Treasurer Jim Chalmers said ‘there are too many properties empty around Australia’ as tight supply leaves many renters struggling to find somewhere to live.
Haven’t read the article- does it explain why are there so many empty properties? I didn’t know this was a thing. I’m glad they’re finally coming along with regulations though
I’m aware of who but not why. Are they just letting them sit there until the prices rise ( I know that doesn’t take too long)? Or is there another reason?
yes ,becuase the house prices in Australia rise so fast it’s actully profitable to buy one outright (if you can afford it) and literally let it sit empty for 5 years ,sell it again and make hundreds of thousands and sometimes millions of dollars.
The when system (of capitalism) is ethically bankrupt and downright disgusting. Houses should be for homes, not profits.
The bogeyman reason is investors (and especially Chinese investors).
Suspect the real reason is they’re a mix of holiday homes, near ruins, crap properties in crap locations, tangled up in a bunch of legal shit, inheritance proceedings, or the old person that owns it is in care.
There’s a bunch of greed as well, but it’s not worth leaving a property empty over renting it out for an exorbitant sum.
There are many, but one of the reasons is to buy a house in the catchment area of a good school. They child can attend and pretend they are living in the house but still live in the city
Haven’t read the article- does it explain why are there so many empty properties? I didn’t know this was a thing. I’m glad they’re finally coming along with regulations though
Chinese and boomer investors.
I’m aware of who but not why. Are they just letting them sit there until the prices rise ( I know that doesn’t take too long)? Or is there another reason?
yes ,becuase the house prices in Australia rise so fast it’s actully profitable to buy one outright (if you can afford it) and literally let it sit empty for 5 years ,sell it again and make hundreds of thousands and sometimes millions of dollars.
The when system (of capitalism) is ethically bankrupt and downright disgusting. Houses should be for homes, not profits.
That’s usually the reason and the possibility of getting a citizenship (depending on what country the property is in it can help).
Money. The reason is always money.
The bogeyman reason is investors (and especially Chinese investors).
Suspect the real reason is they’re a mix of holiday homes, near ruins, crap properties in crap locations, tangled up in a bunch of legal shit, inheritance proceedings, or the old person that owns it is in care.
There’s a bunch of greed as well, but it’s not worth leaving a property empty over renting it out for an exorbitant sum.
They’re vehicles for foreign investment.
There are many, but one of the reasons is to buy a house in the catchment area of a good school. They child can attend and pretend they are living in the house but still live in the city