Pete Wargent
speaker
553 appearances
2 recordings
1 series
first heard Oct 2022
last heard Jan 2023
Pete Wargent’s voice in public audio — every appearance, attributed to the second.
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Appearances
I think the big thing for Australia, and you can just start to see it now in Melbourne, over the next two or three years, there'll be a million extra people in the country.
lost 600,000 temporary visa holders kind of disappeared through the pandemic.
They're starting to come back, mainly international students so far, but eventually we'll get more tourists, we'll get backpackers if the flight costs ever come back down.
And also the permanent migration cap has been lifted to the highest level
in Australia's history.
So it won't be long before we see the population go from 26 to 27 million.
It's a huge amount of demand for housing.
So yes, interest rates are up, but they're actually up because the economy is overheated.
We've never sold a property.
I often fantasize about it because- You're like, look at that bank account.
You're going to sell some properties and move to Costa Mo or something.
But I think as we talked about on a previous podcast, my wife came from a farming family and her dad taught her, you buy land and never sell it.
So she's absolutely adamant.
not selling.
And yeah, I think over time that does tend to work.
I think it's not to say it's impossible to make money from buying, renovating or developing property, but in the current environment, it is very difficult because materials costs are up.
The availability of traders is well down if you can find one.
So it's possible to do cosmetic renovations and make money, but by the time you've paid the stamp duty, capital gains tax, there's probably easier ways to make a quid at the moment, I would say.
Yeah, the visual that I tend to think of, because you're right, I often get people, even clients, they buy a property and then three months later, what's it worth today?
What's the next thing?
Showing 321–340 of 553 · page 17 of 28
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