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Record 11% of homes stand empty as home ownership sinks to 60-year low
Topic Started: 28 Jun 2017, 09:37 AM (1,064 Views)
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Census 2016: Properties stand idle as home ownership sinks to a 60-year low

Home ownership has sunk to lows not seen since the 1950s, while a record number of properties stand unoccupied.

The census reveals that just 65.5 per cent of Australian households owned or were buying the home in which they lived in 2016, down from a peak of 71 per cent in 1966.

The proportion of Australians who were tenants crept up from 29.6 per cent in 2011 to 30.9 per cent in 2016, the first time the proportion had climbed above 30 per cent since 1954.

The increase appears to be the result of much higher buying prices and a tax-driven surge in property investment, in which small investors buy and rent out what are, in the main, existing houses and apartments.

In Sydney a long-term high of 34.1 per cent of households rented, up from 31 per cent. In Melbourne, a little-changed 30 per cent rented.

Outright home ownership slid to 31 per cent, the lowest in more than 70 years, as an increasing number of Australians who would once have paid off their mortgages kept them open.

The census shows mortgage payments becoming easier to meet, while rent becomes more onerous.

Australia-wide, 7.2 per cent of households with mortgages reported spending more than 30 per cent of their incomes on payments, a common definition of mortgage stress, down from 9.9 per cent when interest rates were higher in 2011.

In Sydney 8.4 per cent of households were in stress, down from 12 per cent. In Melbourne 8.1 per cent were stressed, down from 11 per cent.

The typical Sydney mortgage payment was $2167 a month. They typical Melbourne payment was $1800.

The proportion of renters in "rental stress" climbed from 10.4 to 11.5 per cent. In Sydney the proportion of households spending more than 30 per cent of their income on rent climbed from 12.6 to 14.2 per cent. In Melbourne it climbed from 9.7 to 11 per cent.

While home ownership dwindled, a record 11.2 per cent of homes were unoccupied, up from 10.7 per cent. Unoccupied houses are often holiday homes or properties that can't be rented out.

Read more: http://www.smh.com.au/business/the-economy/census-2016-properties-stand-idle-as-home-ownership-sinks-to-a-60year-low-20170626-gwz73j.html
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Yes, and as the government grows more desperate for funds, it will, as it has done lately, increase taxes or penalties for property sitting vacant.

It also shows plenty of available rentals or ppors should these be offloaded.

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Foxy
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Zero is coming...

Think of it as a layer cake, humans will stratify along I.Q. lines.

So imagine a smart person interacting with dumb people??

Why would he do it.

How would you incentivise him?

Just look at old civilisations.

Do the underclasses mix with the upperclass?

http://www.pinsdaddy.com/hinduism-class-system_lIRQirRY*bIUw0ZTRxEJNDRDTdOZ*tqDb7rITKt4VrE/

So as the less equipped move along the time line, they will shed the possessions given to them by our system.

Those items will be collected by the people that can keep and use them.

An example of an ill equipped person in a house.

http://www.perthnow.com.au/news/western-australia/damage-among-worst-ive-seen-reiwa-president/news-story/36c284333374c50bb0499431f6756472

An example of a smart kool person in a house...

https://www.youtube.com/watch?v=KouKXa4pw3Y

Now on what level do you think these two people would interact???





http://www.afr.com/content/dam/images/g/n/2/1/u/8/image.imgtype.afrArticleInline.620x0.png/1456285515560.png
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Bernie
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After the Census fiasco I doubt it is anywhere near 11%. More like at least 5% claimed to have their property empty to avoid giving personal details to the Census clowns.
Another large percentage out of that 11% may have their properties empty but only because they have paid off the ppor and without a mortgage or rent to worry about they can afford to spend half the year traveling overseas.
As for the home ownership dropping to record lows there is a simple explanation, a large number of would be buyers have been renting and waiting for the massive property crash ever since UK and US had theirs but which never happened In Australia. As a result of property prices and rents continuing to rise over the past 10 years these people are now stuck in the rental trap forever while the ones that had the balls to invest are now able to reap the rewards.

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DragonGM
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Cue more penalties on investors who don't rent their homes out.
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Bernie
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They buy them so they can do what they want with them, why penalize them ?
Why stop there, penalize the people who chose to rent but can afford to buy a property.
How about if we start to penalize people for not driving their cars enough, not picking up people waiting at bus stops or having more then one car ? :re:


Have you considered that maybe some investors won't rent properties because they gave up finding any decent tenants out there, tenants who will look after the property and not turn it into a meth lab or pot greenhouse. Then some of the properties may be too dilapidated in their current condition to be rented out and the investors would rather live them empty then have some idiot renter who calls to complain every second day about something. Or the ones who want the landlord to install all the latest mod cons including A/C , new floor coverings, fresh paint, renovated bathroom & kitchen, new appliances, etc but are not prepared to pay extra for it or if they do they end up trashing the place in less then 12 months.

Governments should keep their noses out of the private market and stop interfering or using taxpayer funds to supply rental properties to low income people.
If they can afford to rent or buy in Sydney or Melbourne screw them , they can move inland to some shitty town where they can afford it.
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Ex BP Golly
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Bernie
28 Jun 2017, 07:34 PM
After the Census fiasco I doubt it is anywhere near 11%. More like at least 5% claimed to have their property empty to avoid giving personal details to the Census clowns.
Another large percentage out of that 11% may have their properties empty but only because they have paid off the ppor and without a mortgage or rent to worry about they can afford to spend half the year traveling overseas.
As for the home ownership dropping to record lows there is a simple explanation, a large number of would be buyers have been renting and waiting for the massive property crash ever since UK and US had theirs but which never happened In Australia. As a result of property prices and rents continuing to rise over the past 10 years these people are now stuck in the rental trap forever while the ones that had the balls to invest are now able to reap the rewards.

You are confusing testicles with brain cells.

It is well known that investors don't have two brain cells.
WHAT WOULD EDDIE DO? MAAAATE!
Share a cot with Milton?
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Sailesh Channan
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Cashed up overseas buyers are to blame
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