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Australian Housing Crash


Jimmy123

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The government has now announced that the "boost" aspect of the grants will continue for another six months after June 30. But the scheme will fade fast: under the terms detailed in budget papers the 'boost' (ie, the extra on top of the original $7000 grant) will halve to $14,000 for new homes and $10,500 for established homes.

 

 

Can anyone tell me when the halving process kicks in please? Now or 6 months or 6 months from 1/7/09?

 

Dave

 

PS great opinions on this topic - THANKS.

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Hi Dave

 

But under changes announced in the budget on Tuesday night, people who enter into contracts on or before September 30 will still be eligible for a grant of $14,000 for an existing dwelling and $21,000 for a new home.The more generous scheme will then be phased down, and end after December 31.

 

Between October 1 and December 31, the boost will be halved, meaning first home buyers will receive a total of $10,500 for established homes and $14,000 for new homes.

 

hope that clears it up for you :)

 

 

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from the centre of cultural excellence

 

"Victoria The Place To be"

 

Victoria's First home Buyer's Bonus - from 1/7/09 until 30/6/10 (advertised in The Weekend Australian 16/5/09)

 

$22,500 - if you build or buy a newly constructed home in regional victoria

$18,000 - if you build or buy a newly constructed home in Melbourne Metro

$9,000 -- if you buy an existing home

 

of course Federal grants are a bonus

 

$21,000 - new home - until 30/9/09

$14,000 - existing home - until 30/9/09

 

seems to be a window between 1/7/09 and 30/9/09 when you can get $22,500 + $21,000 = $43,500 bonus to build in regional areas

 

Firsties now apparently about 28% of the market

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Hi db

 

Gawd don't tell me you're a Bill Lawry??? Explains a lot. ;)

 

I've been told that the only good thing about NSW is that it cuts down the number of Victorians that make it up to Qld. :laugh:

 

Anyway surely all those government hand-outs merely mean that there are heaps of new houses in regional Victoria that are about $45,000 overpriced even before the market has its say. A disaster waiting to happen (on another government's watch most likely).

 

This social engineering idea of moving people to places that they really don't want to go has a history of failure. The various soldier settlement schemes only produced a rural underclass and widespread poverty, and this current bout of stacking regional towns and exurbia with young families will do no better imo. Sometime ago the Economist reported on the concerted efforts by the various US governments over the last 50 years to stop the drift of people out of the mid-west. The conclusion was that such social engineering was not just ineffective in that the outflow has continued unabated but that those areas that received most government hand-outs subsequently emptied faster than average.

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No Im not a Vic if that is what you mean

 

so a "Bill Lawry" is a NSWer ? - admit that I have not heard that one before, though he was known during his career as "the corpse with pads on" - so is that your connection to the "Great" state of NSW ?

 

 

but I can deduce that you may be a bananabender -- the smart state

 

just shows how desperate the vics are to support the housing industry and their regional economies

 

for such extravagance they must be well aware that the social cost of allowing housing to find its own market level is too high

 

the connectivity of housing to small business collateral is one reason

 

as one commentator has said governments have to be doing something even when the solution is to do nothing

 

I agree that social engineering is a waste of our money - but how do we stop it ?

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USA still worried about their housing

 

HeadAche

 

"Home mortgage debt outstanding was 73% of gross domestic product last year, according to government data. That's the third-highest reading on record, after the 75%-plus bubble years of 2006 and 2007"

 

Yet out Housing Debt - (Owner Occupier + Investor) as of Mar2009 totalled $1014.8Bn (includes securitisation)

(RBA - Financial Aggregates - Growth - Growth in Selected Financial Aggregates - Current and Historical - D1 )

 

and our GDP for last calendar year totalled 1089.4Bn (RBA G10)

 

so we are at 1014.8/1089.4 = 93%

 

but no one is worried in Australia

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"Home mortgage debt outstanding" & "Housing Debt" are two different figures, it's just one of the many differences between how the Federal Reserve & the ABS collect/display data.

 

I've highlighted this before in this topic.

 

Matt

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