WENDELL HUSSEY | Cadet | CONTACT
A scary reality is facing some of Australia’s most vulnerable people this year, as tough economic times continue to bite.
Landlords across our great property speculating land are coming to terms with the fact that some of them might have to sell an investment property, or maybe even two.
The horrific prospect comes after the Reserve Bank of Australia’s decided not to drop interest rates this month, despite some speculation they may be going down some time soon.
The decision by the RBA to not pull its only lever on the nation’s economy has seen an outpouring of emotion from a class of Australians who expect a much larger class of less financially fortunate Australians to pay for their livelihoods.
“The loan on my investment properties has just pulled too far away from the rent I get from the tenants,” explained local boomer Cheryl Berril, whose lifestyle is entirely funded by the working class renters and the taxation system designed by Australian government.
“The way things should work, is that the tenants in my newer investment properties (properties 4,5,6), simply pay the investment loans on those dwellings.”
“And the tenants in properties 1,2,3 and pay for our lifestyle and the future accumulation of our property portfolio.”
“And we use any expenses associated with the property to reduce our taxable income from the properties.”
“It’s called having a nest egg, and it’s our god given right as Australians born before the housing market was turned into an exclusive stock market, to be able to live off wealth accumulated by simply owning property.”
But, for Cheryl and her husband Grahame it’s no longer all sunshine, rainbows and European river cruises.
“We might have to sell one of our properties at this rate,” cried a teary Cheryl this afternoon.
“Honestly, we are staring down the barrel of seeing a property portfolio decreasing in value for the first time ever,” sobbed Cheryl, clearly broken by the prospect of having to sell her 3 bed, 2 bathroom rental on the Sunshine Coast for $955,000 – only $217,000 more than she paid for it 4 years ago.
The sale will of course be subject to capital gains tax concessions, which cost tax payers $4.7 billion in 2022 and is a major reason why property speculation is such a lucrative way of increasing wealth.
“Our net worth will shrink below 7 million for the first time in a couple of years,” continued Cheryl, who has become a multi millionaire whose only contribution to society in the last 25 years has been owning property.
“I know it will go back above that shortly with prices predicted to go up as much as 10% in the next year or so, but it’s just not fair.”
“We are being demonised and hounded because these lazy bums who want to live off other people can’t get their lives together.”
