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  1. #211
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    Quote Originally Posted by Sonja View Post
    Yes I appreciate that but arguing about the impact of removing negative gearing in the Sydney market is like taking $100000 off Rupert Murdoch.
    I don't think it is futile at all.

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    Statistically though, households in regional areas earn less than Sydney/capital cities. So the family living in Mildura may pay a lot less to buy/rent, but their factory wages are also a lot less. Obviously I don't have exact figures but I think you'd find when you look at wage:housing ratio it's probably reasonably close. I read people here who live in capital cities saying how they aren't high income and are normal for the city and are earning 150k. Families in rural areas are often earning half that.

    In addition my community is a perfect example of how neg gearing has completely ruined it for many first time home buyers. We are factory workers, farmers, truck drivers, very blue collar. A small proportion of the community has wealth and many have 6 or 7 investment properties. This has driven up prices so many ended up renting. Rental demands are huge now, so rentals prices are completely ridiculous for a small town and now investors are actually in positive gearing bc the rent vs buy price is high. The low to middle income people now can afford mortgage repayments but rent is so high in relation to wages many can't save the deposit. It's actually cheaper to pay off a mortgage here! Return on rentals is over 7%.

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    Quote Originally Posted by BigRedV View Post
    I don't think it is futile at all.
    Not it's not futile and my analogy was not quite right. I mean more that the problem with Sydney housing prices are not going to be fixed by removing negative gearing alone. It's far more complicated than that

    I think negative gearing should be changed dramatically but I honestly think if anyone thinks that will cause housing prices to drop they're kidding themselves.

    And then when it doesn't the critics will say "see it didn't make a difference" and want to bring it back in.

  4. #214
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    Quote Originally Posted by Sonja View Post

    And then when it doesn't the critics will say "see it didn't make a difference" and want to bring it back in.
    I don't think they would bring it back in for that reason. The idea of getting rid of negative gearing is to increase government revenue. I don't actually think it will increase revenue by that much.. People will just find other ways to minimise their tax..

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    I know negative gearing is not the sole reason for crazy prices, it's much more complex than that. But I do think an overhaul is needed. I don't even think it's should be totally taken away. 1 investment property and that's it is my stance when I become Prime Minister

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    Quote Originally Posted by A-Squared View Post
    It's a subscriber only article

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    Default Negative Gearing - Politics talk

    Quote Originally Posted by A-Squared View Post
    Apparently that report that the article is based on is flawed, and contains a crucial error. The authors acknowledged this before it was publicised. The liberals decided to run with it anyway.
    http://m.smh.com.au/federal-politics...in=smart-phone
    Last edited by Little Miss Sunshine; 03-03-2016 at 11:29.

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  10. The Following User Says Thank You to BigRedV For This Useful Post:

    Little Miss Sunshine  (03-03-2016)

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    Default Negative Gearing - Politics talk

    "Mr Hawtrey said the mistake was "an unfortunate typo" that should have read $1.9 trillion but it had no impact on the overall findings. He also stood by the report."

    The article says the report was also done before labour released their plans, but it doesn't say whether the premise of it was scrapping it for established homes and reducing the CGT discount to 25%, but I'm assuming those two things were factored in as the only error Labour are pointing out is a typo.
    Last edited by A-Squared; 03-03-2016 at 12:55.


 

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