I didn't call it an investment
That said it was bought specifically with intent to turn into an investment down the track (sub divisible block bought with original intention to develop).
Shameful honesty
- Thread starter Dazz
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That said it was bought specifically with intent to turn into an investment down the track (sub divisible block bought with original intention to develop).
Is that a rhetorical question?
Nevertheless, if you're going to question his integrity perhaps a better choice would be to question whether as a politician paid handsomely to be in a decision making position, if he is at least familiar with the needs of the community he supposed to be serving?
The way I see it he is interpreting what FHBs want based on their house buying trends and this information is (albeit inconclusive) fairly indicative data and not merely speculative. In which case, I'd have to say it seems he has a fair idea of what people (namely FHBs at least) want!! And personally, I think he is on the money!!
Yes monopoly, I was agreeing with much/most/ all of what you said.
so seeing as though it was PPOR with intent to convert.....then is the 35% net ?
Did you develop...if not why not?
That's fine, though there's no need to agree with me Jaycee, I was more intersted to learn what/if you were asking and what your take on the premier's views are.
As you had pretty much said it all, so rather than repeat it by explaining it again, I quoted you and said I agreed.
Better opportunities elsewhere. Thought that was pretty obvious from the post you are carrying on these pointless questions from. Done with the interrogation? Can we move on now? Do we really need to derail another thread with pointless attacking of those with a negative property outlook for the short/medium term?
Back on topic.
Personally I've always thought Dazz the type to call a spade a spade. This thread has certainly opened my eyes somewhat.
What is the reality?
Barnett couldn't possibly be able to justify this quote: "Now there seems to be an expectation amongst many, if not most first-homeowners that they will buy a brand new four bedroom, two bathroom home."
There is no data that I am aware of that backs his opinion, he is just dribbling rubbish. Probably worried about the reduction in revenue his government will see due to the mass exit from the market of FHBs (irony of a comment I am unable to backup with any facts intended).
In my opinion this sort of comment is aimed at guilt tripping first home buyers into buying whatever home they can afford at the time. This is not always the best financial decision for them.
Now the property council wants more handouts to try and coerce first home buyers back.
If first home buyers don't want to buy some shitty overpriced do-er upper or live 40km out from the CBD then it is entirely their decision to refuse. Why the need for all these threats, bribes and guilt trips?
Personally I've always thought Dazz the type to call a spade a spade. This thread has certainly opened my eyes somewhat.
What is the reality?
Barnett couldn't possibly be able to justify this quote: "Now there seems to be an expectation amongst many, if not most first-homeowners that they will buy a brand new four bedroom, two bathroom home."
There is no data that I am aware of that backs his opinion, he is just dribbling rubbish. Probably worried about the reduction in revenue his government will see due to the mass exit from the market of FHBs (irony of a comment I am unable to backup with any facts intended).
In my opinion this sort of comment is aimed at guilt tripping first home buyers into buying whatever home they can afford at the time. This is not always the best financial decision for them.
Now the property council wants more handouts to try and coerce first home buyers back.
http://www.theaustralian.com.au/bus...ive-state-a-lift/story-e6frg9gx-1226054181121
If first home buyers don't want to buy some shitty overpriced do-er upper or live 40km out from the CBD then it is entirely their decision to refuse. Why the need for all these threats, bribes and guilt trips?
This is what really peeves me about some Australians.
In one respect you've got the most popular elected Premier of the powerhouse economic state in the country stating what his opinion on a subject is, based on data fed to him by his departments. I was fortunate enough to be having a drink with him last week and a wee chat on this very subject. He knows his material back to front, and lives and breathes this stuff, and how it ties into the WA bigger picture. He is no fool.
On the other hand, you've got some nobody average schmo hobo, who obviously hasn't even got half the picture, and access to none of the data constantly being generated and updated for the Premier's benefit....who has the temerity to take a wild leap of faith into the dark and write that the because the nobody hobo isn't aware, the Premier must be "dribbling rubbish".
I just wish you were standing there last week and had the guts to say that to his face. There would have been at least 10 people in the room (including me) who would have happily carried you outside and flogged you like a mongrel dog. How's that for calling a spade a ******** shovel.
This is true...they don't have to. Go buy in the CBD. Plenty for sale there every day of every year.
The problem is, many think it is their right to buy in the CBD and then bleat on incessently when they find their budget doesn't match the pricetag.
I read the article as simply his observation of a pattern he has observed, and happily he has the guts to be politically incorrect and say it in public.
I don't think I saw him saying anywhere that FHB's must go and buy something right now; more like be realistic and humble about your first one and then work up. This might mean to rent closer in to the CBD if you want, buy the cheapie further out as a first property, hammer the loan to dearth as fast as you can, and in 5 years time and cap growth, tax deductions, rent, a bit of savings - these factors will all make it possible for the FHB to movce into a pretty decent place nearer their choosing before the age of 30...something that very few people get to do by the way. Most people are only starting to get nearer to their dream home by 40 or more.
No different to what everyday working penguins have been doing for centuries around the world.
No-one says you can't buy the you-beaut in Docklands or Albert Park as yer first one either, but it might take until your 40 before you get into yer first one.
It's the FHB's choice.
They just need to suffer in silence and those who've been down that sorry path and come through it reasonably well will stop offering them cup of concrete to chug down.
the problem is that one only hears the bleaters ... unfortunately we don't hear from those fhb's who are just "doing" - as they are to busy and content doing it to bleat.
the bleaters may be a small proportion - but they make a lot of noise. just like hobo is just one person on a forum of thousands but, boy, he makes a lot of noise at times.
the bleaters may be a small proportion - but they make a lot of noise. just like hobo is just one person on a forum of thousands but, boy, he makes a lot of noise at times.
I have a few younger cousins and family friends who are FHB's (having done so recently or looking to purchase). I don't see the characterisation so easily ascribed to FHB's on this site or what Colin Barnett mentioned as equating to their attitudes or beliefs. But I have definitely seen this attitude it in other people I have known. So the reality might be a little less clearer than what most people think.
Maybe those recent posters who come on SS are wanting to vent or maybe counter intuitively, actually be given a wake-up call by anonymous posters. Maybe they already have been given the same advice to them by friends and family and didn't get the answer they were wanting to hear. maybe they are playing devils advocate to challenge their own preconceived notions. Who knows.
But I think the tarring of FHB's with the same brush is simply a lazy way to debate this issue. A bit like the other gems that get thrown around, like everyone on SS are property bulls and we all think property prices go up. Their are countless others.
If its easier for people to accept a simple statement as fact because it either supports their pre-conceived notions based on very small sample or limited life experience, or to avoid the fact that most economic/public policy issues are far more nuanced then what a simple statement can ever hope to address, that's fine. However, lets not simply regurgitate something that someone else said as fact because it seemed right or because of the 'vibe'
Maybe those recent posters who come on SS are wanting to vent or maybe counter intuitively, actually be given a wake-up call by anonymous posters. Maybe they already have been given the same advice to them by friends and family and didn't get the answer they were wanting to hear. maybe they are playing devils advocate to challenge their own preconceived notions. Who knows.
But I think the tarring of FHB's with the same brush is simply a lazy way to debate this issue. A bit like the other gems that get thrown around, like everyone on SS are property bulls and we all think property prices go up. Their are countless others.
If its easier for people to accept a simple statement as fact because it either supports their pre-conceived notions based on very small sample or limited life experience, or to avoid the fact that most economic/public policy issues are far more nuanced then what a simple statement can ever hope to address, that's fine. However, lets not simply regurgitate something that someone else said as fact because it seemed right or because of the 'vibe'
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From what I gather this may be like SEQ of 15 yrs ago.
And given that some evaluations in WA have almost halved I'm checking my schedule...
Cheers
I am glad Barnett thinks this. I encourage all politicians to follow him. Because they have been using "helping first home buyers" as the most common excuse for implementing and keeping grants and programs which do nothing for affordability but help boost house prices. I encourage Barnett to lobby to remove all "assistance" for FHB and to force banks to get FHB to show true savings before lending. I hope Barnett starts talking about whinging renters soon and lobby for the removal of negative gearing.
Whenever I hear the spiel of "helping" FHB I am reminded of the saying, there is the good reason and then there is the real reason.
You know I think we have just worked out why Perth's house prices have been falling the most especially in areas popular with FHB like Mandurah and despite its mining boom. Other states have been falling over backwards to "help" FHB while WA hasn't.
So I hope all politicians follow Barnett's example.
Of course at this point the people complaining won't be FHB but existing property owners begging the government to prop up property prices by "helping" FHB. I would say I actually (really) admire Barnett for holding out against the cries of the developers to do just that except I realise that if commodities crashed, Barnett would be the first to capitulate.
Anyway, I'm in a good mood. Sold all my silver at the top just before it crashed. Ah, it was in such a bubble (like all of commodities). Managed to more than double my money in three years. Will be interesting to watch the rest of the commodities crash over the next few months.
Whenever I hear the spiel of "helping" FHB I am reminded of the saying, there is the good reason and then there is the real reason.
You know I think we have just worked out why Perth's house prices have been falling the most especially in areas popular with FHB like Mandurah and despite its mining boom. Other states have been falling over backwards to "help" FHB while WA hasn't.
So I hope all politicians follow Barnett's example.
Of course at this point the people complaining won't be FHB but existing property owners begging the government to prop up property prices by "helping" FHB. I would say I actually (really) admire Barnett for holding out against the cries of the developers to do just that except I realise that if commodities crashed, Barnett would be the first to capitulate.
Anyway, I'm in a good mood. Sold all my silver at the top just before it crashed. Ah, it was in such a bubble (like all of commodities). Managed to more than double my money in three years. Will be interesting to watch the rest of the commodities crash over the next few months.
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Thank god for the voice of reason.
I'm glad everyone here doesn't think the guy has a team of researchers preparing data for comments such as this!
Great post buzzlightyear, my sentiments exactly. Brushes are used to paint all sorts, First Home Buyers, specific generations, investors, usually done so based on our very limited personal experiences.
+1 to that
Having worked for government in the past I can tell you that if he had a team of researchers he would have said so in order to try to lend legitimacy to his claims. Politicians will use any scrap of data they can find to support their statements, no matter how much they have to distort it. The fact that he hasn't makes me suspect that he actually doesn't have any.
I see this approach it as a win-win situation for us all. Housing bulls can continue feeling morally superior to the whining FHB and Housing bears can see house prices go down. I encourage removing negative gearing for the same reason.
Don't get me wrong - I don't feel "sorry" for FHB. They are adults, largely well educated and from middle class or higher backgrounds. Even if there was a lot of pressure on them from media and family and government to buy, as adults they need to take responsibility for their own decisions. And for those who rent - buying a house is not a human right.
Still I just find the posturing on this thread funny as what do you bet that people here moaning about "whinging FHB" calling for government intervention would be the first to call for government bailouts of the housing market using incentives for FHB as soon as the crash starts in earnest or some other bailout. Though it would of course be "for the good of all" not at all because they are concerned about their personal wealth.
What I find even more ironic is that it is likely that the over-leverage FHB will be the equivalent of subprime and spark off the crash in earnest. Which is already happening given the spike in arrears is largely due to the FHB who got pulled in by the boost. Like America, Ireland etc. their collapse will likely have big effects on the banks and construction companies dragging down the whole property market with them. So the measures older house owners put in place to push up prices and hence making it unaffordable for FHB causing them to be more likely to be overleveraged will in the end rebound on them. Probably even worse as unlike FHB many of them don't have the time to rebuild and the wealth of baby boomers are so bound in housing (or the stockmarket which the banks form a large part of so still dependent on housing). Of course if everyone had been satisified with just normal inflation bound gains instead of pushing and supporting measures to inflate prices this would never happen. But well, I guess people are like that.
I have noticed that modern markets tend to push and push, demanding more and more until something breaks horribly.
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If you're going to keep hurling insults at me turk could you at least learn how to use the quote tags so readers can differentiate between your posts and mine? Twice in this thread already and it's a pet hate of mine.
Just so typical for property investors to be hopeless when it comes to computers!!**
** May as well live up to the reputation
Twice in this thread already and it's a pet hate of mine.Just so typical for property investors to be hopeless when it comes to computers!!**
** May as well live up to the reputation