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May 15, 2006

Real estate agents already counting Cossie's boomer bribe

Michael Pascoe, associate editor of Eureka Report, writes: It's somehow only fitting that a Queensland real estate agent would be first to publicly acknowledg

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Michael Pascoe, associate editor of Eureka Report, writes:

It’s somehow only fitting that a Queensland
real estate agent would be first to publicly acknowledge the sales potential
from Cossie’s big Baby Boomer bribe. As Courier-Mail housing reporter Amanda
Horswill reports:

A mini-boom in prestige
property sales is tipped to be the hidden bonus from the Federal Budget, but
it’s business as usual for the rest of the market.

John Johnston, of real estate
agency Dixon Johnston, said the Budget would send the prestige market
“into a frenzy” as older Queenslanders realised their superannuation
would pay out more if they cashed it in after they turned 60.

They would upgrade their homes,
buy more investment properties and holiday homes, Mr Johnston said.

“The tax break is very, very
pleasing and will give the market a new lease on life that will last for a year
or so,” he said.

Pouring the suddenly accessible lump sum into a bigger,
flasher house doesn’t sound like a sound financial move for retirees and very
few are likely to have large enough equities holdings to make further property
investment a justifiable diversification. But that won’t prevent them being
targeted by the off-the-plan brigade.

The Eureka Report video interview later today
shines a light on why residential real estate outperforms shares and why the
latest attempt to inflate housing’s investment performance just doesn’t add
up.

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