Finance advice

Negative gearing, mortgage stress and foreign investment driving unsustainable property

By Sasha Karen
Negative gearing, mortgage stress, and foreign investment driving unsustainable property

According to one expert, the current state of housing affordability stems from tax incentives such as negative gearing, in addition to current first home buyer grants, low interest rates, lax lending standards and foreign investing.

The release of the Assisting Housing Affordability discussion paper by Industry Super Australia outlines that the present tax concession available to investors and first home buyers is doing more harm than good to the property market.

In the paper, these main areas are said to be supporting unsustainable growth and, in combination with interest rates and lending standard, are said to be making home ownership an unattainable goal.

The author of the report and Industry Super chief economist Dr Stephen Anthony said the affordability crisis has come to a head in Sydney and Melbourne, with Canberra following suit, and governments are not doing enough to help.

“Governments at every level have squandered the opportunity to deal with this, haphazardly introducing policies that, by driving up demand, have made the situation worse,” Dr Stephen said.

“In the past five years, incomes in Sydney have risen 15 per cent on average, but house prices have risen 87 per cent. It’s simply unsustainable. Young Australians are either up to the eyeballs in debt and in fear of losing their jobs, or destined to forever service someone else’s mortgage”.

“Aspects of the housing affordability package currently before the Federal Parliament fall, well, short of what’s required.”

Household debt in Australia is also at an all-time high, exacerbating the issue, at 194 per cent and 123 per cent of GDP, which ranks at number one out of the world’s industrialised nations.

The rise of this post-GFC household debt is explained in the report originating mostly from the big four banks of lending into inflated property markets with loans worth over six times the borrower’s income.

The report pictures negative gearing as a contributor to the housing affordability issue, with 62 per cent of investors relying on negative gearing. Along with capital gains discounts, fire home owner grants and the superannuation saver scheme, these measures are said to cost governments $14 billion.

A rise in international student enrolments of over 15 per cent in NSW and Victoria, and just under 15 per cent in other states and territories, has correlated with a surge in foreign investment; for the 2015-16 financial year, Chinese and Hong Kong investment was at an eight-year high, the former reaching nearly $32 billion.

The report, however, mentions the purchase of established property “funded from offshore, driven by safe haven motives, perhaps explains a significant portion of housing demand near centres of secondary and tertiary education from 2015 perhaps to the first quarter of 2017”.

It has also mentioned it correlates with a crackdown on “foreign currency outflows by Chinese monetary authorities”.

If housing affordability is to be addressed, the report states more investment needs to be directed towards longer-term investment properties, such as assisted and build-to-rent housing.

“The idea is to create longer-term and better quality rental options. Institutional equity investors are more likely to favour a buy-and-hold approach than investor landlords chasing capital gains,” Dr Stephen said.

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In this episode of the Smart Property Investment Show, Dominique Grubisa joins host Phil Tarrant to share her personal story which saw her hit rock bottom with excessive debt during the GFC.

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Dominique unpacks how, by relying on her background in law, she was able to overcome that debt and in doing so develop a unique investment strategy which she believes many can utilise today.

Dominique discusses distressed properties, and how she goes about finding them in order to buy property well below market value. She shares the process of identifying distressed properties as well as the controversy surrounding this buying method.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

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More than just bricks and mortar, experts often regard property investment as a ‘game of finance’. As such, a good finance strategy can lead any investor to success.

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To hear more about these services, make sure to tune into this episode of Property Showcase!

 Make sure you never miss an episode by subscribing to us now on iTunes!

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    In this episode of Property Showcase, Michael Beresford joins editor of Wealth James Mitchell to unpack why recent political changes are not reason for concern for Australian investors.<\/p>\r\n

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Many investors who would have been successfully approved for finance last year are struggling now to either begin or continue their property investment journey because of the current financial climate.

In this episode of the Smart Property Investment Show, broker John Manciamelli and Momentum Media director Alex Whitlock joins host Tim Neary to discuss how APRA changes and the royal commission have resulted in a tighter lending economy and what that means for Australian investors.

They discuss what traps investors should avoid if they are trying to obtain finance, the four key growth drivers in a property market and unpacking trust structures while revealing one type of trust that you should miss.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

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AREAS MENTIONED:

Hobart
Bondi
Deception Bay

 

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More than just bricks and mortar, experts often regard property investment as a ‘game of finance’. As such, a good finance strategy can lead any investor to success.

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Getting finance approved in this tightening lending environment

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