Chinese Moving To Australia

Discussion in 'The War Room' started by PEB, Feb 11, 2018.

  1. Prokofievian

    Prokofievian Red Belt

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    There is a 1% ''empty home'' tax in Vancouver. IIRC this was implemented recently, so they're still not sure if it's had any effect.
     
  2. Ol'Ironhead

    Ol'Ironhead Banned Banned

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    The rents are city and in cities that are further away. Even 10-20 away from downtown Vancouver, it’s costing minimum $2000 for a tiny 1 bedroom
     
  3. Ol'Ironhead

    Ol'Ironhead Banned Banned

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    It’s not going to do fuck all. They need to outright ban foreign ownership to prevent all these Chinese with an unlimited amount of money to buy all the housing to park their money.

    But they will never do that here, won’t ever happen.
     
  4. Prokofievian

    Prokofievian Red Belt

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    Well, yeah, because dumping a fuck load of real-estate into the open market, where people have taken out enormous mortgages would cause a crisis of its own.

    I do agree that I don't expect 1% to do much. Prior to checking the number, I had thought I heard something about a 15% levy. Was that the B.C. government that was kicking the idea around?
     
  5. HIMBOB

    HIMBOB Steel Belt

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    Fuck that. Tax it enough and it's good for the people.

    Foreign investment and tax income is gold Jerry gold!
     
  6. HIMBOB

    HIMBOB Steel Belt

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    Yeah we aren't that high.

    Say 15kms from the city in an average area about $2000 gets you a reasonable 1 bedder. Down as low as $1600 in suspect area or shitty apartment.
     
  7. Bloodworth

    Bloodworth Double Yellow Card Double Yellow Card Yellow Card Banned

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    Canada had to actually change their anchor baby laws because of the Chinese .

    Chinese women were taking planes to Canada late in pregnancy to make Canadian born citizens.

    Even though it was not p..c. Canada had to nip that in the butt as it was clearly the Chinese were taking advantage
     
  8. KOQ24

    KOQ24 Gold Belt

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    Id take educated chinese over filthy backwater muslims in my country
     
  9. loyalyolayal

    loyalyolayal Gold Belt

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    That's exactly what the chinese call them: Starters.
     
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  10. MMA IAN

    MMA IAN Aussie Pride World Wide Platinum Member

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    Oh here we go. Another disgruntled and bitter lefty complaining about Australian mom and dads who grew up in a golden era which every country has investing in their children’s and families future.

    The fact you try to shift the topic from the scary amount of foreign investment in not only real estate but businesses and big business at that to the evil “mum n pop” investors exposes your agenda.

    Perhaps less communism 101 classes at your local raw food cafe and actually entering the workforce would help. Then you too could enter the market instead of standing on the sidelines, refusing to play the game but complaining about the players.
     
  11. Ruprecht

    Ruprecht Hands Of The Judges Staff Member Senior Moderator

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    Uhuh. Zero information opinion as usual I see. "shift the topic"? Did you even watch the video?
    It's just a fact. In Australia falling interest rates lead to a huge amount of investment property purchases by "mum and pop" investors which have drastically driven up prices. I'm not criticising them, but they are the ones which will be worst hurt if the housing bubble deflates, not Chinese millionaires.
     
  12. Lord Coke

    Lord Coke Brown Belt

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    Was this while Trudeau has been in office?
     
  13. MMA IAN

    MMA IAN Aussie Pride World Wide Platinum Member

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    Don’t be stupid mate it’s the mom n dad investors duh



    Far from it. That generation understood the value of saving and invest in property that they can afford. Unlike the millenials living paycheck to paycheck who are buying $500,000+ houses as their first property with less than 10% deposit. Mon n dad investors have other assets built over their lifetime that they can use if it came to the crunch. The ones that will lose everything are the young who spent more they can afford because they’re more concerned with how they appear than what they can afford.

    http://www.abc.net.au/news/2014-09-24/janda-the-myth-of-mum-and-dad-negative-gearers/5766724
     
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  14. SaiWa

    SaiWa Brown Belt

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    Funny.. I just returned from a vacation in Australia visiting my relatives and we spoke about this subject.

    I did notice a huge amount of Asians during my visit. To say I felt extremely comfortable everywhere I went because there were so many Asians (and being Asian myself) does speak to the issue at hand. Is it a problem? I dunno. Australians supposedly pride themselves on being a very diversified nation welcoming of all immigrants. I arrived on Australian Day and my cousin scored tickets to a public concert and the message throughout the event was diversity. Felt a bit forced IMO which suggest underlying issues maybe.

    Australia has already implemented laws to help locals battle these super wealthy Chinese immigrants (or at least Sydney has started already). They are required to buy and build new properties and aren't allowed to buy existing properties. The housing market has been slowing down for several months now and prices are dropping.

    My relatives immigrated to Australia back in the 70's but it was a bit funny listening to them talk shit about fellow Asians (these fukkin' immigrants are raising property values left and right!...)... Although 2 of my uncles live right next to the Olympic Park and some Chinese investor wanted to buy their house for 4 mil each (to build an apartment complex). They were trying to get him to go up higher but then these new laws were implemented and its not possible at this moment.. oh well.
     
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  15. Cid

    Cid Silver Belt

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    We invented the fridge. You just stuck a fan on it.
     
  16. Ruprecht

    Ruprecht Hands Of The Judges Staff Member Senior Moderator

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    It's funny that you'd try and counter what the industry says by googling an opinion piece from the Drum of all places. One aimed at negative gearing (which is certainly one of the reasons we have so much "amateur" property investment in Australia) and saying it's mostly helping the wealthy. Especially after whinging about "leftists" and "communism".

    Even so, that article doesn't dispute that only 3.6% of investment property buyers can do so without taking on debt. 80% of loss making investment properties have owners earning under $80,000pa and most of those are relying on the increasing property values. The Drum tries to whittle that figure down, but largely resorts to stating the percentage of investment debt held by the upper quintile of earners (the upper quintile are still mum and pop investors mind you, despite an average income of $260K pa). Of course you'd expect that wealthier investors are largely buying more expensive properties and taking out bigger loans, so that figure means nothing in this context. They calculated the amount of foreign investors in that figure at 2.3%. Is that supposed to support your argument?

    35% of Australia's investment mortgages are non-institutional. That's about triple what you see in Canada, the US or the UK.

    Household debt has been ballooning.

    That's why if there's a crash, it's likely to be brutal and fast. I know some are saying it'll be a "soft landing", but I can't see what they are basing that on other than wishful thinking and our current employment rate. Maybe they just mean "soft" compared to the fallout from subprime lending and a resulting global financial crisis?

    Millenials (in the Gen Y sense) are buying investment properties now. They are mum and pop investors. Unlike the previous generations they probably can't remember the "recession we had to have" or 17% interest rates.
    We've had 25 years of market boom.
     
    Last edited: Feb 12, 2018
  17. Sketch

    Sketch ?.?.?.?.?.?

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    They already crashed the market in Vancouver.
     
  18. RockstarChris

    RockstarChris President of the Dump and Wasteland Double Yellow Card Yellow Card

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    What they are doing is moving to Australia and buying up baby food and baby formula there and shipping it back to China. These people make a fortune (up to the equivilent of $10,000 a month) because China has a shortage of these products.
     
  19. Ruprecht

    Ruprecht Hands Of The Judges Staff Member Senior Moderator

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    The "daigou" can't usually immigrate here with that as their intended business. Most of them don't even pay taxes. There's a few official businesses, but a lot of them are here as students (which do heavily subsidise Australian tertiary educations and are a massive economic boon).
     
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  20. TribalDrumz

    TribalDrumz Purple Belt

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    Good keep them out of USA. They are already trying to take over Orange County and Beverly Hills.
     
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