"An eviction tsunami"

[billy backstay]

Investment? Entrepreneurialism?

Then don't whinge when it goes bad.   

We small time entrerpreneurs don't whinge!  We swalllow the profits and the  LOSSES, and often go broke, or lose our assets.  Unlike Wall Street and Corporate America.

 

[ShortForBob]

Dream on. Not going to happen, at least here in Australia. Not for another 100 years or so anyway - property ownership is still way too widespread amongst the middle class & working class.

FKT

Hmm, there's going to have to be some change faster than that though. Home ownership is an impossible dream for many now with property prices in Melbourne and Sydney being what they are. And the desperate renters are increasingly young and educated.

The tiny house my son rents for $400 pw,15km outside the city  sold for 1.2 Million a year ago

one of these

It's a joke when wages are stagnant and the workforce is increasingly casualised.

Something has to give. 

 

[Fah Kiew Tu]

Hmm, there's going to have to be some change faster than that though. Home ownership is an impossible dream for many now with property prices in Melbourne and Sydney being what they are. And the desperate renters are increasingly young and educated.

The tiny house my son rents for $400 pw,15km outside the city  sold for 1.2 Million a year ago

one of these



It's a joke when wages are stagnant and the workforce is increasingly casualised.

Something has to give. 

Yeah it's not good. My children are in well paid jobs, one is renting, one owns/pays off an apartment, the last is still in the big house with her mother.

The problem - one of them anyway, there are lots - is the conflation of a place to live with an investment/asset that inflates in value over time.

FKT

 

[ShortForBob]

Yeah it's not good. My children are in well paid jobs, one is renting, one owns/pays off an apartment, the last is still in the big house with her mother.

The problem - one of them anyway, there are lots - is the conflation of a place to live with an investment/asset that inflates in value over time.

FKT

and short term investors. how the hell can they compete or borrow a million dollars. My first house was exactly like that one. I bought it for 60,000, thirty years ago on the joint wages of two base level PS jobs. I'm pretty sure wages haven't increased x 20 in the last 30 years.

 

[Fah Kiew Tu]

and short term investors. how the hell can they compete or borrow a million dollars. My first house was exactly like that one. I bought it for 60,000, thirty years ago on the joint wages of two base level PS jobs. I'm pretty sure wages haven't increased x 20 in the last 30 years.

Yeah same. Paid $80K in 1985 for a house currently 'valued' at maybe $1.5 million. OK I did $150K worth of upgrades etc but basically it's the land it sits on that's worth the money. If it ever sold it'd be demolished before the stamp on the development plans was dry and 5-6 villas would be going up at over $1 million each.

Big part of the reason is something you're in favour of - migration and in your mindset unlimited migration. All those people need somewhere to live. Sydney & Melbourne are 2 of the most popular destinations. Supply & demand baby, there goes the house prices. Your kids can't afford a house? Policies you support are part of the reason, not that I'd expect you to join those dots.

I've seen Sydney grow from around 2 million to over 6 million and I can say that it's done the place no favours at all.

Anyway, evictions - all too hard for me. I think part of the problem in Oz is the short term mindset around property leases so tenants don't have security of tenure and landlords have less incentive to rent for income rather than capital gain. But long leases decrease flexibility and people like you would undoubtedly want them weighted so tenants could stay ad infinitum yet move without notice or break fees so - shrug. I've never had the urge to control someone else's living space or arrangements and don't want the hassle of being a landlord so what would I know.

Rather go sailing and as the tide is rising, my GF is on the way down with snacks et al - laters...

FKT

 

[billy backstay]

We small time entrerpreneurs don't whinge!  We swalllow the profits and the  LOSSES, and often go broke, or lose our assets.  Unlike Wall Street and Corporate America.

Anyone think Trump will privatize the losses, when his $400 or so million in notes, owed to Deutshce Bank,  come due, soon?

My Grandfather once told me; "If you owe the bank a Million", they own you.  If you owe them tens or hundreds of millions, YOU OWN THEM".......

 

[Burning Man]

If the Government wants to take our 16 PITA, Cheap, many Section 8, small, low end apartments, and give me a million bucks tax free, just show me where to sign the documents!! 

I will be greatly relieved NOT having to manage Rentals in my retirement, and free to travel more and visit the kids down south!!

OTOH hand, what kind of a safe return can I invest that million into, that's going to pay me more per month, than carrying on as I have been for 35+ years??

Oh no..... you misunderstand.  aj's socialist vision doesn't include compensation for your property.  You've already benefited far too long on your kapitalist possessions as it is.  Be glad that the state doesn't make you pay a fine on top of taking your stuff away.  

 

[Burning Man]

Investment? Entrepreneurialism?

Then don't whinge when it goes bad.   

I'm whinging because the one avenue for relief has been taken away and in some cases has incentivized people to stop meeting their contractual obligations.  

 

[Burning Man]

Oh, the irony....

FKT

Yeah, I got a chuckle out of that too.......  

 

[billy backstay]

Oh no..... you misunderstand.  aj's socialist vision doesn't include compensation for your property.  You've already benefited far too long on your kapitalist possessions as it is.  Be glad that the state doesn't make you pay a fine on top of taking your stuff away.  

That's like saying my SSI income beginning in August is a Socialist redistribution, when I have been paying into it for decades...

Note purple sarcasm font.....

 

[mikewof]

Suck it up, Buttercup. You rented the house to a bunch of animals. Deal with it. 

 That said start talking to some lawyers, the eviction ban does not preclude the ability to seek damages after all this is over, and it will be over. Also review your landlord's house insurance policy. I'm sure a brilliant guy such as yourself bought the rider for vandalism, and is aware the ruling of one Texan judge in such matters is worth less than a moderately sized burrito fart. 

They started out fine. But then when the rent money apparently went to other -- erm, enjoyments -- things went kinda south.

I spoke to the lawyer, the chance for a landlord to recover damages from a tenant in this sate is the longest of longshots. It's a cowboy state, I've been through this before. Had a tenant who once had a yard sale and sold all of the appliances, even pulled doors off the hinges and sold those. Couldn't recover a dime, the collection agency will give up in another three years. We did use the house insurance for that one, it was pretty bad. And then they cancelled the insurance, no way I'm going to use insurance for some doors and walls.

But the "Texan burrito fart judge" is a Federal judge, I have a feeling that it ends at the end of March, with no more extensions.

 

[mikewof]

Hmm, there's going to have to be some change faster than that though. Home ownership is an impossible dream for many now with property prices in Melbourne and Sydney being what they are. And the desperate renters are increasingly young and educated.

The tiny house my son rents for $400 pw,15km outside the city  sold for 1.2 Million a year ago

one of these

It's a joke when wages are stagnant and the workforce is increasingly casualised.

Something has to give. 

That's a beautiful house. It might go for twice that in Silicon Valley.

But your idea of home-ownership being a kind of evil ... it's one of the few blows for common people left. Maybe not a million dollar home in a luxury area, but just regular homes, it's one of the few ways for ordinary schmucks to rise out of the chains of poverty. I don't know the ratio in Oz, but in the USA, about 65% of home are owner-occupied. 

 

[Ease the sheet.]

We small time entrerpreneurs don't whinge!  We swalllow the profits and the  LOSSES, and often go broke, or lose our assets.  Unlike Wall Street and Corporate America.

Billy, you're one of the good ones!

I've nothing but support for you and your plan

 

[Ease the sheet.]

Hmm, there's going to have to be some change faster than that though. Home ownership is an impossible dream for many now with property prices in Melbourne and Sydney being what they are. And the desperate renters are increasingly young and educated.

The tiny house my son rents for $400 pw,15km outside the city  sold for 1.2 Million a year ago

one of these



It's a joke when wages are stagnant and the workforce is increasingly casualised.

Something has to give. 

Choosing prime pieces of real estate is going to cost. The outer suburbs are the starting point, they always have been.

Granted, they're a bit more outer than 30 years ago.....

 

[Ease the sheet.]

Yeah it's not good. My children are in well paid jobs, one is renting, one owns/pays off an apartment, the last is still in the big house with her mother.

The problem - one of them anyway, there are lots - is the conflation of a place to live with an investment/asset that inflates in value over time.

FKT

Home ownership should be prioritised over investment.

No fucking doubt!

 

[Ease the sheet.]

Yeah same. Paid $80K in 1985 for a house currently 'valued' at maybe $1.5 million. OK I did $150K worth of upgrades etc but basically it's the land it sits on that's worth the money. If it ever sold it'd be demolished before the stamp on the development plans was dry and 5-6 villas would be going up at over $1 million each.

Big part of the reason is something you're in favour of - migration and in your mindset unlimited migration. All those people need somewhere to live. Sydney & Melbourne are 2 of the most popular destinations. Supply & demand baby, there goes the house prices. Your kids can't afford a house? Policies you support are part of the reason, not that I'd expect you to join those dots.

I've seen Sydney grow from around 2 million to over 6 million and I can say that it's done the place no favours at all.

Anyway, evictions - all too hard for me. I think part of the problem in Oz is the short term mindset around property leases so tenants don't have security of tenure and landlords have less incentive to rent for income rather than capital gain. But long leases decrease flexibility and people like you would undoubtedly want them weighted so tenants could stay ad infinitum yet move without notice or break fees so - shrug. I've never had the urge to control someone else's living space or arrangements and don't want the hassle of being a landlord so what would I know.

Rather go sailing and as the tide is rising, my GF is on the way down with snacks et al - laters...

FKT

If only Bathurst was a major centre of manufacturing....

 

[Ease the sheet.]

I'm whinging because the one avenue for relief has been taken away and in some cases has incentivized people to stop meeting their contractual obligations.  

See post #76....

 

[ShortForBob]

That's a beautiful house. It might go for twice that in Silicon Valley.

But your idea of home-ownership being a kind of evil ... it's one of the few blows for common people left. Maybe not a million dollar home in a luxury area, but just regular homes, it's one of the few ways for ordinary schmucks to rise out of the chains of poverty. I don't know the ratio in Oz, but in the USA, about 65% of home are owner-occupied. 

It's a pretty little house in an ordinary suburb. usually 2 bedrooms one about 8x8, lounge and dining room 22x14' combined. tiny bathroom with shower over the bath on a block maybe 25 x85'.

I don't know where you get the idea that I think home ownership is evil. The point is that everyone should be able to either have a modest home of their own or a long term lease with rent increases fixed to the CPI.

Short term investment buyers make that more or less impossible.

home ownership in Oz was 70% in the late 60's. that's fallen to 65%. and dropping even with interest rates at around 3-4%

I've just been for a walk. When people insist on building these on our limited land, is it any wonder the young are being squeezed out.

25km south of the CBD.

4 bedrooms and pushing 1.5 million.

sitting room, family room, rumpus room, indoor leisure area, study and kitchen/dining room.

690 square metres. for 5? people.

This is not a particularly expensive property by Melbourne standards.

obscene.

 

[billy backstay]

Billy, you're one of the good ones!

I've nothing but support for you and your plan

Thanks for that Mate!  We lost a lot in the 07-08 Recession, and nobody bailed us out. Unlike Corporate America, and Wall Street......

We are not complaining, at all, we sucked it up, and finally got new jobs, in different industries, when the old ones were never going to return for us.   

It's all good, we have our health, and our families, and rewarding work, when we want it.....

 

[AJ Oliver]

aj's socialist vision doesn't include compensation for your property. 

To what extent do you think that lying helps your case ?  

Did you read the Vienna social housing article above ? How about you @Fah Kiew Tu  ???

"know it all" people who won't do the slightest homework are a big part of what got us (USAeans) into this mess. 

I've been both a tenant and landlord, and mostly agree with Meli's POV