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I don't think the new PM is going to try and bring down house prices!; Another few years added on to the crash....
Topic Started: 16 Sep 2015, 10:34 AM (2,382 Views)
Hankook
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http://www.domain.com.au/news/liberal-leadership-spill-five-things-the-malcom-turnbull-will-miss-if-he-moves-to-the-lodge-20150915-gjmnge/
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The Whole Truth
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He doesn't have to try. They have been coming down all by themselves thank you very much.
"Panics do not destroy capital; they merely reveal the extent to which it has been previously destroyed by its betrayal into hopelessly unproductive works." John Stuart Mill
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John F. Kennedy
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Whole article has completely nothing to do with what Turnbull's views on housing affordability might or might not be.
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createdby
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Dunno why he grabbed the leadership on the eve of the worst incoming recession in Australia's modern history.

He'll be remembered as a lame duck prime minister like Obama. All recession presidents and prime ministers are.
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Tick Tock
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Dont worry.....All the Chinese 'hot money' will keep us alive.

At least for a couple more years anyways???
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Lukey01
16 Sep 2015, 09:10 PM
Dont worry.....All the Chinese 'hot money' will keep us alive.

At least for a couple more years anyways???
Not anymore! It's really going to start heading downhill for Sydney now!

A mate of mine is a real estate agent in Balwyn – the epicentre of Chinese investment in Melbourne property. He tells some interesting stories.
The new restrictions are really having an effect. One Chinese buyer had to go to extraordinary lengths to settle on a property last week. Apparently they used to be able to get lots of people in China to transfer $50k each to a single bank account here in Australia ($50k was the max you could transfer out in 3 or 6 months or something from a Chinese bank account). Now China is also tracking the account receiving the money – the same overseas account cannot receive more than $50k from Chinese accounts. Anyway, the Chinese buyer tried the ‘old’ approach and was rung by the Bank of China advising her that the attempted money transfers were illegal. The buyer needed about $2m. What they ended up doing was flying their whole family out (10+ people) to all set up bank accounts here in Australia. The flights would have cost of fortune. Plus they contacted people they knew in Australia to help out. They then used multiple accounts in China to transfer to multiple accounts in Australia, before putting the money into a single account in Australia.
So it’s much harder to get money out – but still possible. Has to stop some buyers, at least.
More generally my mate tells me that expressions of interest are down, there are fewer Chinese turning up to open for inspections, etc – all in the past 2 or so weeks.

http://www.macrobusiness.com.au/2015/09/foreign-property-buyer-probes-ex...
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createdby
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Lukey01
16 Sep 2015, 09:10 PM
Dont worry.....All the Chinese 'hot money' will keep us alive.

At least for a couple more years anyways???
Hot money collapses with a collapse in currency.

In the 90's, Jap Yen fell from 120 to the dollar in 1990 to 60 Yen to the dollar in 1995.

Jap investors got spooked and got out of Gold Coast apartments, never to return again.

The losses are massive. If you spend 120 million Yen in 1990 to buy a million dollar gold coast apartment. it would have reduced to 60 million Yen in 1995. If the property tanked from 1 million to 750,000, your capital is down to 40 million Yen.

120 million yen to 40 million yen in 5 years will spook the speculators.

Same thing is happening to Chiners with collapse in Yuan from 7 to the dollar to 4 Yuan to the dollar from 2011 to 2015.

Bulltards would argue the cheaper Aussie just incentivises the Chinese to invest more since the currency is now stronger and can buy more Aussie

But it didn't happen to the Japanese in the 90's though. Why?

Because other shit goes down with a collapse in the Aussie, like recession and tanking of property market. That would spook investors more.
Edited by createdby, 16 Sep 2015, 10:07 PM.
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I like
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I like living in a country where it is the Prime Minister's job to keep house prices high. It's a little bit like Communism, without the boring slogans and uncomfortable clothing.

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Good news Comrades!

House prices will resume their upward march!

Go forth young house buyers, your struggle against Free Market Imperialists will be victorious!
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Matthew
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createdby
16 Sep 2015, 09:01 PM
Dunno why he grabbed the leadership on the eve of the worst incoming recession in Australia's modern history.

He'll be remembered as a lame duck prime minister like Obama. All recession presidents and prime ministers are.
Your absolute lack of economic credibility aside..... no actually that is enough. You are clueless.
Guest
16 Sep 2015, 09:14 PM
Not anymore! It's really going to start heading downhill for Sydney now!

A mate of mine is a real estate agent in Balwyn – the epicentre of Chinese investment in Melbourne property. He tells some interesting stories.
The new restrictions are really having an effect. One Chinese buyer had to go to extraordinary lengths to settle on a property last week. Apparently they used to be able to get lots of people in China to transfer $50k each to a single bank account here in Australia ($50k was the max you could transfer out in 3 or 6 months or something from a Chinese bank account). Now China is also tracking the account receiving the money – the same overseas account cannot receive more than $50k from Chinese accounts. Anyway, the Chinese buyer tried the ‘old’ approach and was rung by the Bank of China advising her that the attempted money transfers were illegal. The buyer needed about $2m. What they ended up doing was flying their whole family out (10+ people) to all set up bank accounts here in Australia. The flights would have cost of fortune. Plus they contacted people they knew in Australia to help out. They then used multiple accounts in China to transfer to multiple accounts in Australia, before putting the money into a single account in Australia.
So it’s much harder to get money out – but still possible. Has to stop some buyers, at least.
More generally my mate tells me that expressions of interest are down, there are fewer Chinese turning up to open for inspections, etc – all in the past 2 or so weeks.

http://www.macrobusiness.com.au/2015/09/foreign-property-buyer-probes-ex...
All wealthy Chinese bank in Hong Kong. Flights for 10 would have cost as little as $10k, which on a $2m transaction is peanuts.

Thanks for the bedtime story, loved it. Good night.
Edited by Matthew, 16 Sep 2015, 10:35 PM.
My only hope for my three boys is that they turn out nothing at all like Chris.
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Ex BP Golly
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Guest
16 Sep 2015, 09:14 PM
Not anymore! It's really going to start heading downhill for Sydney now!

A mate of mine is a real estate agent in Balwyn – the epicentre of Chinese investment in Melbourne property. He tells some interesting stories.
The new restrictions are really having an effect. One Chinese buyer had to go to extraordinary lengths to settle on a property last week. Apparently they used to be able to get lots of people in China to transfer $50k each to a single bank account here in Australia ($50k was the max you could transfer out in 3 or 6 months or something from a Chinese bank account). Now China is also tracking the account receiving the money – the same overseas account cannot receive more than $50k from Chinese accounts. Anyway, the Chinese buyer tried the ‘old’ approach and was rung by the Bank of China advising her that the attempted money transfers were illegal. The buyer needed about $2m. What they ended up doing was flying their whole family out (10+ people) to all set up bank accounts here in Australia. The flights would have cost of fortune. Plus they contacted people they knew in Australia to help out. They then used multiple accounts in China to transfer to multiple accounts in Australia, before putting the money into a single account in Australia.
So it’s much harder to get money out – but still possible. Has to stop some buyers, at least.
More generally my mate tells me that expressions of interest are down, there are fewer Chinese turning up to open for inspections, etc – all in the past 2 or so weeks.

http://www.macrobusiness.com.au/2015/09/foreign-property-buyer-probes-ex...
ATO is already examining some 500 FIRB dodgy properties worth over $1bn.

Operation Fox Hunt and Skymesh is shaping up better then I expected.

WHAT WOULD EDDIE DO? MAAAATE!
Share a cot with Milton?
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