One Reason It's Better To Own Than Rent, Australia Edition

Generali

The NSW Government is changing the law to make it easier to dig coal mines. In some part that's because NSW has largely missed out on the mining boom.

http://m.abc.net.au/news/article/id/165172/c/4/p/Proposed+mining+laws+described+as+discriminatory

The new laws mean that mines will pretty much automatically be approved if they meet tougher environmental standards near home owners properties.

What's that? Ah, you rent your property. In that case the mine doesn't have to meet those environmental standards and you have no right to appeal as your ownership rights haven't been impacted.

Next!

grizzly1911

Generali wrote: »

The NSW Government is changing the law to make it easier to dig coal mines. In some part that's because NSW has largely missed out on the mining boom.

http://m.abc.net.au/news/article/id/165172/c/4/p/Proposed+mining+laws+described+as+discriminatory

The new laws mean that mines will pretty much automatically be approved if they meet tougher environmental standards near home owners properties.

What's that? Ah, you rent your property. In that case the mine doesn't have to meet those environmental standards and you have no right to appeal as your ownership rights haven't been impacted.

Next!

Do they have "large council house estates" down there?

How easy is it to differentiate between rented and owned. Presumably some could alternate between the two?

Would they only mine up wind from"council houses" and down wind from private. A bit like the posher people living upstream in days of old.

Do you rent?

Generali

grizzly1911 wrote: »

Do they have "large council house estates" down there?

How easy is it to differentiate between rented and owned. Presumably some could alternate between the two?

Would they only mine up wind from"council houses" and down wind from private. A bit like the posher people living upstream in days of old.

Do you rent?

Not really, not like the UK.

They did apparently after WWII and Vietnam to resettle returning soldiers but most of those places were sold decades ago. There is still social housing which tends to be in small pockets although there are wider estates in places like Redfern (our Bermondsey) and The Rocks (our Covent Garden). They're trying to get rid of social housing in the centre of Sydney and move it out to cheaper areas like Blacktown and Penrith much further out.

Generally rich people have more say about this stuff just like in the UK.

I rent.

chewmylegoff

Generali wrote: »

The NSW Government is changing the law to make it easier to dig coal mines. In some part that's because NSW has largely missed out on the mining boom.

http://m.abc.net.au/news/article/id/165172/c/4/p/Proposed+mining+laws+described+as+discriminatory

The new laws mean that mines will pretty much automatically be approved if they meet tougher environmental standards near home owners properties.

What's that? Ah, you rent your property. In that case the mine doesn't have to meet those environmental standards and you have no right to appeal as your ownership rights haven't been impacted.

Next!

Surely in this scenario it is a actually better to be a renter as if someone digs a mine next door you can just move somewhere else where there isn't a mine rather than see you property devalued. The mine is a mere inconvenience rather than a total disaster causing a huge capital loss.

lisyloo

Surely in this scenario it is a actually better to be a renter as if someone digs a mine next door you can just move somewhere else where there isn't a mine rather than see you property devalued. The mine is a mere inconvenience rather than a total disaster causing a huge capital loss.

I agree although the total disaster scenrio is fortunately very rare.

The best thing about owning is saving on the rent when you own the place ideally for many decades.

PasturesNew

lisyloo wrote: »

I agree although the total disaster scenrio is fortunately very rare.

The best thing about owning is saving on the rent when you own the place ideally for many decades.

The best thing about owning is knowing it's your space.... with just 24 hours' notice of them entering your property, it means EVERY time you go away for a weekend/few days/holiday you have to put everything away and hide all your valuables "in case" they let themselves in. No chance of leaving the place like a booby-trapped tip with your knickers draped over the radiators as you dash off at short notice.

Also, being able to change things that irritate you, fix hooks on the walls, do what you want, when you want, to timescales you want.....

And being able to close the door and relax, knowing you won't be able to open a letter telling you you've got to move on in 2 months' time./

Battleaxe44

Have you guys seen the coal mines in NSW? they are not all underground, most are open cut and are like the Grand Canyon. there are no houses where the mines are, so renting or owning makes no difference. how do I know this, I used to live there when the mining boom was in it's infancy. from what I have been told by family, the the coal mining industry is taking a hit regarding expansion. The land up there is mostly rural, so i wouldn;t worry about council estate and the like.

As for the old soldier settlements, I hope you are nor referring to the married quarters attached to the different military establishments? Nothing like the council estates over here. The old housing commision places areound the Rocks are now converted to des res's and home multi millionaires. This is another story...

Google Hunter Valley coal mining and you will see what I am talking about..

Owning is still better than renting, you eventually have equity n bricks and mortar.

Generali

Battleaxe44 wrote: »

Have you guys seen the coal mines in NSW? they are not all underground, most are open cut and are like the Grand Canyon. there are no houses where the mines are, so renting or owning makes no difference. how do I know this, I used to live there when the mining boom was in it's infancy. from what I have been told by family, the the coal mining industry is taking a hit regarding expansion. The land up there is mostly rural, so i wouldn;t worry about council estate and the like.

As for the old soldier settlements, I hope you are nor referring to the married quarters attached to the different military establishments? Nothing like the council estates over here. The old housing commision places areound the Rocks are now converted to des res's and home multi millionaires. This is another story...

Google Hunter Valley coal mining and you will see what I am talking about..

Owning is still better than renting, you eventually have equity n bricks and mortar.

The Housing Commission homes for returning soldiers I know of are in Greystanes and Wentworthville. AIUI they were eventually sold to the tenants. They look like any other house of the time: wooden framed with a brick veneer (these are post-Vietnam).

There is still plenty of HC housing in The Rocks, often with a lot of empty bottles out the front.

Frugalsod

There is also a huge housing bubble in Australia which is still waiting to burst. When that pops there will be loads of people going bankrupt. The big three banks have the vast majority of their loans to support mortgages and so very vulnerable to a collapse. Which the CBA could not bail out.

Generali

Frugalsod wrote: »

There is also a huge housing bubble in Australia which is still waiting to burst. When that pops there will be loads of people going bankrupt. The big three banks have the vast majority of their loans to support mortgages and so very vulnerable to a collapse. Which the CBA could not bail out.

You might want to read up a bit more about this. It's the Big 4: CBA, NAB, ANZ and Westpac. The CBA is the Commonwealth Bank, formerly the Federal Government owned bank. I think you mean the RBA will have to bail out the Big 4.

Of course the RBA can easily afford to cover any debts that Aussie banks have in Aussie dollars as they can simply 'print' some more to cover the bill.