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Affordable Housing WA Nightmare
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25.01.2022 In The News - "Golden years over for Aussie property investors", as AFR recommends shared equity goes mainstream 1. First, highlights from the article, "Golden years over for Aussie property investors", published by MacroBusiness August 24: "AMP chief economist Shane Oliver believes the golden years of property investment are over, and that a much darker future faces Australias army of negatively geared landlords:...Continue reading
25.01.2022 Food for thought - an interesting visual focussed on Commonwealth decision making) (Whilst we note that in terms of the Affordable Housing quagmire in WA - it's the state that is responsible for policy and resource allocation, however more performance management and oversight over the States & Territories in terms of meeting contractual obligations under state and territory bi-lateral agreements connected to Federal funding arguably wouldn't go astray from the Commonwealth either.)
24.01.2022 For those in our community whom are also interested in local government & or concerned about WA Inc. & or the ultimate power reforms the McGowan government continues to pass and push for
24.01.2022 From ASIC's Money mart - "COVID-19 making financial decisions" https://moneysmart.gov.au/
23.01.2022 Food For Thought - New Yorkers Flee One Of The World's Most Renound Urbanised High Density Lifestyles "Anxious about another pandemic lockdown in tiny apartments, New Yorkers are driving a real estate boom outside the city." "County-level home sales figures from May still show a dip compared with last year, but that reflects the one- to two-month lag between offers being accepted and closings. ...Continue reading
22.01.2022 So much time has past since last post, But this vid is worthy of sharing... I couldn't of passionately articulated it better myself,... & this guy dear friends is a qualified, practicing architect..get out the Friday night popcorn & enjoy... https://youtu.be/FgxBjvSZ_cs Key point which I appreciate: it's a gamble - that's right our basic human right to shelter and secure ourselves is a Casino, gamble @ your own risk and be accutely aware that it will take a market of greater fools to protect you from negative equity
22.01.2022 In The News - The Australian's recent take on WA Inc: "WA Inc alive and well as Clive Palmers rights trampled". First, Article Key Points (paraphrased) below: we have Western Australia and its Premier Mark McGowan unveiling Version 2.0 of the WA Inc we all thought had long since died with Alan Bond and Brian Burke....Continue reading
22.01.2022 tate dollars for Jam - not for Keystart Customers The latest client update newsletter published by the WATC demonstrates that low interest rate lending in the current low interest rate, recessionary environment is of no challenge for the WATC: "WATCs new Short Term Lending Facility (STLF) will enable local governments and ... universities to access short-term loans to support the liquidity of their operations. "Some of the key features of the STLF include: " Applications opened on 1 June 2020 with funding available from 1 July 2020 through to 30 June 2021, with the facility to be fully repaid and closed by 30 June 2023. " Low interest rate, calculated on the daily balance and payable monthly, with the option to capitalise interest for the first 12 months." Whilst downward movement on government owned Keystart's interest rates remains to be seen. Link to the full report published by the WATC below: https://www.watc.wa.gov.au//Client-Newsletter-June-2020.pdf
21.01.2022 The economics of unaffordable houing in Australia PART TWO (In case you missed it - PART ONE below: https://www.facebook.com/706883476402700/posts/1010206116070433/) Australia's Interest Rates - Winners & Losers...Continue reading
19.01.2022 When making decisions, there are a number of outcomes AFCA can provide under our Rules. You can find out more, including remedies for general complaints, financial difficulty complaints and superannuation complaints, here: afca.org.au/what-to-expect/outcomes-afca-provides
18.01.2022 eSTATic for stats... A great Infographic which condenses housing market movement indicators into a digestible snap shot Website for actual August results below:... https://www.suburbtrends.com/research/charts SuburbTrends caught my attention this morning when founder Kent Lardner spoke on the need for secondary market (established housing market) reporting - Fingers crossed SuburbTrends has this project in the pipeline alongside seperate new housing for increased market transparency for Perth & regional WA...FINALLY! In the podcast below, Kent also references white papers which have studied the need and limitations of secondary market reporting whereby I have also contacted SuburbTrends this morning for references to these white papers to further our community's knowledge for members whom are interested. https://youtu.be/m6h9Sk66M-Q
18.01.2022 Can we all please spare a minute to ponder the ACTUAL and VERY REAL cost of negative equity in WA https://www.facebook.com/467578373750495/posts/941817589659902/... We have lost a hard working productive member of our society whilst a family has lost a son, a cousin, a nephew, a grandson and a brother - we do not know you, our deepest sympathy is with you for your terrible loss.
17.01.2022 In The News - Mandurah worst jobless rate whilst "WA continues to be captive to the fortunes of mining" Highlights from the article published by Business News below: "A total of 18 per cent of the labour force around Mandurah is unemployed, according to an analysis of Australian Bureau of Statistics data by CommSec released today.... "That compared to just 6.9 per cent in February, and is more than double the states 8.3 per cent rate. "The Mandurah statistical region stretches from Madora Bay to Herron, and inland past Pinjarra. "Perths South West also featured in the top 20 regions with the worst unemployment, at 9.1 per cent. "Perths North West had the highest level of job losses in absolute terms between February and July, with a drop of 30,200." ""WA continues to be captive to the fortunes of mining. That said, with iron ore prices straddling 6.5-year highs on the back of the Chinese industrial-led recovery, the WA economy is well positioned to recover first from the COVID-19 recession. "" - Commsec senior economist Ryan Felsman said today. Community career development group Bridging the Gap chief executive Tracey Davenport said Mandurah was predominantly a tourist town, with job losses in hospitality and tourism. She said casual staff were worst hit. "It has been identified that youth unemployment is particularly high in the region, and there are several innovative, industry specific pilots looking to address this," Ms Davenport said. Link to the full article published by Business News below: https://www.businessnews.com.au//Mandurah-worst-jobless-ra
17.01.2022 Why now might not be a good time to build in WA ...of course this slogan has been ripped off the residential housing developer's many marketing campaigns arguably inspired by the industry's favourite coffee date, McGowan - "There's never been a better time to build in WA", following our year to date of record breaking in WA which includes and is not limited to: Record breaking cash handouts, tax exemptions and in some regions land discounts to build new housing in W...Continue reading
17.01.2022 Latest on the Perth Hills Stoneville Development - Satterley has appealed ...And the Save The Perth Hills Community is having to approach Planning Minister Scafidi directly
16.01.2022 Perth Price Start to Buck National Trend as Corelogic Introduces New "Decline Since Convid Peak" Measurement Up 0.18% for the week ended August 20 Down for the quarter -2.18% "for the quarter ended July 02" ... Down -2.5% "for the 12 month period" And Down 3% since peak Convid-19 Link the the full article published by MacroBusiness below https://www.macrobusiness.com.au//corelogic-weekly-house-/ OPINION - With the 42-62 day turn around period for hard sales data to start significantly washing through into Corelogic's results, in theory, these results should have started to reflect late May to June sale prices for Perth.
16.01.2022 In The News - Mr Whytes alleged scheme continued operating for most of 2019, costing taxpayers an additional 1.1 million Highlights from the article published by The West Australian, April 06 below: "The Office of the Auditor General was handed details of payments to two apparent shell firms used by senior public servant Paul Whyte in his alleged multimillion dollar rort of the Department of Communities in late 2018 but they escaped the scrutiny of a focus audit because...Continue reading
16.01.2022 Tips on how to save on water & power conumption
15.01.2022 In The News - "85% of new high-rise apartment towers are defective." "Heres an incredible, not to mention shameful, statistic about Australias building industry. "85% of new high-rise apartment towers are defective. ... "The rate of shoddy workmanship has increased dramatically as governments around the country have encouraged more developers to build more high-density housing as a way of containing urban sprawl. "As a result, many unsuspecting buyers, trying to put a roof over their heads, are learning a painful lesson: that the cost of cutting corners is very expensive." Link to investigate news report "Buyer Beware: Part one" published by Channel Nine's 60 Minutes below https://www.9now.com.au//20/clip-ckdmstymd001z0gmasoshrf81 In case you missed them - previous reports by ABC's Four Corner's accessible via YouTube raising concerns over the industry also: (2019) Cracking Up - Australia's Building Crisis: https://youtu.be/NYzwIrybSjU (2019) Project Dragon - China is using bounty hunters to claw back money from Australia (foreign capital/money supply & property investment): https://youtu.be/hGZ3DFCPrKs (2018) Betting on the House (Negative Equity, Mortgage Stress, Failed Property Investment & Ownership) https://youtu.be/hYMiTlZ9iN4 (2017) Combustible - The legacy of failed building regulation: https://youtu.be/gnTZLzXq8fU
15.01.2022 At a Glance - The Evolution of Perth Housing Highlights from the article, "Detailed hand-drawn maps allow Perth residents to see their homes 100 years ago", published by ABC News August 23, below: "old Water Corp maps have revealed Perth as it used to be, showing the stables, tennis courts and chicken runs that were once a feature of backyards." ...Continue reading
14.01.2022 In the news - Auie Mortgages alikened to indistinguishable frozen lumps in the freezer which NAB advises to sell now Highlights from the full article published by Small Caps, August 14 below: "We all know that feeling when you reach deep into the freezer and grab a mishappen lump of something from right down the back....Continue reading
14.01.2022 For those interested in Planning Reform & Urbanisation in the Name of Affordable Housing https://m.facebook.com/story.php?story_fbid=1296641414161659&id=205082323317579... Shared from Dr Cameron K Murray's Fresh Economics FB Page whom has made very interesting arguments on planning reform and affordable housing, two of which we have previously shared below: https://m.facebook.com/story.php?story_fbid=959153884508990&id=706883476402700 https://m.facebook.com/story.php?story_fbid=982790748811970&id=706883476402700
12.01.2022 In The News - Unemployed Australians owe billions of dollars on their mortgages as the job market worsens "Of course, the banks and the federal government can keep kicking the can down the road for some time yet. "its in no ones interests to set off a wave of defaults and bad debt."...Continue reading
12.01.2022 Riders using the Shared Path from Perth CBD towards Midland please pay particular attention around McIver Railway Station at the moment, particularly under the ...bridge and when visibility is low. It is advised you slow down well in advance and be vigilant of broken glass. These are very complex social issues and making sure both those under the bridge and riders remain safe is paramount. See more
12.01.2022 98m Cockburn Towers approved - You have got to be Kidding Highlights from the article published by business news below "A proposal to develop 262 apartments and a new 113-room hotel spread across several towers at Cockburn Central has been given the green light. ...Continue reading
11.01.2022 FINALLY(Professional) "Advice delivery could be cheaper, ASIC investigates" "ASIC is consulting with the advice industry on a project to lower the cost of advice delivery, or at least determine whether anything can be done outside of changing legislation to help advice delivery to be more easily scaled, an ASIC commissioner has revealed." Probably the most critical [thing we are doing] is that were engaging with industry to understand the impediments they face in prov...iding affordable and scalable advice to consumers, ASIC commissioner Danielle Press told a Parliamentary Joint Committee recently. "We hear a lot that the cost is too high, but were not sure where those costs are coming from, so were trying to get to the bottom of: Is it a regulatory issue or is it a legislative issue?, Press said in response to a question from a question by Queensland Senator Bern van Manen. "Obviously if its a legislative issue that will be a matter for government, Press noted." "The ability for advisers to provide quality financial advice in a profitable way and within the bounds of expectations of policy makers and regulators has been a topic of discussion since the Hayne royal commission called out the loss-leader advice model and the banks subsequently pulled up stumps on their respective mass-market advice strategies." "Extending amnesty on rules relating to Records of Advice and Statement of Advice delivery temporarily introduced since the spread of COVID-19 is understood to be a topic for future consideration by the regulator." Link to the full article published by Professional Planner Below https://www.professionalplanner.com.au//advice-delivery-c/
10.01.2022 Image Source: Local Government Reform FB Group whom gave credits to: "Image courtesy of Rockingham Page" OPINION - Thinking that this statement aligns perfectly with an earlier research post of ours ... https://www.facebook.com/706883476402700/posts/983658178725227/
10.01.2022 FOI Response documents available for our community for ABC News Article "Reserve Bank considered asking for real estate transaction 'pause' amid property crash fears" One of our community members has kindly shared the investigative article by ABC News which reports the RBA considering shutting down the housing market in the midst of the Coronavirus pandemic earlier this year. If you have not done so already, please consider reading it below as it is quite telling about h...Continue reading
09.01.2022 (Developers) seek relaxed planning controls because it increases the value of their land writes Economist "Planners and policymakers need to be aware of this reality and not buy into the myth about planning, housing supply and prices. "The evidence is all there. ...Continue reading
09.01.2022 At a glance - One of Australia's fav buzz words "Skills Shortage" LMIP has just released a jobs skills data tool which allows anyone to look up a profession and identify the skill set required: https://public.tableau.com//occupation.and.industry.analys... The business and government communities have long touted the message that we have a skills shortage in Australia, so perhaps this will be a helpful tool for those of us in our community who are or know somebody eligible for Convid-19 education support for course and upskilling opportunities to strategically identify government funded skillset training opportunities and secure a job before the boarders re-open letting more competition into the jobs market If you are looking - best of luck.
09.01.2022 Aaaaand this is the guy who has given his cabinet ultimate planing powers for New Construction Developments in our State whilst wanting ultimate over riding power over the current CCC bipartisan election process, WHILST his cabinet is responsible for declining investment in much need public housing. ....https://amp.smh.com.au//cleared-for-landing-stokes-politic... " Property Developers, Planning & WA Inc. Discussed in WA Parliamentary Debate on May 28, 2020 ": https://www.facebook.com/706883476402700/posts/983658178725227/ " Post WA Planning Reform Era Update - Broken Promises & Developer Feeding Frenzie ..... ": https://www.facebook.com/706883476402700/posts/983757892048589/
09.01.2022 The economics of unaffordable houing in Australia PART ONE From the Nuggets News Documentary, "Australia - A Coming Financial Crisis": Australia - The Lucky Country...Continue reading
07.01.2022 Food For Thought - California "Wealth Tax"? Highlights: Drafted legislation proposes a 0.4% "wealth tax" on anybody worth $30 mil or higher.... Estimated additional annual revenue is $8.5 B pa. Estimated people to be affected 30,400. Recently shared with our community for the second time was Hedge Fund Manger Ray Dalio's "How The Economic Machine Works"; In the video, Ray explains money and credit cycles, whereby long term credit cycles create a multitude of not credit worthy consumers and suppliers in the market at the point which debt exceeds income to the point it cannot be paid back & at this point, the cycle resets which Ray argues can be a "beautiful" deleveraging if Central banks and Governments manage to successfully balance "tricky" economic levers such as low interest rates and Government borrowing for infrastructure spending and taxation for wealth distribution and improved wealth equality which works to boost consumer confidence and spending in the economy and onward and upward the next credit cycle goes....and it looks Cali may pulling the wealth distribution lever However, California's draft legislation also proposes an increase of approximately 3% to income tax, so the idea that the "wealth tax" is being proposed for "wealth distribution" remains very blurred indeed. Whilst to date in Australia, according to articles published by The Conversation from the past year have broached and investigated the idea of "wealth tax" - an inheritance tax, making deceased estates liable for tax. My problem is, it is those with the most wealth that will have access to the best accountants and lawyers for death tax avoidance whilst the average Joe Blow from the working class will be left with a death tax on a modest and humble accumulation of wealth over their lifetime - thoughts anyone https://m.youtube.com/watch
07.01.2022 Food For Thought - Melville Community's Innovative Brainstorm on The Efficient Allocation of an Abundance of Planning Resources
07.01.2022 Question Time - W.T.FECK Questioning Keystart's recent appearance in The West this week: The Housing Authority, which sits in the Department of Communities, can help fund up to 30 per cent of the purchase of a home."...Continue reading
06.01.2022 In The News - "CBA targeting property investors to sell" "CBA has been conducting check-ins with 135,000 borrowers with deferred mortgage repayments and remains willing to extend loan deferrals, on a case-by-case basis, beyond the March expiry of the prudential regulators leniency [CBA group executive of retail Angus Sullivan said]. "But a subset of borrowers will require conversations about alternative solution paths... "If you had a lot of debt from [buying at the peak of the market] and you were in a difficult position from an employment perspective, [downsizing] would be exactly the type of solution that would be worth having a discussion about" "With property investors representing 28 per cent of its deferred loans, Mr Sullivan said those with multiple investment properties who are in a position of real [financial] strain, could be told that an extended deferral might not be the best solution. "The banks message could be: The property market is holding up pretty well, you may want to make the decision to liquidate one of your investment properties and put yourself on a stronger footing." "Digital Finance Analytics mortgage stress data also shows that one quarter of property investors are stressed, meaning they are suffering from either negative cash flow or extended vacancy rates:" Link to the full article published by Business News below: https://www.macrobusiness.com.au//cba-targeting-property/
03.01.2022 In The News - Dying Perth Woman Awarded 1 M in Damages After Reno Leaves Her With Cancer Highlights from the article published by Community News: "A Perth woman suffering from terminal cancer caused by her exposure to asbestos on a home building site has been awarded more than $1 million in damages.... "Christine Parkin, 63, was exposed in the 1970s and 80s while helping her father build an extension to their home using cement sheets made by James Hardie Industries. "Previously fit and healthy, she was diagnosed with mesothelioma last year after experiencing pain in her chest and fatigue. Doctors estimate Ms Parkin, who is cared for her by sister and requires constant supervision, has just four months to live. Her lawyers sought damages from James Hardie now known as Amaca in the West Australian Supreme Court. "Justice Rene Le Miere on Thursday awarded Ms Parkin just over $1 million in damages, noting the significant deterioration in her quality of life arising from her illness. "Ms Parkin has lost her life as it was, Justice Le Miere said. She was fit and healthy, worked, socialised and travelled. Now she is in constant pain and fatigued." "Prior to becoming sick, Ms Parkin had worked at a zoo, exercised daily and led a full live in every respect, the court was told. "Justice Le Miere awarded her compensation for past and future medical and treatment expenses, economic loss and general damages. "Amaca accepted liability for the damage suffered by Ms Parkin as a result of her illness." Link to the article published by Community News below: https://www.perthnow.com.au//perth-woman-gets-1-million-in On April 18, we shared the following article which demonstrates asbestos building materials are not yet gone but the dire consequences from its use may be long forgotten: " Dozens of Australian building sites contaminated by illegal Chinese asbestos imports, authorities say https://mobile.abc.net.au//australian-building-sit/7166674 " Above copied and pasted over from intital post: " In The News - WA homebuilding costs rise 79 per cent in 15 years " https://m.facebook.com/story.php?story_fbid=918758855215160&id=706883476402700
02.01.2022 Aussie Property Developers Encouraged to Continue Land Banking During Credit Credit Crunch & Bank on Government Intervention to Save the Market "the retreat of the major banks from anything other than gold brick assetsi.e. strong tenant coverage, rental streams and good sponsorsis creating an opportunity for non-bank lenders." "Developers and financiers need to hold their portfolios, land banks and nerves at the moment because the market conditions will come back.... "The government will look at the holes in the marketin terms of economic risk, and look to plug them and continue to stimulate the market almost indefinitely." "Without sufficient pre-sales, development funding becomes prohibitive for lenders but leading into the pandemic residential markets were reeling from recent revelations around construction defects, including flammable cladding, which has turned potential buyers away." (Whilst) "The build-to-rent sectorlong-term rental apartments leased by a single institutional landlordis also becoming an alternative for many traditional developers currently, which are either lumped in with unsold apartments or are unable to attract buyers." Link to the full article, "Gold Brick Bias Creates Niche for Non-Bank Lenders", published by the Urban Developer Below: https://theurbandeveloper.com//finance-for-developers-gold
01.01.2022 Food for Thought - 30 Year Recession Free Run Is Over; Support WA Producers by Shortening Your Supply Chain https://www.facebook.com/nuggetsnews/ Below has been shared from Geoff Lawton's permaculture FB page (Australia).
01.01.2022 IMPORTANT UPDATE - Partial False Information Hi Guys, Please note that an image shared from ADV FB page received a fact check notification from FB , that the information contained therein is partially factually inaccurate - see attached.... Therefore please please discard our earlier post below and note that information from ADV will no longer be shared on our page to preserve the integrity of information shared in our community. My sincere apologies for this mishap. https://www.facebook.com/706883476402700/posts/989491684808543/
