being fought to make property more affordable for first-home buyers by giving them access to their superannuation for a house deposit.A feverish property market recovery has resulted in forecasts for house prices to rise 14-15 per cent over the next two years in our major capital cities.
“The young couple who win the auction end up paying more, have less super and probably a bigger mortgage.“ Right now, the investor couple often wins the auction hands down. However, armed with cash from their super, the playing field would tilt back towards the first-home buyers. The opposition’s proposed alternative – getting rid of stamp duty on property – is important for other reasons and might make housing more affordable. However, it does nothing to tip that balance between first-timers and investors.
Source: Real Estate Daily Report (realestatedailyreport.net)
Why you need a deposit for something as secure as property in the first place is beyond me. You don't need a deposit for a car loan or even a holiday loan or a credit card. How can you reposes a holiday?
Notice the super funds are portrayed as a 'red pig' an underlying fear of those socialist collectives sitting on trillions hell bent on investing in dangerous renewables and socially responsible, job creating, value adding, wealth creation. Beware!
At a potential 10% pa growth ... seems ok
'I have no money & am already struggling with finances. Is tapping into the only saving so have to buy in the bottom end of the market during the peak of the property Hyperbubble a financially sensible idea?' A categorical NO! IT'S ALL IN HERE:
Having your own roof over your head in retirement is gold standard. Get a house and pay it off.
I’m glad this piece was labeled “OPINION” because it absolutely can’t be labeled ‘FACT’.
Not good at retirement when you have nothing to support yourself
if you are real estate agents, banks or builders it's a good idea. it's switching house value risks to working people and away from financial sectors. who know that the housing market will shit the bed at some point but unsure as to when.
If we got rid of NEGATIVE GEARING & the Boomers wern't sitting on all those properties artificially inflating the price of real estate-maybe we wouldn't be having this conversation? How about a TAX on 2nd 3rd 4th properties? HOUSES are for SHELTER, not for wealth accumulation!
NO. You’re welcome Sydney melting Harold
This article is actually an argument for why we should limit negative gearing.