GoonanismA Sporadic mix of the personal, political and programming

As someone who is just about to start looking for a rental property again thisscares the hell out of me:

MELBOURNE’S rental property drought has hit crisis levels after last month’s vacancy rate fell below 1% for the first time on record. Rental accommodation in the central city has almost dwindled to zero.

For those wishing to live close to the city the situation is even more dire. The Real Estate Institute of Victoria says that, within four kilometres of the CBD, the vacancy rate dived to 0.5% last month. It was 0.6% in February last year.

And I blame baby boomers and their instance on property investment. I also blame the government for allowing baby boomers to negatively gearing which means that Baby Boomers can get a tax break for ripping me off. For fuck’s sake, it benefits investors not first home buyers. Not that would want to buy a house even if it was within my means.

Such is my dismay that I even find myself agreeing with the Institute of Public Affairs:

Alan Moran, director of the Institute of Public Affairs’ deregulation unit, said housing supply was being constrained by some action groups.

“It comes back to save-our-suburb type groups that are opposing new developments and either imposing costs on them or stopping them, so we have a shortage emerging.”

And when I agree with that bunch of looney right-wingers, the IPA, you know something must be wrong.

Moreover, property investment means less investment in Australian companies. So people, please don’t buy and investment property, buy shares in Australian companies that specialise in renewable energy and technology – preferably open source.