Australian Property

By Leith van Onselen The New Daily has produced an interesting analysis showing the collapse in home ownership, especially among younger Australians arising from the latest Census data: …home ownership among the classic ‘first home buyer’ demographic – those aged 20 to 39 – declined again in the 2016 census.

Realty parasites are the same the world over.

By Leith van Onselen The HIA has tipped a return to growth after ‘shrinkflation’ hit the home renovations market: “Even though new home building activity has soared to record levels over the past 12 months, conditions for the renovations market have been much more subdued,” Mr Reardon added.

From Courier Mail: Leading real estate industry figure John McGrath described the Brisbane market as undervalued and predicted it would soon start to catch up to southern powerhouses Sydney and Melbourne.

Via Bloomberg: Vancouver has tightened its restrictions on Airbnb, Expedia’s HomeAway unit and other short-term rental operators as Canada’s priciest housing market seeks to ease its near-zero supply of homes to let.

And pretty much everyone else as well, from Tax Commissioner Jordan: In his Wednesday address, Mr Jordan said approximately 6.3 million Australians claimed a $150 tax deduction for clothing expenses, totalling $1.8 billion.

Poor buggers: The residential real estate sector recorded its first revenue fall in five years this past financial year as estate agents battled low listing volumes, the end of the housing boom and competition from low-cost operators.

By Leith van Onselen The Daily Telegraph has today penned the following drivel in relation to Labor’s policy to restrict negative gearing to newly constructed dwellings: Labor will end negative gearing and a halve the capital gains tax concessions from 50 per cent to 25 per cent.

By Leith van Onselen With high-rise apartments having sprouted like mushrooms throughout Melbourne: And the growing concerns around flammable cladding in the wake of London’s Grenfell Tower disaster, which killed more than 50 people.

From Essential today:   Shame they didn’t add “cut immigration” to that last table.

By Leith van Onselen Here we go again.

From Moody’s Moody’s Investors Service says that delinquencies for Australian auto loan asset-backed securities (ABS) and prime residential mortgage-backed securities (RMBS) increased in April 2017 from March 2017.

Via Macquarie: We estimate that out-of-cycle interest rate hikes announced over the last 12 months reduced overall households’ incomes by ~$5bn.

Get ready for some serious congestion in property sales: Sellers of property worth $750,000 or more could face a 12.5 per cent tax on the proceeds under new ATO rules introduced to stop foreign property owners avoiding capital gains tax.