Australian retirees relocating overseas could mean ‘more supply’ on the property market

What's going on here? Why do the old people leave us? Well, first of all, the money goes a little further when he is abroad. The cost of leaving is obviously much higher in Australia now, so for the same dollar, you can go as many as three. or four times as much when you're

overseas

and

property

there is a lot cheaper so if you know you sell an average house here in Australia now you get around $2 million and you take that money and you go

overseas

you can buy a really nice house like new for about 500,000, let's say, you still have like 1.5 million dollars left to spend for the rest of your retired life.

I

mean

, it's a great decision, even if you leave family behind and all that, but in desperate circumstances, I guess it's better. option for people and they feel

more

comfortable, where are they going right now? So the most popular destination now is obviously the countries where they can speak English better. So your traditional destination like Philippines, Malaysia and Indonesia, where is it located? having people who can speak English uh that's probably the most popular destination like China and Vietnam it's still not that popular because the language barrier is so bad for Australia's economy and I guess the

property

market

too um I want I

mean

, it's Toof, I mean some. people say that if there were

more

real estate

supply

in the

market

, like if more people liked to retire and then sell their house, then there would be more

supply

and the real estate market would like the price to be lower for a first home buyer, so which is really It's hard to say for everyone, but in terms of economics, I mean, right now it's like we go abroad, I mean, we can also bring people from abroad, so it's very hard to say briefly, um , moving abroad. seems to be unlocking a level of financial comfort and I suppose a fulfilling lifestyle for people that is often difficult to achieve nationally in Australia, especially in recent years.

How can the government improve their retirement property scheme to attract people here, um, if they can build more, like approve more facilities like in Australia, it's actually very difficult to get a nursing home, um, approve um, a retirement home like even you, it would take like six or seven years, I mean, if the government can. In fact, support it with resonant land and buildings, you know, because it's hard to compare with comparable sources where retirement rates are built, let's say it's like a retirement land, it's hard to compete with that, but the government can definitely help . making the approval process easier, because like you said, many people actually prefer to stay here with family and friends than go abroad and be alone, but if the option abroad is good, then you know if all the friends and your family is moving abroad, so that will create a little problem.

I was talking to an older couple just a couple of weeks ago and they own numerous properties, they've worked very hard all their lives, they own businesses. I have worked hard to get their family back into the Australian economy but the land tax they have to pay on the properties they have worked so hard for they said is just not worth it for them at the moment and it is not so their family you won't benefit in the end anyway, is the government making it too difficult here for people to basically survive and enjoy their well earned money?

Yeah, that's a big deal, especially if you live off a property like income when you retire because the land tax is one, um, if you invest in apartments and similar strata, it actually has a pretty high cost, um, I have clients who, you know, after paying strata and land tax, for a $500,000 property,

could

be making like $5,000 a year. year, which is like and that's before income tax, so there

could

be a difference between a land tax exemption by age. I mean, that could be considered as if you get past a certain age then your ground homework might be juicy, yeah, it's a tough discussion, eh, Eric, thanks.

Thank you very much for your time today. I apreciate it. Thank you so much.