Tag: Rents

Business, Uncategorized

GPT’s tower worth $2 but earns $14m income

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Sweet arrangements

Property giant GPT has joined the exclusive club of Melbourne landlords earning millions of dollars in income from heritage building sites that have a nominal value of $1.

ASX-listed GPT has successfully disputed the City of Melbourne’s most recent valuation for the site of its 34-storey building at 100 Queen Street. The site is home to the ANZ World Headquarters as well as a clutch of Collins Street’s most important historic buildings.

via GPT’s tower worth $2 but earns $14m income

fact check

Fact check: Did abolishing negative gearing push up rents?

Treasurer Joe Hockey says scrapping negative gearing pushed up rents in the 1980s.

  • The claim: Treasurer Joe Hockey says abolishing negative gearing could push up rents, because that’s what happened in the 1980s.
  • The verdict: During the period negative gearing was abolished rents notably increased only in Sydney and Perth. Other factors, including high interest rates and the share market boom, were also contributors to rent increases at the time. Mr Hockey’s claim doesn’t stack up.