The stupid questions thread.

HamboCairns

Thanks for all the bananas

ozzybmx

taking a shit with my boobs out
Who's buying these houses? Do we really have that many millionaires in Australia?
Yes and no, foreign investment has a 5% International buyers premium, payable in addition to stamp duty.
So a foreign investor pays an extra $300,000 in IBP on top of the 6m price for the house shown... as if that's enough to put off foreign billionaires and bring out house prices back to some normality :oops:
 

HamboCairns

Thanks for all the bananas
Yes and no, foreign investment has a 5% International buyers premium, payable in addition to stamp duty.
So a foreign investor pays an extra $300,000 in IBP on top of the 6m price for the house shown... as if that's enough to put off foreign billionaires and bring out house prices back to some normality :oops:
So it is all the bloody foreigners!
 

beeb

Dr. Beebenson, PhD HA, ST, Offset (hons)
Who's buying these houses? Do we really have that many millionaires in Australia?
In most cases it's not about being a millionaire, it's about having a high enough income to support the mortgage.

There's a lot of ego and hope things don't turn to shit too.

IMO - It's largely Australian's undying belief that the market will never contract that has kept the real estate industry alive for decades now.
 

ozzybmx

taking a shit with my boobs out
So it is all the bloody foreigners!
Like you and me :)

They changed the visa rules so that people immigrating need to be here 4 yrs before getting a permanent visa.
I know 3-4 pomme families and 1 Saffa mate who have bought a house inside that 4 year windows and paid IBP. Even know they intend to be residents.
 

PINT of Stella. mate!

Many, many Scotches
They changed the visa rules so that people immigrating need to be here 4 yrs before getting a permanent visa.
I know 3-4 pomme families and 1 Saffa mate who have bought a house inside that 4 year windows and paid IBP. Even know they intend to be residents.
Jesus. I got my PR after 6 months.

Suck it Australia. No takesie backsies!
 

PINT of Stella. mate!

Many, many Scotches
My partner's visa application had been languishing at the Department for some 21 months before both temporary (interim) and then permanent visas were granted 5 minutes apart on the same day.

Turns out all it took was a global pandemic and net migration reduced to zero to kick their arses into gear.
Things were definitely more lax back in 2004. I (well, the company I worked for) was able to apply for PR at the same time as applying for Temporary. The TR was granted within a few weeks and the PR about 5 months later.
 

ozzybmx

taking a shit with my boobs out
Things were definitely more lax back in 2004. I (well, the company I worked for) was able to apply for PR at the same time as applying for Temporary. The TR was granted within a few weeks and the PR about 5 months later.
I came here 2002 with a PR visa stuck in my passport.

At the 2 year mark, I did the citizenship ceremony and have travelled back to Ireland 3 times as an Aussie.

A great story...

I was in the International arrivals line at Heathrow Airport in about 2006, I shouted something to my missus (Aussie) and 4 month old son, AKA the KOM Yoinker.... and this pure born and bred Belfast flight desk girl shouted at me in heaviest Belfast chainsaw twang "Scuse me sur, yerrr in the wrang lineee"

She looked at me with dagger eyes as if to say, fckn stupid Norn Irish, always letting the country down.

I reached in to my pocket, grabbed the bluey emblazoned with Skip and the Emu and held it up without saying a thing :)

Her fucking face dropped... "Sarry Sur" reluctantly blurbed out at nowhere near the volume that she originally 'politely' chastised me.

I was proud to be an Aussie :p
 

ozzybmx

taking a shit with my boobs out
That's about 6 months of capital growth in Sydney at the moment tho...
Its nothing but a kick in the balls for those who struggle to afford it.

$300k on a 6mil house is nothing for an International billionaire.

$25k extra on top of $25k stamp duty for a $550k house here in SA for a Pomme family trying to get into the property market and get a deposit together is robbery. This is the family that will live here in the future, bring up 3 kids pay taxes and contribute to the country.
 

Oddjob

Merry fucking Xmas to you assholes
Who's buying these houses? Do we really have that many millionaires in Australia?
That house I posted before was only a middling house on the wrong side of a middling st. There are 10 houses on that st alone with a better view. That's before you get to Highview Ave, Crown Rd and Pavillion St where the real housewives of Queenscliff live. Then there's Freshwater, Manly, Fairlight, Clontarf....

Sent from my SM-G970F using Tapatalk
 

hifiandmtb

Sphincter beanie
As well, people who are buying these houses are those who are selling similar houses & moving up/sideways.

Plus there's a bit of "no point leaving the money in the bank may as well shift it to real estate" going on.

My neighbour's sinking $6m+ into his holiday home construction (land & building). That shit used to be unheard of down here...
 

hifiandmtb

Sphincter beanie
Until a year or so ago, many who bought at peak just before the 2008 GFC were struggling to get their money back...houses in the $3-4m range. So that's over a decade of no growth. But that part of the market was special.

The show will go on. Somehow. It keeps propping itself up o_O
 
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