Skip to content Skip to main navigation

Community

Best place to build your
property career in Canberra

Former Navy base site to be released for sale

By Thumper 13 November 2007 25

ABC online is reporting that the Federal Liberal party has committed a re-elected Coalition Government to releasing 32 hectares of Commonwealth land in north-west Canberra, to help combat the housing affordability crisis.

The Defence Department land, at the old Naval Tracking Station site at Lawson off Ginninderra Drive, would be released for housing development in 2009.

Is Canberra seeing a bit of pork due to the challenge on Gary Humphries’ senate seat?

Personally I would like to see the whole area turned into a park with trees, paths and boardwalks along the creek and lake.


What’s Your opinion?


Please login to post your comments, or connect with
25 Responses to
Former Navy base site to be released for sale
Filter
Showing only Website comments
Order
Newest to Oldest
Oldest to Newst
Luke 10:43 pm 15 Nov 07

Ponky – sorry, but your ideas are ridiculous, even ignoring the fact that you’d be screwing anybody who’s bought property recently…

It’s governmental interference in the housing market that’s alowed prices to go into the stratosphere in the first place. Negative gearing, discounted capital gains tax, first home owner grants, stamp duty concessions, etc, etc have all conspired to artificially increase demand for housing.

We aren’t going to fix this by offering people more discounts/etc. Realistically, capital gains tax and negative gearing would need to be phased out to bring the property market back to some sort of natural equilibrium. But, this would have to be a gradual phase-out over, say, 30 years – otherwise the impact on the housing market would be chaotic.

Deano 3:33 pm 14 Nov 07

Declare an amnesty on capital gains tax for residential properties sold before the end of 2008 and the market would absolutely flood with properties that are currently held for investment.

And who will buy these houses? Landlords attracted to the boosted returns from being able to buy rented properties on the cheap. And if landlords believe that housing investments are worthwhile at today’s prices, they will bid up prices to similar levels.

people would put their own CGT-free residences up for sale to beat the slump

One small complication – where do these people then live? The housing market has a fairly unique characteristic that for most people participation is not optional – if they sell then they have to buy elsewhere. The slump would also be only short term, so people who got out before hand would either buy during the slump (pushing up demand and prices) or afterwards (where they would find themselves left behind of the market).

endless variety of deliberately ineffective schemes.

Which in the end may be the best ‘solution’ – keep people happy by appearing to do something and meanwhile let the market sort itself out.

Ponkygirl 1:13 pm 14 Nov 07

There are really only two things you can do to improve a person’s ability to buy a house. The first is to give them more money. Whether you do it via low-interest loans or a targeted grant – Deano is right in saying that it will ultimately push house prices up. Which really doesn’t help anyone.

The other thing you can do is make it suddenly very attractive to sell your house. This is actually quite easy. Declare an amnesty on capital gains tax for residential properties sold before the end of 2008 and the market would absolutely flood with properties that are currently held for investment. House prices would fall dramatically, and as they started to go people would put their own CGT-free residences up for sale to beat the slump, and prices would fall further.

Unfortunately, the only people who want that are the small minority who are currently looking to buy. The rest of us (especially with large mortgages) feel quite ill at the thought of negative equity.

End result? A lot of hand-wringing and the politicians coming up with an endless variety of deliberately ineffective schemes.

caf 12:55 pm 14 Nov 07

I’m not sure about the rest of it but talk of “high levels of EMR from the grids under the old towers” is rubbish.

Even when the towers were active the grids were just earthing grids – not radiating elements. And now they’re just inert copper mats.

Tempestas 11:53 am 14 Nov 07

PCB’s, Asbestos and high levels of EMR from the grids under the old towers – Prime housing land.
Think of the energy efficiency, lights will glow by themselves.

Of course Urban infill that leverages existing infrastructure would be better but I’ve no doubt the NIMBY’s would be against leveling Reid and Campbell to make them Med to high density a la Braddon/Turner

Related Articles

CBR Tweets

Sign up to our newsletter

Top
Copyright © 2018 Region Group Pty Ltd. All rights reserved.
the-riotact.com | aboutregional.com.au | b2bmagazine.com.au | thisiscanberra.com

Search across the site