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#2071 | |||
Virtuous Bogan (TM)
![]() Join Date: Jan 2005
Location: TAS
Posts: 27,559
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Quote:
Interested in peoples thoughts, this is just one example. https://www.realestate.com.au/proper...arne-139905691 So rental income is $560 per week, but the weekly repayment calculator on the same page notes $714p/w using $150k. Am I missing something? How is it good to lose $8k per year as an investment, and thats just the repayments.
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Last edited by Polyal; 25-07-2022 at 02:55 PM. |
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#2072 | ||
Donating Member
![]() Join Date: Jun 2007
Location: Checking out soft furnishings....
Posts: 8,687
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That's not a good example of an investment property. Also, most investors are using property as a tax break as well. No smart person that is earning big $ is paying any tax. It's why middle income earners hold up Australia and not the rich or the poor.
I'm taking all my emotions out of these replies by the way. Reality is hard but the smart person doesn't pay any tax, it's all about playing the system to make it work for you.
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#2073 | ||
FF.Com.Au Hardcore
Join Date: Feb 2005
Posts: 5,046
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It's also why we need to look beyond income and also consider wealth when it comes to taxation. If the wealth divide between rich and poor continues to widen, it's reasonable to use the tax system to address it. Will never happen while politicians have a vested interest in the status quo.
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#2074 | ||
Donating Member
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Location: Checking out soft furnishings....
Posts: 8,687
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This for truth, like i said, no friends in business
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#2075 | |||
Virtuous Bogan (TM)
![]() Join Date: Jan 2005
Location: TAS
Posts: 27,559
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Quote:
I guess my point is that housing shouldn't be used for tax breaks or any incentives. No doubt this is a case of hate the game not the player, its just so core to so many functions of our society...its rather sad, not sure how you change that as you say without the top end cry poor. But its got to change. Evil circle isnt it...look after society so it looks after you are make sure during your life/time in office you are looked after...our system is too short sighted unfortunately.
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#2076 | |||
FF.Com.Au Hardcore
Join Date: Jul 2005
Location: Melbourne
Posts: 6,891
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Quote:
Losing money is not good of course. But let's say 8k negatively geared. You get back say 30 to 40% at tax time, don't forget depreciation. So let's say you lose 5k a year. Using $700k as the value, it just has to go up 1% a year and you come out on top on paper. I think that's right? Oh and another thing, paying off principle can a form of forced saving for the undisciplined, and yep I'm speaking from experience ![]()
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~~~~~~~~~~~~~~ Rides (past and present) Current: 2004 Ford Falcon 5.4L 3v Barra 220, Manual Past: Mitsubishi Sigma (m), Toyota Seca (m), Toyota Seca SX (m), Toyota Vienta V6 (m), Toyota Soarer 4L v8 (a), BA XR8 ute (m), T3 TE50 (m), BMW Z4 (m) AFF motto - If contrary views trigger, please use ignore button. ![]() Last edited by T3rminator; 25-07-2022 at 04:11 PM. |
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#2077 | |||
Virtuous Bogan (TM)
![]() Join Date: Jan 2005
Location: TAS
Posts: 27,559
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Quote:
![]() Anyway, ill get off my low horse, it just pains me that housing in this country is used in such a way.
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#2078 | ||
Ford screwed the Falcon
Join Date: Sep 2013
Posts: 7,062
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Quoted for truth
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Falcon: 1960 - 2016 My cars Current ride 2016 FG X XR6 - 6 speed manual Previous rides 2009 FG XR6 - 6 speed auto 2006 BF MkII XT ESP - 6 speed auto 2003 BA XT V8 - 5 speed manual 1999 AU Forte - 5 speed manual 1997 EL Fairmont - 4 speed auto 1990 EAII Fairmont Ghia - 4 speed auto |
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#2079 | |||
BLUE OVAL INC.
Join Date: Feb 2006
Posts: 8,645
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Quote:
She's done it on a single wage, its really not that hard, just got to be realistic about what 'entry level' is. Both of us did it as sole borrowers on sub $30ph. People will still get loans for first homes, they'll just have to rethink their expectations on what a 'first home' actually looks like and where its situated. |
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#2080 | |||
BANNED
Join Date: Jul 2012
Posts: 2,886
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Quote:
Hmmm...yeah...but the elephant in the room is if you lose your job. Or lose your job and get one that pays less..and less tax to claim. Then..the situation deteriorates really quickly.
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#2081 | |||
FF.Com.Au Hardcore
Join Date: Jul 2005
Location: Melbourne
Posts: 6,891
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Quote:
Interesting that stage 3 tax cuts will affect quite a few people's neg gearing "returns" on the higher bracket, make it less appealing, wonder what affect that might have on the market. Neg gearing also assumes capital growth. If it turns the other way and you got in at the wrong time, I can imagine it would get quite depressing paying interest on a depreciating asset. I believe there are less than a handful of countries in the world that allows neg gearing on housing. We are one of them. Use the system that is given to you I say, no point complaining about it.
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~~~~~~~~~~~~~~ Rides (past and present) Current: 2004 Ford Falcon 5.4L 3v Barra 220, Manual Past: Mitsubishi Sigma (m), Toyota Seca (m), Toyota Seca SX (m), Toyota Vienta V6 (m), Toyota Soarer 4L v8 (a), BA XR8 ute (m), T3 TE50 (m), BMW Z4 (m) AFF motto - If contrary views trigger, please use ignore button. ![]() |
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#2082 | ||||
Donating Member
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Location: Checking out soft furnishings....
Posts: 8,687
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Quote:
It's the very reason why rent has continued to rise. As long as people pay the asking price for rent, it'll keep rising. Here in Canberra finding a rental is difficult, with 30 plus people at each inspection and people bidding big. I rent here, I live in a complex. Next door just got re-leased and speaking with the owner they got 20% more than the asking rent price and were given 12 months rent in advance. That's $40,000 they had straight up front for a years rent. double that and you have a deposit. These people clearly don't want to buy. There will always be a market for renters, history has proved that. Quote:
Exactly. I still don't think the housing market will go down past pre-COVID prices. If it does, i'll be there waving cash around to scoop up some bargains. It will always recover, just have to play the long game.
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Proud owner of the ugliest Ford ever made Last edited by fordomatic; 26-07-2022 at 10:26 AM. |
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#2083 | |||
BLUE OVAL INC.
Join Date: Feb 2006
Posts: 8,645
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Quote:
Living in the north of Adelaide has its advantages in this respect, a 5k deposit can buy you a brand spanking new 2bdrm, 2.5bth townhouse for under $270k @ $320pw. They're commanding that to rent them in the same area. |
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#2084 | ||
Virtuous Bogan (TM)
![]() Join Date: Jan 2005
Location: TAS
Posts: 27,559
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Ahh I was going to write something up about investing in things that help society and not make it harder but its a free world. There are shares I could buy and make a buck but choose not too. So many issues, so little time.
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#2085 | ||
FF.Com.Au Hardcore
Join Date: Oct 2014
Location: Newcastle
Posts: 1,782
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Negative gearing is used in Australia to induce the private marketplace to fund and provide rental properties to the population unable/unwilling to buy their own properties.
The Government wanted to transfer this responsibility from the Government to the private sector, as the provision of public housing was as far as the Government wanted to take on, especially as public housing rents are as a matter of public policy artificially lowballed to the detriment of the taxpayer.
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Ford Rides: Ford Fiesta ST Mk 8 -daily- closest thing to a go kart on road for under 50K FG X XR8 smoke manual - Miami hand built masterpiece by David Winter, BMC Filter, JLT Oil separators, Street Fighter Intercooler Stage 2, crushed ball, running 15% E85 and 85% 98- weekender |
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#2086 | ||
BANNED
Join Date: Jul 2012
Posts: 2,886
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Let's hope we get a decent interest rate rise next week.
At least 0.75% ... and even that is a pussy amount compared to what other parts of the world are getting.
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#2087 | |||
Virtuous Bogan (TM)
![]() Join Date: Jan 2005
Location: TAS
Posts: 27,559
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Quote:
So what did we do prior and how do the other 99% of countries seem to manage? So far it does just seem to be the upper end thats cooled down. Will see where its all ends up I guess.
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#2088 | ||||
FF.Com.Au Hardcore
Join Date: Jul 2005
Location: Melbourne
Posts: 6,891
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CPI data updated as at yesterday. Would be interesting to know if furniture were imports or local made. Does "housing" in this bucket represent the increase in cost to build? or cost to purchase?
https://www.abs.gov.au/statistics/ec...ralia/jun-2022 Quote:
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If people are worried about affordable housing, they are available, just not in the desirable areas.
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~~~~~~~~~~~~~~ Rides (past and present) Current: 2004 Ford Falcon 5.4L 3v Barra 220, Manual Past: Mitsubishi Sigma (m), Toyota Seca (m), Toyota Seca SX (m), Toyota Vienta V6 (m), Toyota Soarer 4L v8 (a), BA XR8 ute (m), T3 TE50 (m), BMW Z4 (m) AFF motto - If contrary views trigger, please use ignore button. ![]() |
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#2089 | ||
DIY Tragic
Join Date: Apr 2018
Location: Sydney, more than not. I hate it.
Posts: 21,855
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I don’t think there is much standard consumer grade furniture made here anymore, T3. Apart from artisan tables (there is an essay in this alone!) and possibly cheap pine-framed upholstered foam sofas.
The UK were big on leases, lots of 99-year leases on property that I understand offer the tenant much more latitude in terms of maintenance or capital works. Plus many cars seem to be bought on lease plans as well. I expect these trends to come here so that people can continue to “live the dream”. Even if they no longer own that dream, but are paying to pretend. This week, I’m feeling the frustration mooted by other posters here about tradespeople thinking they’re worth a mint. Can’t get anyone qualified to quote and (likely) proceed on a $2-3K job of 10% thinning plus deadwooding on some large trees. Because it involves effort in quoting and then professional liability. They’re full of ego, but gutless. |
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#2090 | |||
Cabover nut
Join Date: Aug 2015
Location: Onsite Eastcoast
Posts: 10,827
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Quote:
Fantastic Furniture started manufacturing Australian made sofas and lounges in 1992. Today, the Sydney-based factory is the largest manufacturer of sofas in the Southern Hemisphere and produce and deliver over 130,000 sofas and lounges each year.
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heritagestonemason.com/Fordlouisvillerestoration In order that the labour of centuries past may not be in vain during the centuries to come...... D. Diderot 1752
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#2091 | ||
DIY Tragic
Join Date: Apr 2018
Location: Sydney, more than not. I hate it.
Posts: 21,855
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I knew Fantastic still made some upholstered stuff here - and quite a few mattresses are made in Australia - not sure if the bulk foam is, though.
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#2092 | |||
BLUE OVAL INC.
Join Date: Feb 2006
Posts: 8,645
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Quote:
They asked him about how rate rises were influencing the market. He said all its done is push expectations down, so a $450k buyer has become a $350k buyer etc They're still buying, just that 'all in' isnt achieving what it was 4 months ago. |
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#2093 | ||
Where to next??
Join Date: Oct 2006
Location: Sydney
Posts: 8,893
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Rates just up another .5%
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___________________________ I've been around the world a couple of times or maybe more....... |
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#2094 | ||
Donating Member
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Location: Checking out soft furnishings....
Posts: 8,687
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It's interesting all this doom and gloom though, read a report today that even with the national house price average coming down 2.5%, we are still 21% up from March 2020. Not so bad when you look at it that way.
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#2095 | ||
DIY Tragic
Join Date: Apr 2018
Location: Sydney, more than not. I hate it.
Posts: 21,855
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The “doom and gloom” of this latest rise - on a $1M mortgage, 25 year term it’s poised to be about another $10/day (or less).
Without sounding flippant, surely most people affected that far, could face up to a challenge like this? |
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#2096 | |||
PURSUIT 250
![]() Join Date: Mar 2009
Location: sydney
Posts: 5,776
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Quote:
Especially since fuel is 1.65 now. Saving $70 a week in fuel |
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#2097 | ||
FF.Com.Au Hardcore
Join Date: Sep 2005
Location: Ivory Tower
Posts: 5,414
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Don't worry, the 22cpl excise goes back on end September.
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2021 BMW M550i in Black Sapphire Metallic.
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#2098 | ||
DIY Tragic
Join Date: Apr 2018
Location: Sydney, more than not. I hate it.
Posts: 21,855
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How far up are term deposit interest rates likely to go? It’s been a quantum shift in twelve months, can get 3,25% on $5K or more without trying - compared to barely 0,25% a year back.
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#2099 | ||
FF.Com.Au Hardcore
Join Date: Sep 2014
Location: A.C.T
Posts: 1,569
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Maybe, that is still uncertain @ this stage.
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#2100 | |||
Where to next??
Join Date: Oct 2006
Location: Sydney
Posts: 8,893
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Quote:
Once the pain becomes in the hundreds and soon thousands extra per month that's when we will see the true impact of these rises.
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___________________________ I've been around the world a couple of times or maybe more....... |
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