. It means there are fewer properties available, and those that are available are often priced out of reach for people on lower incomes. Mr Higgs said one of the biggest misconceptions he faces in the community is the belief that homeless is a choice that people make, rather than a result of a range of societal factors. "It's never a choice. I think when you understand the complex traumas that people have experienced in life, the mental health issues that they have. If you take that into account, you can clearly see it's never a choice," he said. The opening hours are from 6pm to 8am every night, including weekends and public holidays.(ABC News: Jordan Young) Ms McGowan agreed, and said every day brings new challenges, including while staying at Safe Space. "You struggle with different people, different personalities. It's hard. We're all homeless, our aim is to have a house at the end of the day, we don't want to be here," she said. "We have our ups and downs, it's a struggle, it's not fun. "The [Safe Space] staff are pretty exceptional."
Yes, got in on it myself in 2021. But Sydney and Melbourne are/set to take a tumble. Brisbane starting to slide now too.
Quit’: RBA boss under pressure over fifth consecutive rate hike Philip Lowe is facing calls to resign after he broke a major promise to Australian homeowners. Courtney Gould September 7, 2022 NCA NewsWire https://www.news.com.au/finance/eco...e/news-story/b676975a9d498e0521cf68920bc0f2d7 Philip Lowe is facing multiple calls to resign after he broke a major promise to Australian homeowners. On Tuesday, governor Philip Lowe handed down the fifth consecutive rate hike, lifting the cash rate another 0.5 per cent 2.35 per cent. The decision has sparked fresh calls for the government to sack Philip Lowe from the role, given he initially told Australians rates wouldn’t go up until 2024. RBA Governor Philip Lowe is under pressure over a promise he made to not rise rates until 2024. Picture: NCA NewsWire / Jeremy Piper “That is a massive stuff up that‘s going to have really significant financial impacts on the lives of millions of Australians,” Greens treasury spokesman Nick McKim told Nine. “He got it badly wrong … On that basis alone, Dr Lowe should go.” Australia's central bank has now raised interest rates for five months in a row in its most aggressive rate rises since 1994. It has added hundreds to mortgage holders repayments but Dr Lowe insisted the central bank was “committed to doing what is necessary” to bring inflation back to the bank’s 2-3 per cent target.......
The way I see it, the RBA forced interest rates down to near zero in the name of juicing up the economy and real estate prices with the governments blessings. Interest rates should have been held at 2% to 3% level, but greed as usual took over the reigns. The result is large swings in interest rates which produces economic volatility. RBA Governor Philip Lowe should be sacked for incompetence imo, just like the previous government, the Liberals, being sacked by voters at the polls because an idiot leader was running the show.
More than 200,000 people could move to Queensland over the next five years, property council survey finds By Lillian Rangiah Posted 22 hours ago. https://www.abc.net.au/news/2022-09...sland-population-surge-housing-rent/101417086 The Property Council of Australia released a report today into interstate migration to Queensland(ABC News: Liz Pickering) About 220,000 people are tipped to leave the southern states for Queensland over the next five years, a survey from the Property Council of Australia (PCA) has revealed. Key points: Property Council of Australia says people want to move for Queensland's lifestyle, climate and housing affordability Bespoke purpose-built rentals suggested to help housing crisis Calls for the state government to urgently convene a housing summit to bring community, industry and experts together The potential influx has the industry body so alarmed they are calling on the state government to take urgent action to combat Queensland's housing shortage. The figure comes from a survey commissioned by the PCA in early 2022, which asked 1,000 residents in Sydney and Victoria how likely they were to move to Queensland over the next five years. Five per cent of respondents said they would "definitely" or "probably" head north. Lifestyle, climate and housing affordability were the three biggest factors influencing their decisions. Last year, 50,162 people moved to Queensland from other states, many weary of continued avoid COVID-19 lockdowns. PCA executive director in Queensland, Jen Williams, told ABC Radio Brisbane that Queensland did not have the infrastructure to deal with the continuing demand. "We haven't been building enough housing for over a decade to cope with what we already have," she said. "We've got more people looking to come here and we're already not building enough housing for the people that we have." Ms Williams wants a summit on Queensland's housing crisis.(ABC News: Sarah Richards) No other option but a tent Charities say supply shortages are so severe that they are resorting to handing out tents to families unable to find a home. St Vincent de Paul Society Queensland chief executive Kevin Mercer told ABC Radio Brisbane that volunteers had likely handed out hundreds of tents in the past few months. "Tents seems to be the only solution at the moment because everything else is all taken up," he said. "We're not just talking people who aren't working, these are working families as well that can't find accommodation that are having to live in a tent. "They'll get up in the morning, they'll go to work, the kids will go to school, they'll come home to their tent. It's really unacceptable." Mr Mercer said some families had set up in camping grounds and national parks, left with nowhere else to go. North Queensland's Yumba Meta women's shelter manager Brenda Lucas, who is based in Townsville, said women and children were staying longer, up to six months or even 18 months. "These are women and children living in a shared facility, there's no privacy other than their room. "Our aim is to support them to navigate the mainstream system but when you look at exiting to long-term housing, or even just housing within the private sector, there's nothing there for them to go into." Shelters say people seeking their services are staying for months amid the rental shortage.(ABC News: Scott Mitchell) Queensland Council of Social Services (QCOSS) chief executive Aimee McVeigh said some women had even returned to violent relationships to escape homelessness. "The main reason that people are approaching specialist homelessness services is domestic and family violence," she said. "Alarmingly, our members are telling us about stories of women and children returning to incredibly dangerous situations because they simply have nowhere to live." Summit needed to find solutions The PCA is calling on the state government to urgently convene a housing summit to bring community, industry and experts to the table to address the housing demand. "To come up with some bold ideas to break down some red tape and to get some housing on the ground really quickly, to make sure that we address the backlog that already exists," Ms Williams said. "The reason we are keen to have everyone come together in this housing summit is so that we don't end up with this reactive environment where we have to really quickly pull together emergency accommodation. "We can actually plan out what is our vision, how do we want to grow as a community?" Ms Williams said the Olympics was an opportunity to decide what areas were "go zones" and "no-go zones". "Ultimately, people are coming. People are already here. We have to do something about it," she said. Nationally, migration is also set to rise with the federal government last week confirming the cap on permanent migration would be lifted by 35,000 places this financial year, bringing the total cap to 195,000. Ms McVeigh backed the PCA's calls for a housing summit. "The fact that the property council's coming forward, and many other stakeholders across industry, really reflects the depth of this crisis and the fact that almost all Queenslanders are currently being touched by the housing crisis." Purpose-built rentals The PCA has also released a proposal to deal with the rising demand for housing, entitled "A Home for Every Queenslander". It makes four recommendations: Educate the community about "the benefits of good growth" Incentivise the creation of more housing designed for renters Empower and resource Economic Development Queensland and the state government's Growth Areas team to identify opportunities for urban development Reform planning processes to reduce red tape Ms Williams said addressing the low availability of rental properties was a priority. "The challenge we have is that investors have left the market and we've got lots of homebuyers, which is fabulous on the one hand, but it also means that we don't have enough housing available for rental," she said. Deputy Premier Steven Miles said he had instructed Queensland's Housing Supply Expert Panel to advise local councils on how they could tackle the lack of supply. "Addressing housing supply and affordability should be the number one priority of local government right now," he said. "Some councils have out-of-date housing strategies that need to be updated given the population growth we have seen." State Opposition leader David Crisafulli backed the PCA's calls for a housing summit. "If the Premier won't host a summit on Queensland's housing crisis, then I will."
‘A necessity’: housing prices force more Australians into share homes in midlife The share-house demographic is skewing older. More people are renting and sharing – and they’re doing it longer Jemima Jones in a rental house in Melbourne’s Preston. The 44-year-old can’t afford to live alone so shares with a student in his 20s. Photograph: Elen Smith/The Guardian Cait Kelly https://www.theguardian.com/austral...-more-australians-into-share-homes-in-midlife Mark Lanyon would prefer to live on his own. Instead, the 57-year-old shares a house in Berwick, in Melbourne’s outer suburbs, with three other guys aged between 19 and 40. Lanyon hasn’t shared a house since he was in his early 20s, but after getting a job in a factory near Dandenong six months ago, he had no choice. “I lived in share houses when I was younger but never come across such a diverse range of people,” Lanyon say. “When we were young, we were more sharing a house to learn about life and not live with our parents. Now it’s a necessity – it’s cost.” He is still searching every week for his own apartment but has found nothing close to his work under $300 a week. So now he pays $270 a week to share a four-bedroom house – with bills all included. He gets along with most of his housemates, and with the others he just makes it work – like many share houses there is tension over cleanliness, bills, how often the heater goes on. “It’s a solitary life. It’s impossible to have a relationship,” Lanyon says. “It’s not like you can bring a lady home and cook her a meal.” Lanyon is one of the growing number of Australians living in share houses in mid-life. On the other side of Melbourne, Jemima Jones, who uses they/them pronouns, is self-employed – they work full-time running their own business where they grow and sell plants to nurseries and have a second job as a life model to supplement their income. Jemima Jones: ‘I’ve been share-house living now since 18, so that’s 28 years.’ Photograph: Elen Smith/The Guardian But the 44-year-old can’t afford to live on their own, so shares with a student in his 20s. “I don’t have an option of living on my own unless it’s super cheap. I’ve been share-house living now since 18, so that’s 28 years,” they say. The home, which is in the middle of Preston in Melbourne’s north, is just $800 a week – a bargain for a two-bedroom property in the area – but is to be knocked down within the next five years. Finding any housing stability will involve thinking outside the box. “I have spoken to other queer friends about doing rent-to-buy or buying land [together], but whether that happens or not I don’t know. We joke about building a queer retirement village.” The pandemic decreased the number of share houses across the country, but the age of those living in them is rising, according to data from the Australian Bureau of Statistics and Reserve Bank of Australia. The 2016 census showed that the share-house demographic was starting to skew older – with only half in their 20s and one in five more than 50. Generation rent is becoming generation share, says City Futures Research Centre’s Chris Martin. “They’re the equivalent of a generation previously who would have been getting into home ownership,” he said. “With the rising price of housing, there are more people renting and more people share housing and doing it longer into their lives.” It’s not just renters sharing space for longer – homeowners are opening their doors to flatmates to help pay the mortgage. Katie Slatter lives in a big house in Newcastle with her 18-year-old daughter. She was struggling to pay her mortgage after her ex-husband moved out, so she got a housemate. Slatter works within the housing sector and knows how hard it can be, so picked someone who may otherwise struggle. “She hardly ever came upstairs … we didn’t really have any relationship with her,” Slatter says. There were other new situations to navigate. “[She] would also bring home a different person every week, which is fine but it meant I had a different stranger in my house every week – we don’t lock the connecting door. “I wasn’t quite sure how to tackle that – I don’t want to be the sex police,’ she says. Catherine Caine is 43, has a disability and shares a home with three university students in their 20s. “If you can imagine how terrible the housing situation is for everyone, it’s triple worse if you have a disability,’ she says. Six years ago Caine left a long-term relationship and moved back to Newcastle. Finding a rental on a single income was impossible, and one that has no stairs was even harder. “There’s nothing that will meet my disability needs that would cost less than 60% of my income,” she says. Caine says the future “is scary” – she’s on a waiting list for public housing but has no idea when she might get in. “There are 87 people on that list, I could be number 86. It’s probably my only way out, honestly,” she says. “As much as I do not want to live in public housing, it’ll be the only way that works.”
Brisbane faces worst rental crisis in country With a vacancy rate of 1 per cent Brisbane is under exceptional strain – and rents are soaring. Picture: Liam Kidston. By James Kirby September 12, 2022 https://www.theaustralian.com.au/bu...y/news-story/60dafb794da8b481a6389f45a4d085e2 A sell-off by Sydney and Melbourne property investors has left Brisbane with the worst rental crisis in the nation – the amount of rental stock in the city has now shrunk to half of its usual level. With a vacancy rate of 1 per cent the city is under exceptional strain – and rents are soaring. Rentals rose by 13 per cent over the year to July, the biggest lift in any metropolitan centre. The Queensland capital’s residential market had lagged behind its bigger rivals until mid-2020 when prices took off. House prices rose by a stunning 38 per cent to reach a peak in June this year. Unfortunately for renters the surge was not accompanied by any significant uptick in building activity. This means the city looks like it will be stuck with its “nothing to rent” market for some time. “It’s a unique set of circumstances in Brisbane, but it reflects issues we are seeing everywhere just now,” says Eliza Owen, head of research at CoreLogic, who has produced a new report on the city’s crisis. “Rental costs are under pressure in many cities but Brisbane also had 50,000 people arrive in the city since the pandemic period.” What’s more, a report last week from the Property Council of Australia forecasts Queensland will get an extra 220,000 interstate migrants over the next five years. As rents soar, reports of rent-crisis behaviour are rife in the city. Real estate agents are reporting potential tenants calling the new owners of just-sold houses to see if they are coming up for rent. Meanwhile, social service providers – such as the St Vincent de Paul Society – have been handing out tents for desperate residents to set up in the city’s parks. Brisbane’s unwanted title as the tightest market in Australia reflects a similar pattern in the US where the so called “sun belt” cities have boomed on the back of a new era of remote working. The most recent US rental figures show southern cities have the highest rental growth. Miami in Florida has reported an average rental increase of 45 per cent in a little over 12 months. “Private investors have every right to sell when they think the timing is right,” says Owen. “This clearly happened in Brisbane in recent months – but the data does not suggest housing stock came back on to the rental market. “There are a range of explanations for this. People needing more space to work from home and share houses becoming less popular with younger workers explain some of the changing patterns,” she explains. “The figures also tell us that the private investor market is not enough to keep the city going. Brisbane clearly needs build-to-rent schemes and social housing in the mix.” Interstate investors sold off Brisbane property in big volumes in late 2021 and early 2022 after the city’s record-breaking price jump, following a decade in which prices drifted with setbacks after the major floods in 2011 and 2022. As the rent crisis grips the city, the Palaszczuk government has exacerbated the situation with a plan to raise more from tax on land inside the state borders from investors outside Queensland. The new land tax is based on land holdings held by investors both inside Queensland and elsewhere in the nation. “The new land tax will do nothing to help the rent crisis, it is not what is needed in this situation at all,” says Owen.
We really need to get you your own Aussie/Kiwi sub forum, because all your articles about your homeland are a mile long.