The Perth Thread - Part 4

[Nothing]

If he actually pick up momentum people need to dig up those videos and make em go viral, surely that'll turn the boomers off him

They never turned off Ric Arden

 

[Scotland]

Basil is what he is. I don't think that is what most people want, but I wouldn't be worried about voting for him and getting something totally unexpected. The covid election was 53-6, this year was 46-13. I don't think it really matters who the leader is, after the failure in 2025 to claw back any meaningful ground the next election (which is years away) doesn't look winnable.

 

[Billy ray]

Basil is what he is. I don't think that is what most people want, but I wouldn't be worried about voting for him and getting something totally unexpected. The covid election was 53-6, this year was 46-13. I don't think it really matters who the leader is, after the failure in 2025 to claw back any meaningful ground the next election (which is years away) doesn't look winnable.

yep, at least 7 more years before any govt change with those numbers.
and by then, oppositions dont win, govts lose - as they lose the plot that long in power.
will basil still be around in 7 years? maybe. maybe not

 

[Eaglette01]

Is the rental crisis as bad as people say? It's gonna be very tough moving 4/5 20 year olds from the southwest up to the city for uni/fifo/state-sporting but its unfortunately a necessary evil in the coming months. Not at all excited

It's f.shocking

$200/wk for 1 room in Girrawheen (think prison cell size)

Hope you have DEEP pockets if you have 4 or 5 to rehome !

$900/wk for a house in Canning Vale
$750/wk for Tuart Hill

 

[txbyhull]

It's f.shocking

$200/wk for 1 room in Girrawheen (think prison cell size)

Hope you have DEEP pockets if you have 4 or 5 to rehome !

$900/wk for a house in Canning Vale
$750/wk for Tuart Hill

Thankfully we are a share-house and not a family / on a family income. I was moreso concerned about getting one at all. Find it hard to believe people would be willing to rent out to 20 year olds even though none of us party, drink, etc. Get the vibe we won't make it much further than the application pile

 

[Scotland]

I can't fathom that houses in Forrestfield are $900k and rent for $800 a week.

Nothing against Forrestfield, I have friends that live there and friends that grew up there but I don't associate it with those sort of figures.

 

[ioppolo]

I can't fathom that houses in Forrestfield are $900k and rent for $800 a week.

Nothing against Forrestfield, I have friends that live there and friends that grew up there but I don't associate it with those sort of figures.

Being within the Shire of Kalamunda helps I think.

 

[JackOutback]

It's unfathomable to those of us that grew up before the boom but is a sign of Perth 'growing up'.

When I lived in London 20 years ago, it was only because four adults shared a two-bedroom apartment that we were able to afford rent, go out and travel a bit. Before that, my now wife and I had rented a three-bedroom home in Bedford on our own on beginner wages. We're now closer to the first scenario than the second and that's unlikely to change.

 

[ioppolo]

It's unfathomable to those of us that grew up before the boom but is a sign of Perth 'growing up'.

When I lived in London 20 years ago, it was only because four adults shared a two-bedroom apartment that we were able to afford rent, go out and travel a bit. Before that, my now wife and I had rented a three-bedroom home in Bedford on our own on beginner wages. We're now closer to the first scenario than the second and that's unlikely to change.

It's a terribly bleak future for those in their early 20s. I moved out at 21 with my 23 year old girlfriend. We saved a shitload while renting and bought a place 4 years later. All whilst earning modest income. What hope in hell do the younguns have now?

 

[JackOutback]

It's a terribly bleak future for those in their early 20s. I moved out at 21 with my 23 year old girlfriend. We saved a shitload while renting and bought a place 4 years later. All whilst earning modest income. What hope in hell do the younguns have now?

It seems bleak, but it is par for the course in somewhere like London or New York. Perth obviously not on those levels but people will need to adapt to the conditions. Which means you can't move out on your own or with your girlfriend any more and still save for a house, you may need to house share (which isn't a terrible thing in and of itself). But I do have children and worry about just how many times their wages a house may cost in future.

Housing rarely goes down but it does stagnate (see 2009 to about 2020), I suspect we're nearing the peak and housing may stagnate for a solid five to 10 years. Hopefully wages may catch up at least a little.

 

[Kram]

Housing rarely goes down but it does stagnate (see 2009 to about 2020), I suspect we're nearing the peak and housing may stagnate for a solid five to 10 years. Hopefully wages may catch up at least a little.

Yep, especially when mining goes quiet, hopefully we are at least somewhere not that far from a top.

It was already bad but lower interest rates and government policy threw more fuel on the fire where its now got ridiculous.

Some sales you see and think yeah gee they paid a lot but can understand it. Then you are now seeing random ones where it's like wtf, they have too much money and just paid whatever the seller wanted.

 

[RookiePick]

It seems bleak, but it is par for the course in somewhere like London or New York. Perth obviously not on those levels but people will need to adapt to the conditions. Which means you can't move out on your own or with your girlfriend any more and still save for a house, you may need to house share (which isn't a terrible thing in and of itself). But I do have children and worry about just how many times their wages a house may cost in future.

Housing rarely goes down but it does stagnate (see 2009 to about 2020), I suspect we're nearing the peak and housing may stagnate for a solid five to 10 years. Hopefully wages may catch up at least a little.

This is an issue to me. This stratification of society onto the haves and the have nots.

It's seemingly accepted that Australia will follow the path of the UK and the States in regards to property ownership. The obvious signs of social decay that express themselves more and more openly into violence are seemingly irrelevant...if you land on the side of the "haves".

Some European nations seems to have got this property tangle balanced more equitably than our traditional forebears or the ally we aspire so fervently to emulate. Hopefully we are paying attention to other options.

 

[Scotland]

It's unfathomable to those of us that grew up before the boom but is a sign of Perth 'growing up'.

When I lived in London 20 years ago, it was only because four adults shared a two-bedroom apartment that we were able to afford rent, go out and travel a bit. Before that, my now wife and I had rented a three-bedroom home in Bedford on our own on beginner wages. We're now closer to the first scenario than the second and that's unlikely to change.

Which boom? Each new boom knocks out the next level on the pyramid. I could afford my pretty basic 2x1 first home on an average or slightly above average income. Just. My younger colleague in a similar position but a couple of years older than I was earning comparatively a bit more can afford to go halvesies with his partner. In another decade when he's a cantankerous middle aged man and the next batch of 25-30 year olds are in his shoes what options will they have? Do we really want that London scenario?

When I was at uni I remember my parents talking about buying a unit nearby as an investment that I could potentially rent out while I was studying. At that time they were talking something in the $100s. By the time I graduated that kind of price point was a fairy tale. A mate rented a flat in Vic Park which was $150 a week. Basic but had two rooms so he could split the rent. Just had a look and the cheapest 1x1 is $450. As a student working part time I usually made $300-400 a week before tax. What does a run down old share house cost in Nedlands these days? $2000 a week?

The ridiculous thing about wealth disparity is that it's not income driven. Obviously the more money you earn the better off you are but I am so much better off having bought a house in 2019 than I am earning slightly more than I did then. If you offered me my 2019 salary + 50% and buying in today's market vs my 2019 salary today and a home loan in 2019 dollars it's a no brainer and that is just nuts.

 

[Scotland]

This is an issue to me. This stratification of society onto the haves and the have nots.

It's seemingly accepted that Australia will follow the path of the UK and the States in regards to property ownership. The obvious signs of social decay that express themselves more and more openly into violence are seemingly irrelevant...if you land on the side of the "haves".

Some European nations seems to have got this property tangle balanced more equitably than our traditional forebears or the ally we aspire so fervently to emulate. Hopefully we are paying attention to other options.

The US is cooked. They think guns are a need and healthcare is a want, and a tipped minimum wage of $2 an hour is OK. We rely heavily on migrant workers now (to our detriment), but their economy would collapse without undocumented workers let alone legal migrants.

Politics aside, the US has 38 population centres 500k or higher. We have 8. A third of the country live in Melbourne and Sydney. Boston has a population of under 700k, but in an apples for apples comparison it's equivalent to Melbourne and Sydney in metro area and population. The US has federal, state and local taxes, and the differences between regions are stark. Here most people don't generally move between cap cities because of cost. You live under the rules of the federal govt of the day and things don't drastically change with who is in power. California has become expensive, has high crime rates and is too influenced by Democratic policies for some people so a lot of them have moved to Texas, Nashville and Florida. People complain about Dan Andrews and Jacinta Allen but there hasn't been a mass migration out of Victoria.

In terms of housing we pretty much have cap city markets, some regional centre markets and holiday town markets that mirror them in price and the rest. You can get a block of land in Northam for $100k. Or a house in Merredin for $250k. Not many people want that, and there are limited opportunities in these areas for employment compared to cap city population centres.

 

[Kram]

In terms of housing we pretty much have cap city markets, some regional centre markets and holiday town markets that mirror them in price and the rest. You can get a block of land in Northam for $100k. Or a house in Merredin for $250k. Not many people want that, and there are limited opportunities in these areas for employment compared to cap city population centres.

The funny thing is that wheatbelt $250k fibro house would cost $450 a week to rent.

 

[JackOutback]

This is an issue to me. This stratification of society onto the haves and the have nots.

It's seemingly accepted that Australia will follow the path of the UK and the States in regards to property ownership. The obvious signs of social decay that express themselves more and more openly into violence are seemingly irrelevant...if you land on the side of the "haves".

Some European nations seems to have got this property tangle balanced more equitably than our traditional forebears or the ally we aspire so fervently to emulate. Hopefully we are paying attention to other options.

I wish we would follow the European model more closely but it's clear we are aligned with the US/UK unfortunately. A modest correction was offered in 2019 and the electorate was scared out of it. Taxing mining companies in the most basic of ways frightens Aussies, West Aussies in particular. Without these changes, the issue isn't going away.

 

[Scotland]

I wish we would follow the European model more closely but it's clear we are aligned with the US/UK unfortunately. A modest correction was offered in 2019 and the electorate was scared out of it. Taxing mining companies in the most basic of ways frightens Aussies, West Aussies in particular. Without these changes, the issue isn't going away.

Mining taxation hasn't really changed in decades. I don't think it's the problem when it comes to housing affordability. If the govt had more money to spend I doubt they would spend it on social housing and the like.

If you earn over $190,000 you pay 45c on the dollar. So for every extra $10k you make you keep $5.5k and give $4.5k to the govt. Or you could lose $10k a year on a property and you are basically back where you started except you are holding an asset that can appreciate in value hundreds of thousands over a couple of years. It's a ridiculous system where people are encouraged to pump money into existing buildings that generate no value whatsoever, instead of into something productive.

 

[Billy ray]

i have a hunch the GST deal gonna change, either removed completely (costing WA $6b per annum) or a lower floor, maybe 50c not 75c. either way, WA finances gonna look like east coast govts soon enough

but will anyone care?

 

[Kram]

Then you are now seeing random ones where it's like wtf, they have too much money and just paid whatever the seller wanted.

 

[Scotland]

GST is a joke.

GST is only 12% of federal revenue and only 8% of that goes to WA. So for every dollar of revenue the federal govt collects each year, less than $1 of that ends up in WA as GST distribution. 70% of all federal tax revenue comes from income tax, corporate tax and other federal taxes. People can rail against BHP, Rio etc. for not paying enough tax (a function of a poor tax system) but every cent of corporate tax they pay for digging up dirt in WA ends up in Canberra.

WA has state mining royalties. So does Qld, NSW and other states to lesser degrees. For some reason no one ever brings up revenue sources that other states have that WA does not.

 

[JackOutback]

Mining taxation hasn't really changed in decades. I don't think it's the problem when it comes to housing affordability. If the govt had more money to spend I doubt they would spend it on social housing and the like.

If you earn over $190,000 you pay 45c on the dollar. So for every extra $10k you make you keep $5.5k and give $4.5k to the govt. Or you could lose $10k a year on a property and you are basically back where you started except you are holding an asset that can appreciate in value hundreds of thousands over a couple of years. It's a ridiculous system where people are encouraged to pump money into existing buildings that generate no value whatsoever, instead of into something productive.

Would they spend it on social housing? Probably not. Could they spend it on social housing (and health and education and so on). Absolutely, but having the money in a sovereign fund like Norway is the first step. It is depressing watching countries like Norway and the UAE have cash to splash because they don't let resources money waltz out the door.

The bigger problem is that the government has facilitated a bubble where it can no longer afford to bring down house prices because it will leave a significant number of people who over-extended at risk of losing everything. So instead, they let the bubble get bigger and screw over the next generation.

 

[Billy ray]

turn convention centre into social housing. new convention centre at east perth power station

 

[Kram]

Unavoidable still in where I've been looking in Perth but I would love to live somewhere one day with zero public housing nearby.

The wa housing minister should build a heap of it near his place.

 

[kane249]

turn convention centre into social housing. new convention centre at east perth power station

More like to get the East Perth setup for social housing than prime real estate like the convention centre

 

[Eaglette01]

More like to get the East Perth setup for social housing than prime real estate like the convention centre

They've got enough in the CBD

Especially with the take-over of the Fraser Suites overlooking the WACA - WTAF !!!!!