'Speculative Vacancies' questioned
Prior to the recent federal election, both major parties put proposals forward to make home ownership easier for young people. More effective though would be to give attention to the investment strategy referred to as Speculative Vacancies.
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This is where investors purchasing residential properties do not want to have anything to do with tenants but leave the properties empty for years to capitalise on the increase in value. This strategy could be:
- a genuine investment
- overseas money hidden from the country of origin
- money laundering
Whatever the case, the investor would be using surplus funds to outbid anyone else at an auction thus forcing prices higher and further out of reach of our young people.
According to Prosper Australia, in a study of Melbourne residential properties released in 2020, "Of the 1,669,151 properties within the study area, we found 22,684 properties using zero litres of water per day averaged over 12 months. We define these as absolute vacancies. This is a 6.4per cent increase on the 2017 data findings."
It would be reasonable to believe the above would be similar throughout all of our other cities and perhaps to some extent, our regional areas.
The 2021 census shows there were 1,043,776 unoccupied dwellings on census night. In 2021 in NSW alone, there were 44,127 applicants on the NSW Housing Register, many having to wait 10 years.
Properties falling under Speculative Vacancies should be very heavily taxed so as to force them into the home ownership, public housing, and rental markets. Taxes raised could be used for public housing.
Curbing the Speculative Vacancies practice would help keep house prices down, reduce dubious financial practices and pressures on a construction industry in crisis.
Bill Young, Goulburn
'How about electric vehicle racing?'
Here's a thought: how about electric vehicle racing at Wakefield Park?
EVs are quieter and have better acceleration than combustion powered cars.
They are better for the environment. Being quieter will also keep the neighbours happy.
Running a successful EV event may encourage more people to buy one for themselves.
Conventional car racing is something that in any case should become obsolete with the phasing out of these vehicles post 2030.
Rod McConnell
'Send this pandemic packing'
Severe shortages of doctors, nurses and staff. All overworked, underpaid, burnt out, tired and hospitals filling up to capacity. The Omicron running rampant again and "who gives a toss"?
I do. Our wonderful, courageous frontline workers are expected to wave a magic wand and make it all disappear. They deserve the highest of praise, thanks, consideration and a decent liveable wage. Will they ever get it?
It's no wonder they talk of leaving the industry. I'm sick of hearing we have to learn to live with this virus...NO WE DON'T!
We must help to eradicate it, by wearing masks, sanitising hands in every shop we visit and standing the required distance from each other and going back to scanning the QR code to sign in to any business we enter. How else will we know if we've been exposed to the virus if we are not getting the notifications on our phone.
Consider your community's health as well as your own. Prevention is better than a cure. Give our hospitals, doctors, nurses and frontline workers a break by wearing masks, sanitising your hands, social distancing etc.
It will help considerably, or is that too much to ask of the public?Step up and do your bit. More importantly, get your shots, and send this pandemic packing.
