property 20 years lockout, page-29

In terms of immigration rules it is not only people with minimum 200K bank balance can enter Australia and be citizens. There are skillful immigrants as well as overseas students that comes to Australia and then later become Permanent Resident/citizens. However a lot of them (not all of them) comes from wealthy family background, and they believe in property as investments. So they fund money out of their own country to these people to buy properties. That's why most people buying houses looks "foreign", because they don't have houses yet and need to buy.

I pulled all my money out of shares last month to buy a (my first) house in Sydney, because I know I have to do it now or later I will just buy one miles away with very bad infrastructure. Yes I bought one with land because land is precious resource and will continue to go up, and also the units/townhouses in Sydney are not even cheap these days, and most of them are badly built with REALLY TINY ROOMS and cracks all over it as well as hideous strata fees and charges. It is simply not worth it in the long run.

So I should move to regional areas because the property is cheaper? Not true anymore with the properties of all these regional areas skyrocketed yet the local wage is much lower than in Sydney. And I am in IT so there are no jobs in these regional areas, so I have to buy in Sydney.

Another thing to point out is that people like most of us here in HC have made bucket loads from the stock market, and I think sooner or later people will pull out of stock market and pour into property, if not already happening.

Another law that will jack up the property market is that new super rule that allows u to pour 1 million dollars into super with very low taxes and take out tax free. Sooner or later people will be withdrawing money out of super and put back into property again.

So yes if anything I blame the Howard government for creating laws that causes such unbalance amongst the rich and poor. Yes the generation Y would have a lot to cry for.



Edison the first home buyer