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Australia: Another Country Where The Government Is Waging Financial War Against The Citizens On Housing

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http://www.abc.net.au/news/2014-02-15/an-chinese-australia-housing-market/5262374

So - another western country in which the pollies refuse to act in the interests of their voters in the most critical area of life - shelter. I just don't understand why people are not more angry about this sort of thing. In Singapore and Hong Kong, China and Malaysia, swinging restrictions exist on who can buy what. Why do western political systems seem to get the fundamental issue wrong time and again?

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http://www.abc.net.au/news/2014-02-15/an-chinese-australia-housing-market/5262374

So - another western country in which the pollies refuse to act in the interests of their voters in the most critical area of life - shelter. I just don't understand why people are not more angry about this sort of thing. In Singapore and Hong Kong, China and Malaysia, swinging restrictions exist on who can buy what. Why do western political systems seem to get the fundamental issue wrong time and again?

Its worse here than in the UK. A negatively geared (loss making) property investment is something to brag about. Properdee price inflation is a religion here

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I hear New Zealand prices are also mad, which is comical considering the population and land area are much the same as Ireland.

How about France v U.K? A better climate, the same population and twice the land area. Much of it habitable you would imagine.

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Massive chunks of Melboune and Sydney are almost exclusively being bought by Chinese money launderers investors. Many estate agents in these areas don't even have signage up in English any more, just Chinese hieroglyphics. There are laws saying that they cant buy used property but there are more loopholes in that law than your average Aussie fly screen and buying anything is no problem at all, the systems they used are well set up for effortless transaction. Many new multi story blocks of flats in and around the city are almost exlusively owned by Chinese/Singapore/Hongkong etc speculators and often empty not rented out or used as accommodation, only an offshore storage of wealth.

what Australia needs more than anything else failing a moral government (will never happen) is a massive recession that kills the current bankster/corrupt-politico system which in my view is as bad or even worse that the UK right now and getting far worse at an accelerating pace since the new Tony (monkey ears) Abbot extreme right wing government took over.. He is fully intent on making Australia in the mould of the USA where workers have no rights and limited medical care along with housing so expensive that a working person can only pay homage to his/her 'Dear Landord' god. As per the USA and UK right now. Yes, just like the UK Aus is run by a collective of greedy filthy maggots catering only to a tribe of filthy greedy maggots.

Edited by steve99

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Canada, Hong Kong and Singapore have reacted to rising demand and the push on prices to put in controls on international property investors.

Well, that's BS. Canada has no controls that I'm aware of that restrict the ability of foreigners to buy property here. Australia on the other hand already has some restrictions:

http://www.smh.com.au/business/the-economy/foreign-ownership-of-housing-the-rules-20130913-2tpti.html

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Its worse here than in the UK. A negatively geared (loss making) property investment is something to brag about. Properdee price inflation is a religion here

Yes, it is almost worse than the UK. So called investors can buy residential property and set off losses against their general income tax from going to work! You cannot do that in the UK.

The Aussies and ourselves are mad to allow foreign investment for the purchase of homes which should be lived in by those who live there. It does nothing to help any of your own citizens and puts up prices beyond the scope of general wages, creating a false market which exists very strongly in central Sydney and London in particular. WE MUST BE MAD. The same applies to second home ownership for holiday lets in the UK - for those you used to be able to set off losses against worked for income. We need properly applied second home taxes to avoid these distortions. We need proper mortgage control over them too. Once again, all that has happend has favoured a few rather wealthy people at the direct expense of the normal working person, ramping up prices and allowing high earners to avoid paying their tax, whilst investing in property and distorting local markets. It has built up over a long period of time. I am no lefty, but do see that the treatment of investment to property has created a massive problems and unfairness in society which is totally unwarranted and entirely avoidable.

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I hear New Zealand prices are also mad, which is comical considering the population and land area are much the same as Ireland.

My understanding is that part of this is due to the Christchurch earthquake and the big move to Auckland, as well as the general lax banking as seen elsewhere.

I've been there quite a bit and Auckland prices are horrific, especially rentals anywhere near the city. Wages are way behind.

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