And then there were none .

[rx213b]

well let me tell you this, how come when we run open houses in the city its only chinese who come and they only speak Rudd's language ie. mandarin

theyre good closers too, not to fussed to haggle or worry about lmi or whatevers

one who sticks out in my mind is an ex air force colonel who suddenly has a lot of USD, i wonder, wish i could understand him as i'd love to bend his ear about MiGs

Sounds like bitcoin, the quickest way from RMB to USD

[Captiva Fan]

Immigrants aren't taking our jobs (too politically sensitive!) they are only taking our houses. Amusement.

Immigrants aren't actually immigrating to take our jobs or our houses.
If they actually immigrated it wouldn't be an issue!

[itsnotagsr]

well let me tell you this, how come when we run open houses in the city its only chinese who come and they only speak Rudd's language ie. mandarin

theyre good closers too, not to fussed to haggle or worry about lmi or whatevers

one who sticks out in my mind is an ex air force colonel who suddenly has a lot of USD, i wonder, wish i could understand him as i'd love to bend his ear about MiGs

Chinese are officially only allowed to take US$50k a year out of China. Yet someone paid $5m in cash for a site in Melbourne recently. Yes it took several flights...

The politicians love this though. Because people feel richer because their house is worth more as the paper told them so. They then spend more because they feel like they have the money (new car, renovations, etc). This gets the economy moving. So hence why Labour changed the FIRB rules on overseas investment and there hasn't been anything to stop migration since the Libs got in.

[kabab]

Chinese are officially only allowed to take US$50k a year out of China. Yet someone paid $5m in cash for a site in Melbourne recently. Yes it took several flights...

The politicians love this though. Because people feel richer because their house is worth more as the paper told them so. They then spend more because they feel like they have the money (new car, renovations, etc). This gets the economy moving. So hence why Labour changed the FIRB rules on overseas investment and there hasn't been anything to stop migration since the Libs got in.

Given China puts a bullet in the heads of corrupt politicians (personally not against this ) it wouldn't be a stretch to imagine they might crack down hard on people who are taking wealth out of the country beyond what the law allows...

[Captiva Fan]

Given China puts a bullet in the heads of corrupt politicians (personally not against this ) it wouldn't be a stretch to imagine they might crack down hard on people who are taking wealth out of the country beyond what the law allows...

China only puts a bullet in the heads of corrupt politicians who don't follow the approved Party form of corruption.
You just have to make sure you're not offending the wrong people & know who to grease, and you get away with anything.

[MartyHusseinXF]

Given China puts a bullet in the heads of corrupt politicians (personally not against this ) it wouldn't be a stretch to imagine they might crack down hard on people who are taking wealth out of the country beyond what the law allows...

They put bullets in the heads of people who refuse to pay their share of corruption money to the corrupt officials whilst they are corrupting.

[id]

Immigrants aren't taking our jobs (too politically sensitive!) they are only taking our houses. Amusement.

No they aren't.

They are buying houses. You can still buy one if you have the money. If you don't tough. I don't have the money to buy a house in Mosman because rich investment bankers have priced me out of the market. So what? That's what it is. A market.

Same as you can go and buy a house in Spain without it being an issue. Or the US. Or plenty of other countries.

Lose the chip on your shoulder and see that Australia is part of a global community rather than being a closed off little cu de sac.

[itsnotagsr]

Given China puts a bullet in the heads of corrupt politicians (personally not against this ) it wouldn't be a stretch to imagine they might crack down hard on people who are taking wealth out of the country beyond what the law allows...

Thats why theyre taking the money out of the country. XYZ General wants to put a few mill away in a safe spot in case his sponsor/mentor gets the chop and he loses favour.

No they aren't.

They are buying houses. You can still buy one if you have the money. If you don't tough. I don't have the money to buy a house in Mosman because rich investment bankers have priced me out of the market. So what? That's what it is. A market.

Same as you can go and buy a house in Spain without it being an issue. Or the US. Or plenty of other countries.

Lose the chip on your shoulder and see that Australia is part of a global community rather than being a closed off little cu de sac.

If I owned heaps of properties (I don't), I'd be happy. That money is pushing prices up. So baby boomers are laughing. The gov is laughing as they get more stamp duty and land tax.

[id]

Yep, and they are getting more equity, so more purchasing power.

The only people being fucked over are first home buyers.

[MartyHusseinXF]

Lose the chip on your shoulder and see that Australia is part of a global community rather than being a closed off little cu de sac.

Lul what? Chip on my shoulder? haha gtfo faggot I could buy any one of those yumcha spec units, inflated Chinese price or not, I don't give a fuck.

It's an observation.

[itsnotagsr]

Yep, and they are getting more equity, so more purchasing power.

The only people being fucked over are first home buyers.

Exactly.

Supposedly the demographics will mean a baby boomers will need to start selling their houses in a number of years to free up cash. But migration is keeping the market moving. Sydney and Melbourne see the majority of it. Queensland market is mostly driven by interstate migration - ie people selling their $1m house in Sydney/Melbourne and buying a $500k house in Brisbane.

[id]

Lul what? Chip on my shoulder? haha gtfo faggot I could buy any one of those yumcha spec units, inflated Chinese price or not, I don't give a fuck.

It's an observation.

Then why is it an issue?

Do you have a problem with an Australian being able to buy a foreclosed property in the US?

[id]

Exactly.

Supposedly the demographics will mean a baby boomers will need to start selling their houses in a number of years to free up cash. But migration is keeping the market moving. Sydney and Melbourne see the majority of it. Queensland market is mostly driven by interstate migration - ie people selling their $1m house in Sydney/Melbourne and buying a $500k house in Brisbane.

I was speaking with a friend who lives off property investment.

10-15 years from now he can see a glut of rental spec units/townhouses coming on to the market as the Interest Only mortgages start to come to an end.

Might be interesting to see what happens, particularly if combined with removal of negative gearing (via a sunset clause so existing investors aren't disadvantaged). Would definitely have an impact on affordability.

[itsnotagsr]

I was speaking with a friend who lives off property investment.

10-15 years from now he can see a glut of rental spec units/townhouses coming on to the market as the Interest Only mortgages start to come to an end.

Might be interesting to see what happens, particularly if combined with removal of negative gearing (via a sunset clause so existing investors aren't disadvantaged). Would definitely have an impact on affordability.

Depends on:
a) migration
b) supply of housing
c) ease of finance
d) interest rates
e) where people want to live.

So in short. Who knows.

[Spammy]

I was speaking with a friend who lives off property investment.

10-15 years from now he can see a glut of rental spec units/townhouses coming on to the market as the Interest Only mortgages start to come to an end.

Might be interesting to see what happens, particularly if combined with removal of negative gearing (via a sunset clause so existing investors aren't disadvantaged). Would definitely have an impact on affordability.

IO mortgages are only ever 5 years (and can be rolled almost indefinatley) so not sure why your mate would think that. Also would reflect on the fact that I have a few mates who have made a lot of money out of property thru pure luck rather than any real insight or clever thinking about the actual market. Plus the old chestnut of opinons are like arseholes -- you know the rest.